Financial marketers are continuously confronted with the tough challenge of balancing between engaging customers on a personal level and achieving digital scale with their marketing efforts. More specifically, financial marketers need to reach customers and members with detailed financial messages and educate consumers on a complex suite of products and services … all at scale. Not an easy task.
For financial marketing professionals to succeed, it is imperative that they take a step beyond the typical digital marketing tactics – email, SEO, paid advertising – leveraging new digital tactics that are contextual, grab a consumer’s attention and generate measurable results.
1. Reach Mobile Consumers with Short-Form Video
Consumers are interacting with content on all forms of digital devices 24/7/365. As such, the dynamics of content marketing have changed. Today, content only succeeds if it delivers what each individual consumer wants, when and how they want it.
One of the most effective forms of content marketing is video marketing. In fact, video marketing is one of the few types of digital content that provides the contextuality, flexibility and entertainment value consumers want while they are on-the-go.
Consumers are consuming more visual media content and financial service customers are no exception. Video content is the ‘low-hanging fruit’ for marketers, offering an advantageous way to humanize and explain complex ideas and concepts using short-form entertainment to get these concepts across.
Video is a highly engaging and palatable medium, and incredibly convenient to consume. Two quick and compelling stats to consider. First, according to Insivia, viewers retain 95% of a message when they watch it in a video, compared to 10% when reading it in text format. Secondly, a survey by Animoto discovered three critical stats: four times as many consumers would rather watch a video about a product than read about it, 1 in 4 consumers actually lose interest in a company if it doesn’t have video, and 4 in 5 consumers say a video showing how a product or service works is important.
What is exciting about video marketing is that it combines the best qualities of digital communication, giving viewers the intimate experience of a face-to-face conversation while providing the non-disruptive, ‘on my time’ engagement style that people love about texting and email. What is more exciting is that this form of communication can now be personalized on a 1:1 level, with highly customizable content that stands out and is memorable.
2. Use Live Streaming to Bring Experts to Mass Audiences
You can move beyond traditional scripted videos by tapping into the live-streaming trend to reach targeted audiences. Live streaming allows viewers to engage with your most respected internal experts or popular influencers on a new level. The impact is multiplied when you allow for live interaction in a form of Q&A engagement.
This form of content marketing is especially impactful in the financial services sector. According to Wainhouse Research, a full 44% of corporations are planning to increase their streaming budgets in 2018. In addition, the entire streaming market is set to grow by 20% each year through 2020. It’s not surprising that financial services, in particular, is leading the charge.
Let’s face it – the nuances, advantages and disadvantages of a complex product like a Roth Ira or small business banking cannot be properly explained with a standard 300 x 250 digital banner ad. Research shows that live streamed videos on Facebook Live get viewed 3 times longer than a pre-recorded video. In addition, a study conducted by Livestream and New York Magazine found that when it comes to brand content, 82% of people prefer live video to social posts, and 80% would rather watch live video than read a blog.
As an added bonus for marketers, data can be collected to gauge individual level of engagement and help optimize and personalize future marketing efforts. Instead of hoping your customers will travel and/or spend money to hear from your key financial experts or popular influencers, why not shift to online conferences and presentations, where they can attend at a time and place that’s convenient to them?
Finally, live video streaming is, by its nature, highly transparent. Viewers can engage with your internal expert or outside influencer in open conversation handled in real time. If you’re looking for a compelling way to build trust with your audience, a live video is a great place to start.
3. Build a Library of On-Demand Webinars
Webinars are becoming the unsung hero for financial brands. They not only draw a captive, deeply engaged audience (the average amount of time spent with a webinar is 57 minutes), they also compliment topics, such as financial service products, that are complex or detailed in nature and provide the education required to convert a lead.
These virtual learning environments are, in essence, a modern, immersive educational experience that can tap vast repositories of content with custom-created elements that can be changed, updated and switched out in real time. They can also be promoted to the right customer or member at the right time, through the right channel using targeting insights built from internal data and advanced analytics.
For example, take a look at Vanguard, who built a library of webinars to engage and teach customers about retirement, investing and estate planning. This library allows customers and prospects to browse and view webinars at their own pace, delivering insights on the topics that truly interest them.
Other companies are using webinars to showcase their well-known internal (or external) experts and as a way to drive traffic to additional content and services. For example, Wells Fargo takes deep dives on personal subject matter like post-college planning, and conduct live virtual seminars on retirement planning and diversification strategies allowing robust two-way interaction – a feature not found in typical static one-way marketing communications.
4. Don’t Forget Mobile Marketing
Last, but definitely not least, in-app marketing provides the opportunity to deliver highly personalized messages and offers using a channel many customers and members access every day – their mobile banking app. Customers and members are just like everyone else … glued to their smartphones. And, they’re not just checking Facebook and texting friends – the number who are banking, making transactions and trading via mobile devices continues to grow.
According to a survey from Bank of America, the number of Americans using a mobile banking app has risen in one year from 54% to 62%, including 75% of Millennials, 66% of Gen Xers, 47%of baby boomers and 40% of seniors. So, it bears repeating, regardless of what content, messaging or offers you are delivering to your prospects, leads and clients, if it is not optimized for every mobile platform, you can guess what will happen. That prospect will simply move on, with lightning speed, guaranteed.
On the other hand, with increased use of advanced analytics to process internal and external data insights, the financial services industry is an enviable position to be able to reach their base in through either a mobile banking app and/or text. And there is virtually zero cost to do so.
With fintech set to grow by 55% through 2020, according to Technavio, and individuals flocking to digital wallets and smartphone credit card readers, all while consuming vast amounts of content on their personal devices, don’t be left in the dust while your competitors find your customers where they live – in real time.
In 2018, it is more important than ever to stand out from the overload of marketing noise in financial services, folding these four digital tools into your marketing mix. Each will allow you to better reach your targets through the mediums and channels that are already part of consumer’s busy lives. Focus on the methods that create robust engagement, open conversations and a personal touch, all while providing the scale you need.