Marketing is probably the most overlooked element of proposition design by banks and financial services companies.
To a lot of the biggest players in the market, marketing is making sure your product sits in the relevant tables on Moneysupermarket and other comparison websites.
Sometimes banks might experiment with trying basic Google sponsored search strategies or even run a few Direct Mail campaigns, both of which tend to just about work half of the time.
And yet the world of marketing is rapidly changing and there is virtually no attempt by any of the major players in the market to move with the times.
Social media is used as a source of managing complaints instead of leveraging it as a marketing channel. Content is all about press releases and corporate announcements. New content forms such as video, audio and new content platforms are ignored completely.
The customer base of retail banks is changing fast and the new generation audience is a lot more savvy. They understand how marketing channels work and their trust level in reviews and comparison tables is suitably waning as their skepticism of these sources of information grows.
At the same time, the volume of content this new audience consumes is growing fast and the way they consume it is changing.
Simple old school adverts no longer work.
To really engage your prospective audience, you have to think about your customers’ needs, wants and questions and provide them all the information, tools and help they need, expecting nothing in return.
Do your customers want to better understand how your products work? Explain every nut and bolt in full detail. Stop burying things in the small print and bring your product under the microscope to build the right level of trust and win your customers.
The concept of providing your prospects with the help they need, while expecting nothing immediate in return is the form of content marketing that is fast replacing traditional marketing channels.
Customers are researching products before they come to take out that credit card or apply for that loan.
They have questions about how the products work, questions about how to solve a specific financial need and want real answers that do not read like an advert.
Companies that build real trust with customers through providing them the information are the companies these customers will choose to do business with time and time again.
Strategy Desk has built a content marketing strategy in one of the only industries that is even more competitive than finance. We have learnt a lot along the way, but it is truly fascinating how many prospective customers you can draw in by simply looking to help rather than sell.