To ensure your financial marketing makes a splash, it’s important that your content is targeted and specific to an audience. Defining a niche can help you to achieve this. Moving beyond simple advertising, to truly make an impact, your finance brand needs to be a solution to clients’ issues. Rather than ensure your financial marketing appeals to everyone, it’s much more beneficial if it’s truly meaningful to a select audience. So, how can your finance brand define a niche and what are the benefits?
The benefits of developing a niche marketing message
“ By improving the overall customer experience you can improve customer retention by 33%.”
Creating a marketing message that caters to all groups and audiences will often be bland and uninspiring. By creating a financial marketing strategy that targets a few niche audiences, your message will be more impactful, meaningful and engaging.
Rather than simply advertising your finance brand’s products and services, you need to offer a solution to your client’s problems. This will be different for each audience you select. By becoming a solution to your client’s issues, you can improve retention rates and overall customer satisfaction ultimately helping your bottom line. In fact, by improving the overall customer experience you can improve customer retention by 33% and customer satisfaction by 32%.
Defining a niche
As the technological revolution continues to evolve, fintechs are becoming increasingly popular and niche specific. For your finance brand to keep up and compete it’s important you also define a niche and create financial marketing messages that are targeted and specific.
A niche isn’t just an audience like Gen Z or Millennials. A niche is defining your key audience and identifying a problem they have. So, a niche audience you may identify might be Millennials who are buying their first property. Your solution as a finance brand may be to offer tailored products (such as budgeting tools) alongside educational resources they will find hard to access somewhere else.
Overall, to help define your niche audiences you need to have a good understanding of your current customers. Consider what problems your niche audience experiences regularly and how you as a finance brand can offer easy solutions to that issue.
Here are some ways to instantly define a niche:
- Identify underserved communities and address their key financial problems
- Identify key values your finance brand can address (such as environmental or social issues)
- Select a specific demographic you can tailor your content and services to (for example, providing services for just women or only Gen Z and then finding a specific problem)
- Understand your customer data and who currently benefits from your services
- Identify key opportunities in your marketing strategy to target different market segments
- Create an effective call to action that engages and encourages your audience to choose your finance brand
What your finance brand can learn
Defining a market niche is more than just pigeon-holing your finance brand. It’s about delivering specific and personalised marketing messages that actually engage audiences. By identifying a few different market segments and tailoring your advertising and content marketing toward them, you can retain your current audience, nurture leads and convert clients.
