Cyprus is continuing to prove a hotbed for financial services and innovation, with the news this month that Dubai-headquartered Holborn Assets would be acquiring a 15 person office on the island. Pair this with 3.9% GDP growth over the past 12 months, and it’s clear that Cyprus is a lucrative market. However, with profit comes competition.
Scaling the opposition and continuing to grow your business will require ever more innovative marketing come 2019. Establishing a social media presence is now the base point. Taking advantage of what technology offers, and the themes that consumers want to see, will give your marketing strategy the extra edge.
Leading with your strengths
Financial services, and especially personal banking, is an oversaturated field. Several countries now play host to too many services, creating intense competition; for example, Canada’s Globe and Mail found a surplus of financial industry workers. As a result, it’s more important than ever to go with a strengths-based marketing strategy. This will vary depending on your industry. Forex traders will want to emphasize the reliability of your platform. Fintech personal finance businesses will look to security and ease of use. Old-fashioned high street banking may want to emphasize the benefits that their accounts entail, such as interest rates, partnerships with other products such as insurance, and the accessibility and human feel of brick and mortar banks.
Invest in technological measures
It is absolutely crucial that cutting edge technology forms part of your product and marketing strategy. Big data can be harnessed to find targets for advertising in the first place; and the likes of chatbots already make the financial industry $8bn per year, according to Digital Authority Partners. Harness data to boost your marketing strategy; but ensure your compliance with GDPR. The first round of fines under GDPR are expected by year end, according to Reuters. Cyprus is highly integrated with the EU and so this should be one of your first considerations. Don’t fall foul of data laws – use data in your marketing strategy and be wary.
Finding the human touch
In a world dominated by artificial intelligence, robo-bankers and ever more pervasive data gathering techniques, life can feel robotic. The most successful financial marketing strategies need to encompass a human touch. This can be achieved most simply through advertising – many notable financial services have taken a wholesome touch to their efforts, linking with small businesses to emphasize the everyday benefits they provide. Done tastefully, this is an area with huge opportunity in Cyprus – there are over 2,000 independent products made in Cyprus, according to the Mail, and a partnership between your financial service and a small business could reap rewards.
Financial services and products are part of an aggressive, competitive market. Getting ahead is possible, but requires a well-thought out and modern marketing strategy. Ensure that you’re up to date with the times, but don’t forget to give that nod to the human being receiving your goods.