The Financial Services Marketing Handbook Tactics and Techniques That Produce Results

Evelyn Ehrlich, PhD, is President of EC Communications, a marketing consulting firm that has specialized in financial services since 1982. Her clients have included AXA Advisors, BNY Mellon, JPMorgan Chase, Merrill Lynch, and other leading financial institutions. Ehrlich currently teaches financial services marketing at New York University and has previously taught at Baruch College and the University of Vermont. She has been a speaker for private companies and trade groups, including the Financial Planning Association, the Financial Communications Forum, the Financial Services Marketing Conference, and others.

Louis "Duke" Fanelli has more than thirty years of experience in marketing and financial services. He is currently Senior Vice President, Marketing and Communication for the ANA (Association of National Advertisers), the leading association for client-side marketers. Prior to joining ANA, he served as CMO for Edelman Financial Services, Fairfax, Virginia, a leading independent advisory firm. Earlier, he was a VP of Marketing for AXA Equitable Life Insurance Co., New York. Prior to joining AXA, he spent nearly fifteen years in various communication, marketing, and business leadership positions at Chase. He began his career as a journalist.

Acknowledgments xi

INTRODUCTION

The Unique Challenges of Marketing Financial Services 1

Products or Services? 2

Psychology of Money 6

Third-Party Relationships 7

How End Users Select a Financial Services Provider 8

Legal and Regulatory Constraints 13

SECTION ONE: STRATEGIC MARKET PLANNING

CHAPTER 1 Segmentation 19

The End of Undifferentiated Markets 20

Methods of Segmentation 23

Finding Your Target Segments 29

CHAPTER 2 Positioning and Branding 33

Positioning Strategy and Differentiation 33

Creating a Distinctive Brand Identity 37

CHAPTER 3 The Market Plan 45

Researching Your Plan 46

The Elements of the Plan 48

SECTION TWO: MARKETING TACTICS

CHAPTER 4 Advertising 61

Media Selection 62

The Role of Your Ad Agency 63

Creating Effective Creative 65

Measuring Advertising Effectiveness 71

CHAPTER 5 Public Relations 75

Third-Party Endorsement 76

The Tools of Public Relations 77

Media Relations 79

Public Relations for Every Budget 82

Measurement 85

CHAPTER 6 Sponsorship and Event Marketing 87

What Is the Value of Sponsorships? 87

Cause Marketing 89

Activating a Sponsorship Program 91

Measuring the Effectiveness of Sponsorship 94

CHAPTER 7 Interactive Marketing 97

Techniques and Goals of Direct Methods 97

E-mail Marketing Considerations 98

Improving Response Rates 100

Mobile Marketing 104

CHAPTER 8 Social Media Marketing 107

Social Media Concerns 108

Effective Social Media Engagement 110

Social Networks as Marketing Channels 118

CHAPTER 9 Personal Selling 123

Traditional Relationships between Sales and Marketing 124

Bottom-Up Marketing 126

Changes in the Sales Distribution Model 130

Marketing Support Across the Sales Cycle 132

CHAPTER 10 Trade Shows and Seminars 135

Trade Shows 135

Seminars 139

CHAPTER 11 Relationship Marketing 145

Why Customer Retention Matters 146

Methods of Relationship Building 147

Loyalty Programs 152

Conclusion 157

Appendix: Applying Marketing Principles to Sales Practice 160

Building Your Plan 162

Practice Examples 164

About the Authors 191

Index 192

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