Better Content Marketing for the Financial Services Industry
Banks and other financial services need an edge to stay competitive. Here’s why content marketing can help them better connect with prospective customers. Banks and credit unions are hardly celebrated for their innovation or mastery of digital tools. There’s a reason for this: The industry is by nature conservative, and it is also constrained by regulations. This is why the banking sector has been relatively behind on the digitalization curve. Yet this also provides an opening for financial services enterprises — as long as they are willing to adopt new approaches that are aligned with changing consumer preferences. One recent example is the Capital One Cafe, a coffeehouse/bank location hybrid that allows customers to enjoy meet-ups and drink coffee while conducting basic banking services. This “bank barista” concept was designed to target the millennial market and make banking an enjoyable experience, rather than routine drudgery. With banking services increasingly migrating online, however, banks and credit unions also need to harness the full potential of digital tools. Content marketing, specifically, is one of the most impactful things a bank can do to modernize its digital strategy and generate new business. Let’s take a closer look at why this approach pays dividends, and how partnering with the right content marketing agency will help deliver results. Developing a content marketing strategy that works Financial marketers understand the value of strong content marketing. A recent Brandpoint survey showed that financial marketers view content marketing as an essential tactic for generating brand awareness and engaging with customers. That same survey, however, showed that half of financial marketers struggle with content creation and staying current with the latest techniques. Other common problems include: Insufficient resources to create top content Inability to determine ROI or effectiveness of the content Poorly defined strategy Difficulty managing a multi-channel approach with consistency Lack of budget Lack of content marketing expertise Leadership not buying in That financial services firms struggle with content marketing is not surprising. If you asked most people about memorable marketing, banks would certainly not top the list. Some financial services firms, however, know how to do content marketing correctly. Here are two examples: Citibank is highly-regarded for its brand awareness initiatives — and for good reason. The company’s sponsorship with New York’s popular Citibike program means that 10 million-plus New Yorkers can’t rent a bike without thinking about a bank. Citibank also uses content marketing and sponsorships with major artists as part of its Citi Entertainment program for customers. In both cases, Citibank attaches its name to something that consumers love (bike riding, concerts) — a significant boost, considering most bank brands have little inherent cachet. It’s an example of savvy bank marketing. Deloitte is best known for being a global consultancy and financial advisory operation. Not exactly the type of enterprise to give retail consumers warm and fuzzy feelings. Yet every year Deloitte issues a “Back to School” survey that uses clever, data-rich visuals to help consumer optimize their purchasing habits. It’s not related to Deloitte’s core business, but it is a smart piece of content marketing that improves brand awareness and builds brand trust. Parents engaged with this campaign identify Deloitte as a company that helps them solve a perennial problem. So now that we’ve discussed some challenges and seen some strong examples, let’s talk about what financial services firms can do to jumpstart their content marketing efforts and start building brand awareness and loyalty. Actionable advice for your financial content marketing strategy Companies that generate exceptional ROI from their content marketing efforts tend to have some commonalities. A recent Content Marketing Institute research survey investigated the factors shared by firms that are especially successful in this regard. According to this research, the four elements that separate winners from losers are: Having a documented content marketing strategy. 65% of firms who report being successful in content marketing have such as a strategy, while only 14% of unsuccessful firms have one. Measuring the ROI of content marketing initiatives. 72% of successful firms do this, while only 22% of unsuccessful firms measure ROI. Proficiency with the latest content marketing technology. 67% of successful firms report proficiency, while only 7% of unsuccessful firms do. Using personas for content marketing campaigns. 77% of successful firms use personas, while only 36% of unsuccessful firms use them. By implementing or improving these four elements, you can lay the groundwork for a high-performing content marketing strategy. Not every financial institution or marketer has the experience of savvy to get the most out of this approach, however. In these cases, it makes sense to partner with a leading content creation agency. Finding the right inbound marketing agency If you’re in need of SEO marketing, content marketing or any other digital marketing service, we encourage you to contact Bigeye. We have the technical skill and domain expertise to help financial institutions gain immediate traction with high-performing digital marketing campaigns.
7 interesting content ideas for good bank marketing
To some, banks may seem by nature a tad on the boring side. How much fun can it be, really, to collect and distribute money all day?Actually, if you talk to people in the profession, it can be a whole lot of fun to be in the business of marketing dollars and cents to the masses. You have the opportunity to assist individuals and businesses alike with their finances, offer loans to help personal and professional dreams come true, and teach customers of all ages the philosophical and tangible benefits of saving money. Employees also agree the now infamous mantra of “banker’s hours,” coupled with the stability, and agreeable compensation, adds up to a winning combination. A bank’s blog can be an excellent place to show the world that while your location may not be as wacky and wild as a theme park, at least the perception by customers and employees is that it is a hugely interesting place to be. A good bank marketing team has the potential to devise plenty of useful, entertaining and SEO-friendly content that readers will enjoy – and hopefully even share – on social media. While creating so much captivating content on the regular has the potential to be quite time consuming, if you’re someone who also finds banking enjoyable, it won’t be too hard to find all sorts of interesting topics to share. Here are 7 interesting content ideas with the proven potential for good bank marketing payoff: Definitions Your average consumer may understand the basics of savings or checking accounts, but may not know much more. So a blog post that explains concepts like how interest is compounded could be of great use. This education could cover everything from a basic savings account rate to higher rates on larger loans. It could also talk about the industry’s traditions and processes – people love learning about how and why about any unfamiliar industry as long as things don’t get too complex. Community efforts Local and national banks are often encouraged to raise money for charity. This could be for a project supported by the entire organization as a whole, or via an area fund-raiser. A blog can describe fundraising efforts taking place, how customers may become involved and contribute, or as a means of “show and tell” for how well an event was executed. Focus on employees A great way to offer a personal connection to customers is to highlight the staff. Perhaps on a weekly basis, share a profile about a different employee – how long they’ve been employed with your institution, what they like about the branch or company, their general interests, or maybe even a helpful financial tip or two or their favorite financial product. Featuring your employees has the potential to double as content that educates consumers services offered, or special promotions, within a specific branch. Employees will really engage and become excited when its their turn to be a headliner. Focus on customers Another way for people to feel connected is public recognition. If you have longtime, reliable customers, you should include an occasional post about them. With so many choices for banking out there, people might be curious why someone chose a particular institution for his/her personal or business needs. Your customer service staff may know, or you can request testimonials via mail, online, or in-branch comment cards. Financial literacy strategies Financial assistance is always appreciated at all stages of someone’s life, from a child trying to learn the basics of saving, to teens with their first checkbook, to college students trying to balance a budget for the first time. Couples and new families always welcome solid advice, in the same manner as people approaching retirement age and beyond. The value of banks With much continued financial uncertainty, consumers are bombarded with suggestions for everything from local credit unions, to investment advisors, to gold merchants. If feel strongly that banks remain the smartest solution for the consumer or business owner, tell why. Odds are, there is an audience that’s waiting to receive your message loudly and clearly. Analysis of larger financial topics Along with educating readers about your local branch office’s activities and banking in general, an author can serve to better explain finance-related news stories, and their potential impact on local customers. Recent examples might include Greece’s bailout, or Puerto Rico’s default. Conclude each post with an encouraging thought or anecdote about the importance of money management. Interestingly, the banking industry as a whole may be going “back to boring,” at least according to the predictions made by Bloomberg. After years of banks trying earnestly to be anything and everything to all levels of customers, plus offering all sorts of products and financial services not necessarily related to basic transactions, the industry may be trying to find its way again by slimming down – and focusing on critical needs first. So now, is better time than ever to begin a blog explaining this new shift. Looking for more riveting content ideas to increase deposit and loan growth – and introduce the “fun” side of your bank’s brand to your current and prospective customers? Contact us today for a dose of added creativity!