While marketing is a core pillar of business, it can be difficult to find ways of going about it that haven’t already been done. You’re trying to stand out from your competitors and demonstrate to your shared audience why they should choose you over all the other options. However, this isn’t easy when all marketing can risk coming across as generic and insincere.
Looking to your available tools can help you to develop marketing campaigns that feel tailor-made for your specific target audience, and using financial insights might be the best place to start.
Getting the Data
First of all, you need to know how to get this data to begin with. You have a few choices. You could look at your own market data, and understand the broad details of where money has been spent in relation to your business – this is likely something that’s a consistent part of your strategy anyway, however, meaning that you might also be looking for new methods. That new method might come in the form of open banking API management, using API platforms to gather financial insights from what’s shared with you by the banks of your customers.
In any case, taking the time once you’ve retrieved this data to understand what exactly it tells you about your operations is important. Even if the insights that this data provides are immediately apparent, you need to think about the best way to spin it to your customers for the most impactful result. It might be that certain elements are only valuable to your business, and other components might need to be presented in such a way that requires compressing complex information down into something more accessible.
Emphasis on Cost
One choice that you have, once you understand the wider financial situation at play between your brand and your customers, is to present yourself as the cost-effective option among your competitors.
Even if your brand isn’t necessarily known for being the affordable option, you can highlight options that you have that might better represent this route to appeal to customers who might not have as much spending money. This might be done through promoting a certain product that’s cheaper than the others, or there might be some way of financing one of your services that presents an alternative to a simple one-off payment.
Where is the Money Going?
The financial insights that you use can also help you to turn the lens on your own services – understanding where audiences are most likely to spend their money. This can help you to discern which of your products are most popular, and which aren’t doing as well as you would have hoped. Perhaps this means that you alter the strategy in those less successful services to promote them more, or maybe you put all of your weight behind the options that people prefer. The choice is yours, but knowing to look here in the first place puts you in a position to start making that choice.
