Bancography | Branch Planning, Marketing Research, Brand Strategy, Products & Profitabilty

The Content Marketing Conundrum in Banking

Most online content in the financial industry just fills space. It doesn’t engage the viewer or accomplish its communication goal. For effective online content, segmentation, strategy and simplicity are key.

By Tony Quin, CEO of IQ

The financial industry faces two big challenges with online marketing content. Products and value propositions are complex, and consumers are ambivalence about banking. The audience has an interest level in the subject that ranks barely above dental work. That makes the battle to attract and hold consumers’ attention a tough one.

The good news is that pretty much everyone has to grapple with important financial matters at some point in their lives, whether they want to or not. The riddle for financial marketers becomes whether their brand can truly engage prospects and leverage each interaction.

Consumers know they cannot go it alone as they march down the financial road. That’s why financial advisors are still so essential. But there are shifts afoot, and on a number of different levels.

First, consumers want more knowledge and insight than ever before. While they are afraid of being overwhelmed by the complexity of the financial category, and they still want help and advice, their expectations of you are heavily influenced by what they are experiencing elsewhere.

Financial Institutions’ Digital UX Lags Behind

“The real battle for the consumer is now being won or lost in digital channels.”

Slowly but surely, banks and credit unions are starting to recognize that it is time to engage consumers in new ways, and that the extremely complex consumer journey is now predominantly digital. While TV campaigns and print may still be an effective tool for awareness and brand positioning, the real battle for the consumer is now being won or lost in digital channels.

Key Question: How do financial services companies engage consumers with low passion for the category, little tolerance for complexity, and yet have high expectations?

The answer is content.

Getty Images | Content Marketing

In our early work for Wachovia before they became Wells Fargo, we experimented with what that right content might be. Then with work for Wells Fargo, Suntrust and others we worked to integrate video, animation and different graphics approaches. We also developed educational approaches based on different learning styles for brands such as iShares that worked to change the nature of the interaction. In every instance we quickly discovered that the key to content, in its many forms, is to be valuable as in this app for Allstate.

( Read More: Banks’ Future Hinges On Sharpening Digital Marketing Skills )

Crafting a Killer Content Strategy

Engagement for engagement’s sake might fly with a category where little knowledge of the product is required (such as soft drinks), but in an education intensive category like financial services, strategic messaging must be part of that engagement.

This is why content strategies have become so important. It distills what to say to whom, when to say it and how to say it most effectively. A content strategy process allows you work through the challenge of aligning the (often conflicting) points of view — from internal stakeholders to various consumer segments — within the context of each interaction point on the consumer journey. An effective content strategy will prioritize the many different aspects of a value proposition and tailor messages for each context and persona.

For example, a content strategy should help you determine when a video is appropriate versus static graphics, text or other imagery. It should also tell you how to structure experiences to specifically fit the common use cases that personas will have.

You should only start to think about execution and creative techniques after all your work on the content strategy is done. While it’s always tempting to jump straight to creative and skip over the strategy work, the hard won truth is that without it, you may win awards, but your risk of missing the mark jumps dramatically. But have no illusions, true content strategy is not easy.

( Read More: 7 Tips to Building Campaign Landing Pages That Work Harder )

Getty Images | Content Marketing

Focus Creativity on Simplicity

Every interaction with every consumer is an opportunity. But we must always try to remember that — in the early stages of their research — consumers have not yet committed the time and effort required to fully understand the complex financial product they are investigating.

Simple, easily-consumed bites of knowledge presented from the consumer’s perspective makes an otherwise messy value proposition more digestible. This is where using tricks like visual metaphors have proven very effective.

The trick is to entice consumers into your story step by step, with each step building on the last to lead people to a more personalized, relevant experience. At the right moment, the consumer will find themselves motivated to invest time and effort. You have to understand when and where in the “engagement arc” consumers are ready to really dive in. But up until that moment, you must hold them by the hand and make their journey effortless and intuitive.

A Tough Challenge

Wrestling with a content strategy forces you to face some thorny issues. Do you really have a value proposition that consumers will care about? What are your competitive differentiators? In reality, the products and services offered by most financial services companies are so similar that this is often very hard.

The good news, however, is that the financial services industry is turning to the wind, and the shift to digital seems to be driving fresh approaches to content, value propositions and competitive positioning.

It is clear that some of the most exciting competitive marketing in the next few years is going to come now in financial services and that it will be led by marketers who have figured out the content conundrum.


Tony QuinBefore founding IQ, Tony Quin was EVP of Film House, an ad agency in Los Angeles. Prior to that he worked at both ABC and NBC as a producer. He has written and directed hundreds of TV commercials and received numerous creative and directing awards. Born and educated in London, Tony began his career at the advertising agency Leo Burnett in Chicago and now writes and speaks extensively about advertising and digital marketing. He is the Chairman of the Board of the Society of Digital Agencies and a member of the Elon University School of Communications board.

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Comments

  1. Good points to bring home about how content can help to target, engage, nurture and convert a lead for a loan or now account. Keep in mind that research coming out of Google’s ZMOT shares consumers take 30-45 days to make a purchase decision for a new account or loan product. During this time they check 8.9 different resources.

    This is where credit unions can look to their own content. How is the content a credit union offers helping move a possible lead through the buying cycle over this 30-45 day period. Don’t be so bold to assume that just because you send a direct mail piece out a consumer will hit your website and apply for a loan.

    It takes time to make these decisions which when dealing with content is why it is important to simplify the solution and align people, product and process ultimately around purpose.

    Research from Foresster notes only 14% of companies say they have appropriate content for every stage of the buying cycle. There is huge opportunity here for credit unions to target, nurture, engage and convert consumers as leads for loans and new accounts.

    For years we have heard “content is king”, yet as Bryan Clagett notes, content is barely even a prince for many credit unions.

  2. Nice one Tony. Well written and captivating as I would expect from a man of your talents.The dentist analogy chimes.

    One area that you don’t touch on though, as far as I can see, is the regulatory content dampener. This has a huge input into what the Financial Services industry can or can’t say; certainly here in the UK. I would have put that somewhere the top of list as a challenge to be met.

    I would be interested in your comments on meeting that in terms of content strategy. Thanks.

  3. Good point Mark. We are never very far from regulatory hurdles in this area. Compliance in the U.S. is onerous but navigable. The key is to know where the big traps are and avoid them. It’s fairly logical but experience is helpful. The bottom line is that one can achieve the goal of clear, compelling, easy to understand communications without too much baggage.

  4. Content is the way to navigate difficult to understand services like finance. Consumers want to find a company that they feel they can rely on. Someone who will share knowledge and expertise becomes a reliable figure. It’s knowing what to share – what knowledge gaps your customers have, and closing them for your customers – that makes a company reliable and attracts new prospects.

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