The Financial Services Marketing Handbook, Second Edition – Tactics and Techniques That Produce Results

The roadmap to success for financial professionals using real-world examples, practical how-to's, and a structured approach to marketing strategy and tactics that covers the basics for beginners and inspires new ideas for marketing pros The Financial Marketing Services Handbook, Second Edition gives sales and marketing practitioners the practical tools and best practices they need both to improve their job performance and their retail and institutional marketing strategies. The FSM Handbook guides marketing and sales professionals working in an industry characterized by cut-throat competition, client mistrust, transformative technologies, and ever-changing regulation, to understand the practical steps they must take to turn these threats into opportunities. Providing invaluable information on how to target, win, and retain profitable customers, the book presents an overview of the basic marketing functions--segmentation, positioning, brand building, situational analyses, and tactical planning--as they relate specifically to the financial services industry. With up-to-date case studies, showing what has worked and, more tellingly, what hasn't, the book demonstrates how to effectively utilize the marketer's toolbox--from advertising and public relations to social media and mobile marketing. Discusses how social media (Twitter, Facebook, blogs, review sites) impact branding and sales Packed with new information on landing pages, email success factors, and smartphone apps Demonstrates how behavioral economics affect marketing strategy Case studies and charts are fully revised and updated The financial industry is under intense pressure to improve profits, retain high-value clients, and maintain brand equity without straining budgets. The first edition has become an industry-standard reference book and The Financial Services Marketing Handbook, Second Edition gives sales and marketing professionals even more of the information they need to stretch value from each marketing dollar.

Table of Contents:
Preface ix 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

About the Author :
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.