Financial Services Groups Take Their Own Advice… At Last
Mixed messages and poor communication have plagued the financial services industry in Australia. Research in the finance sector by support services group, IMI Trust, shows that large marketing campaigns are making way for strategic and targeted spending.
(PRWEB) September 17, 2006 -- Research by Gold Coast-based, IMI Trust – www.imitrust.com, shows that financial service providers are keen to utilise cost-effective, targeted forms of marketing.
“When you look at the marketing trends of financial companies you realise how little they get for their dollar”, said Steve Torso, Managing Director of IMI Trust. “Using traditional media by itself is not cost effective and many ignore the internet, or simply don’t understand how it works. Our research indicates there is a willingness to change this mindset”
Financial Services Groups are more than willing to give out financial advice to anyone showing poor spending habits. Most financial companies preach that a dollar saved is a dollar earned. When you look to the companies themselves to see how they act you see a different model. IMI Trust’s research shows that players in the industry realize a change is necessary for success.
“Baby boomers represent a large part of the finance market, but so do Generation X, Y and the rest. A poorly focused message will not appeal to any of these groups”, said Torso while flicking through Money Management, the leading industry magazine for financial services in Australia. “These messages blend into one but their core markets are completely different. This advertising becomes white noise over time. You need to speak directly to your target market. Consistently”
“Baby Boomers, for instance, want to have a connection with the company they are doing business with. They want the human touch”, Torso says referring to the market feedback received by IMI Trust.
Financial groups now begin to see the benefit of building relationships and not just seeking business. The website, the marketing, the staff, the systems are there to build rapport and feed information to these information savvy investors.
"The internet has opened the door for smaller and larger firms to compete for clients on a level playing field and the larger firms are taking note. Success in online advertising doesn't rely on massive promotion, but on focused, benefits-driven campaigns and good branding" says Dominic Dirupo, a Director at IMI Trust. “The investors are becoming more educated by doing their own research, but still need that voice of experience to guide them through. The issue investors have is who to ask.”
Standing out from the crowd has always been difficult in finance but there are emerging ways to achieve this. Strategies such as Blogging have become very popular for companies to communicate their message as has Podcasting. "The internet allows companies to reduce their marketing spend, generate the loyalty of their clients and increase referral business generated from clients. However, ask a financial planner about the last podcast they issued and they’d think I was talking about fishing", Dirupo says with a wry smile.
IMI Trust is a leader in helping Financial Services organisations build relationships with their clients and streamline their systems. The emphasis is results through education, training and research. - www.imitrust.com.
Dominic Dirupo
+61734146563
www.imitrust.com
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