When making an investment with a finance business, there’s one crucial thing you’ll need to understand if you want to ensure your future success: How to market a finance franchise. Marketing your franchise effectively is always key, but it’s especially important in a thriving, competition-heavy space like the finance sector. Read on, and discover five marketing tips that’ll help you thrive if you choose to start a finance franchise in 2022.
In 2020, despite the challenges of COVID-19, the financial services sector contributed almost £165 billion to the UK economy [UK Parliament]. Great providers of financial services are highly sought after, up and down the country, by businesses and individuals alike. There’s never been a better time to start your own finance franchise, and provided that you can advertise yours effectively and set it apart from other businesses, you’re sure to thrive in this growing sector.
The current shape of the finance industry
As touched upon above, the UK’s finance sector is booming in 2022, well and truly bounced back from the unfortunate impacts of the pandemic. In fact, for many savvy brands, things are better than before. COVID has provided the time and space required for a rethink, and new investments and transformations are being prioritised.
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Technology and automation are playing a larger role, CSR (corporate social responsibility) is moving up the list and things are changing, rapidly, for the better. If you can find the perfect finance franchise for you, you might soon be running your own business at the forefront of a transforming industry.
Across sectors, financial organisations could overcome challenges and ascend to new heights by prioritising digital transformation and [corporate social responsibility] initiatives, investing in talent while rethinking the workplace, and partnering in new ways to innovate and increase efficiency.
- Deloitte Insights
5 tips for marketing a finance franchise effectively and efficiently
1. Create ideal customer profiles and position marketing campaigns carefully
An ideal customer profile is a more direct alternative to defining a ‘target audience’. When creating an ideal customer profile, you’ll need to identify the problems that your finance franchise is trying to solve and work backwards from there. Who might have these problems? What might they respond to, from an advertising and marketing standpoint? If you offer multiple services, you should be able to develop multiple profiles, diversifying your advertising and content depending on which particular profile you’re attempting to target that week.
2. Embrace digital marketing, get on social media and fully optimise your website
Digital marketing strategies are a must for any business in our increasingly technological world, and your finance business is no exception. If you want to create a thriving location and develop a long-term relationship with your franchisor, you need to embrace digital advertising with open arms, taking to social media sites and optimising your website to raise your brand’s presence online. You can tackle the optimisation of your website by:
- Conducting keyword research and optimising for search engines on-page and off-page
- Reducing page load speeds
- Creating a mobile-friendly site
- Creating an easily navigable, well-presented site
- Regularly updating your site with new content marketing, valuable to your audience
- Using SEO tools to dive into technical SEO/fix any site errors
3. Create mutually beneficial B2B connections within your local community
Partnering with other businesses in complementary but noncompetitive industries is a great local marketing strategy to expand your network. [...] You can also cooperate on referrals to bring in more customers than you could on your own.
- Gabrielle Pickard-Whitehead, Small Business Trends
Your local community is one of your greatest assets as a business owner, and it’s an asset that only you can truly access. Not your franchisor and not your support team, but you, with your boots on the ground in your area. As a finance specialist, there’s no business you wouldn’t be able to support and develop a mutually beneficial professional relationship with. From increasing your referrals without much extra marketing effort to raising your brand’s profile in the community, there are very few downsides to building strong local B2B connections.
4. Reward and appreciate your loyal customers, focusing on a good customer experience
From loyalty and referral schemes to customer newsletters and post-purchase check-ins, there are plenty of often-overlooked ways to make your consumer base feel cared for and important. Customer loyalty is incredibly valuable for businesses in crowded sectors like finance, as it can be the difference between your brand and another. Plus, given that 90% of customers share their customer service experiences with others [American Express], the impact of your hard work in this area has the potential to become some potent marketing material, introducing new people to your products and services in the best possible light. Genuine word of mouth marketing is a powerful force, not to be overlooked.
5. Don’t forget your franchisor (and the availability of their support)
Franchising isn’t the same as starting a finance business and going it alone for many different reasons. It’s a lower-risk investment, for one. It gives you access to a proven business model and an existing customer base, for two. But for three, and most importantly of all? Becoming a franchisee entitles you to franchisor support, and in many cases this support will include marketing guidance and assistance, as well as the provision of marketing materials and inclusion in any nationwide marketing campaigns. You’re not in it alone when it comes to advertising your services, as your franchisor is as invested in your branch’s success as you.
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- What is the Marketing Fee and Why is it Necessary?
- Developing an effective franchise marketing plan
- Try Out These 8 Outside-the-Box Marketing Ideas to Grow Your Business and Engage Your Customers
- 10 Tips for Building Truly Effective Social Media Marketing Campaigns
- Franchising 101: 8 Essential Marketing Strategies for Promoting Your Business
- Franchising 101: 6 Tips for Building Customer Loyalty Through Marketing
With so much support and potential for profit, why not try running a finance franchise?
Franchising is one of the best ways to enter the finance industry in 2022, providing you with freedom, flexibility AND support. With these marketing tips now fresh in your mind, you’re a step closer to that career-uplifting investment. Stay on Point Franchise to continue your research, discovering four tips for running a finance franchise and browsing the site’s wide range of finance franchise investment opportunities. From Brokerplan to TaxAssist Accountants, the perfect option for you is out there.
Lily Sweeney, Point Franchise ©