Financial service companies are certainly no exception when it comes to benefiting from an effective SMS text message marketing campaign. After all, most people own mobile devices or phones with SMS texting capacity, and the vast majority of them will benefit from a connection with a quality financial services partner. Therefore, SMS marketing can be an excellent way for a financial service company to connect with potential customers, onboard new customers with financial services, and build a loyal customer base.
As with any marketing campaign or strategy, a financial services company needs to maintain a consistent, professional focus when working with SMS text marketing. Fortunately, maintaining professionalism for financial services SMS marketing depends mainly on following a few key tips. A reliable SMS marketing platform like we offer with launch.ai can also go a long way in ensuring financial services companies get the most out of their comprehensive SMS marketing strategy.
What is SMS Text Message Marketing?
SMS text message marketing uses Short Message Service (SMS) technology to connect businesses with customers via text message apps directly. The vast majority of the population (up to 97%) own a cell phone with some SMS messaging capability. Thanks to SMS marketing, businesses can contact existing or potential customers with a simple, direct text to their mobile devices.
SMS text message marketing can take several forms. Businesses can text promotional material directly to customers, informing them of upcoming sales or promotions. Alternatively, companies can text customers other relevant information, such as products now in stock, new services, or updates to their terms of service. SMS messaging can also be more transaction-based, providing customers with sales confirmation, shipping updates, or assistance with customer service.
How SMS text message marketing can benefit the financial service industry
Financial services companies are in a unique position concerning their potential customer base. People of all income brackets can benefit from financial services. Still, unlike household products or other services, fewer people know where to begin looking for a financial service. Since financial services are less engaging for the average person, fewer people respond to informational or promotional materials on financial services’ traditional mediums.
For this reason, SMS marketing can benefit financial services companies. Unlike email marketing, snail mail marketing, or paid advertising, SMS marketing has a very high conversion rate. Most people open a text message within three minutes of receiving it, and SMS marketing texts have a response rate of around five times higher than promotional emails. Financial services companies can also customize texts to engage with a specific financial need for a specific person. This helps establish a firmer connection between the customer and the financial services company based on tangible financial needs.
How Financial Services Companies Can Stay Professional with SMS Marketing
When done right, SMS text message marketing can be a cost-effective and successful strategy for a financial services company to build a larger customer base. Of course, target marketing strategies like this require a proper degree of professionalism to be effective. Here are six of the best tips for staying professional when working with a financial services SMS marketing campaign.
Keep brand voice consistent.
One of the biggest advantages of SMS marketing is that it helps spread brand awareness. Financial services companies have worked hard to build a consistent, engaging brand voice that connects with their customer base and creates positive connotations in the minds of customers.
But for this to work, financial services companies will need to keep their brand voice consistent. This consistency should exist between specific text messages and the entire SMS campaign and other complementary marketing strategies.
Maintain confidentiality and data privacy.
One of the potential drawbacks of SMS marketing is customers may fear the exposure of their personal data. This could cause customers to opt out or lose trust in the company. Financial services companies can avoid this by maintaining strict confidentiality and data privacy for all customer data in their contact list.
Most potential customers respond much more enthusiastically and positively to personalized messages than to generic ones. After all, the bigger picture of SMS marketing effectiveness is that it is more personal and intimate than other types of marketing campaigns.
Financial services companies can personalize their SMS marketing texts by honing in on specific financial issues specific demographics may need help with. Companies can also ethically gather customer data intelligence and craft personalized texts for specific customers.
Automate processes when possible.
Artificial intelligence can be a useful tool for constructing a professional, effective SMS marketing campaign through an automated process. AI tools can help detect fraud, personalized texts for individual customers, and identify useful targets for future campaigns.
Incorporate location-based services.
If a financial service company services a specific location, it can use location-specific SMS marketing to better engage with customers in that area. Many customers prefer to support localized in their area, and location-specific SMS marketing can add an additional layer of personalization to the marketing campaign.
Ensure compliance with relevant laws.
Finally, financial service companies need to be aware of and compliant with all relevant laws regulating text message marketing. All text marketing in the United States falls under the Telephone Consumer Protection Act, which mandates accurate identification and text marketing operating hours and requires that all companies allow customers to opt out of future text messages.
Individual states may have their own telecommunication marketing laws as well. Plus, if a financial service company wants to market its services to residents of other countries, it must be familiar with international telecommunication marketing laws as well. Ensuring strict compliance with all relevant laws will guarantee customer privacy, prevent any legal issues, and help maintain a professional and ethical reputation.
How to Grow Financial Services Investments with SMS Marketing from launch.ai
For the most professional SMS marketing campaigns, financial services companies need the best SMS marketing platforms. We offer launch.ai, the leading platform for businesses to connect with customers through SMS texting.
With both effective delivery and low costs, we at launch.ai offer financial services companies the best means for getting a great return on their SMS marketing investment. So if you run a financial services company and would like to get started on a comprehensive SMS texting marketing campaign, get in touch with launch.ai today.