The Importance of Consumer Reports When Shopping for Financial Products

Shopping for financial products is a task that practically no person the world over would ever argue to be anything other than a tedious chore at best and a living nightmare at worst. The problem with financial products is that in an ideal world, none of us would have to invest in them in the first place. As such, the very notion of searching and applying for various products with fees, charges and interest rates is something to rue from the very word go. Trouble is we’d be lost without our personal loans, credit cards, overdraft, mortgages and countless other everyday essentials, making it necessary to just bite the bullet and get on with it.

However, while it may be impossible to make the process anything close to a pleasure, it is in fact possible to take much of the sting out of its tail in terms of risks.

A Blessing and a Curse

The internet has proved to be both a blessing and a curse when it comes to seeking financial products of safety and value, with millions of critics now perched on entirely different sides of the fence. With each and every passing year, thousands of new providers and lenders make their way on to the web and offer their own take on products, packages and services ‘guaranteed’ to make our lives easier. True, most may be entirely intent on living up to their promises and offering something of value, but the sheer abundance of names and brands makes in inevitable that the odd bad-apple will slip through the net here and there. The larger the web gets, the more bad-apples to avoid, which mean that in essence we are living in riskier times than ever before when it comes to the possibility of getting well and truly fleeced.

However, the web also provides each and every one of us with all the tools and resources we could ever need to make informed and educated decisions the likes of which have never been possible. There would of course be no better way of ensuring a smooth and safe agreement/transaction than by looking into future to know what to expect, though by looking into the past we can benefit from the next best thing.

Comparison Sites

Today’s internet is simply littered with independent comparison sites and helpful consumer resources the likes of which have revolutionized the way we can approach personal finance. No matter what it is that you might be looking for, it is 100% guaranteed that the product, service and provider behind it has been put through its paces by hundreds, thousands or maybe even tens of thousands of fellow consumers.

A single word from the consumer is worth more than a million or more from the provider, therefore meaning that any and every consumer looking for a safe and attractive deal should make these resources their first ports of call. All the promises and guarantees in the world are worth less than the paper they are printed on if they are not kept – these are the places to find out who practices as they preach.

It has never been easier to access hundreds of thousands of consumer reports on any and every financial products imaginable and will never cost you a penny to do so.

What to Know Before You Compare Financial Products

If you are considering any borrowing then you need to know a couple of things before you go putting pen to paper.

The APR for Financial Product Comparisons
A company will always claim that the APR that they have placed on a product is inclusive of all the costs; it never is. There are always going to be hidden extras and the sooner you realise this the better. Financial institutions use clever wording and other underhanded techniques in order to make a product look more favourable than it actually is.

As aforementioned they will always say that everything has been considered so that a customer can look at their product and compare it to similar products being offered by other companies. They never include everything, and by the time you have been charged for the likes of insurance and administration, and only brief you about it in the fine-print when the contract is sent out to be signed.

The Credit Score Issue
There are always nice big banners everywhere advertising this irresistible APR and it is only natural for people to assume that this APR is applicable to all and sundry. The truth is though that people who benefit for such rates are those that have a coruscating credit record.

Good for you if you do have an immaculate credit rating as you can get these deals, but for the people that have made the mistake of perhaps making one late payment it is a case of having to get a product with a far less favourable APR attached to it. You see this is the trick that the banks like to play. They get people interested and in their typically insidious, insipid manner, they turn a good deal into a not so good deal. people think ‘Oh well now I’m here I might as well…’

Make sure if you are about to get sucked into the ‘ostensibly good APR on a product’ vortex, that you speak to a person from the financial institution and you find out what the actual cost of a policy is going to be once they have actually added everything up and charged you what they had every intention of charging you in the first instance.

Tips For Marketing Financial Products

Marketing of financial products has to be carefully planned and executed in order to avoid mistakes that can be costly and hard to recover from. With heavy competition, financial institutions have to be aware of the current market trends and must keep informing their clients about their latest service or products to make sure that their clients use them.

If marketing of financial products or services are excellent, the firm is ensured of guaranteed, quality financial planning leads as well as better referral service from affiliates. It is necessary to have a sound, carefully planned marketing strategy in order to recruit more customers, generating more revenue. This calls for extensive market research and competitive analysis and knowing how to lure customers by sending out the right message in the advertisements. It is a pity that many people do not understand the importance of marketing of financial products and, therefore, misses many opportunities to develop and expand their client base.

Marketing Tips For Financial Products:

– Referral services by affiliate service providers are very effective and a highly targeted market-oriented marketing strategy. It is necessary to have a system in place to respond to the queries of those potential clients who were referred and have follow-up services that can convert potential leads into actual customers.

– Direct mailing is another tactic that is relatively cheap and can be used to reach target markets of your choice. The job can be out-sourced, and your operating costs are well within the budget. It can also be effective in recruiting potential customers easily.

– Cold calling is another marketing strategy, but it is not used much owing to the enormous drain on time and labor as well as costs and low rate of new customer recruitment.

– Offering items having your brand identity serves to remind existing customers as well as those you deal with on a regular basis about your financial services as well as products. Post-it note pads, pens, coffee mugs, key chains, pen torches, etc., are items that are generally used as promotional items.

– Using the media to effectively advertise your products. The TV, radio, newspaper, magazines, cinemas, etc., are very good sources for targeting your advertisements. Keep your advertisements short and make sure they tell people how they can benefit from using your services or products.

– Getting celebrities to endorse the product or service is another effective marketing tip.

– Sponsoring events can be another great way to market your products and creating awareness of your products.

– Using permission-based email marketing, free newsletters, pop-up advertisements, and keyword-optimized search engine options are other ways that financial products can be marketed using the Internet.

These are a few marketing tips for financial products. There are firms that offer services as well as products to help run your business successfully.