BANK AND CREDIT UNION MARKETING

Marketing Financial Solutions Versus Products

Marketing Financial Solutions Versus Products

As the saying goes, good products sell themselves. Across financial institutions, most good products are similar. What differentiates your financial institution from its competition is not the products you have but the solutions only you can provide.

That has never been truer than in the COVID-19 era, where consumers find themselves navigating murky financial waters. We don’t know how long this will last or the long-term effects it could have. And who better to help guide them than their financial institution?

“People are going to be climbing out of a deep hole,” says Joe Sullivan, CEO of Market Insights. “That is the job of marketing, to help them.”

It is up to financial institutions to educate their accountholders on potentially life-altering financial decisions, and that responsibility shouldn’t be taken lightly. Consumers are looking to their financial partners for services, tools and advice to navigate these uncharted territories. Supporting them through one of their hardest financial times could lead to loyalty for years to come – if done right.

According to J.D. Power’s 2018 Retail Banking Advice Study, about 78% of consumers wanted to receive financial guidance, but only 28% said they did. Investments, retirement, budgeting and saving topped the list of topics consumers wanted guidance on from their banks (and that was before a pandemic updended our finances!).

Marketing financial solutions centered around the consumer’s vision for success will have a higher impact than any product-driven marketing could hope for. This is because:

  • Valuable content marketing leads to increased website traffic.
  • Caring about the consumer’s well-being promotes trust and security – two major factors in choosing a financial provider.
  • Higher-quality web pages lead to higher rankings on Google searches.
  • Many products can achieve the same solution, increasing cross-selling.

This doesn’t mean just posting any old content. To make a difference, you need to analyze data, interact with customers and understand their needs. Then, create custom content that provides solutions to those needs.

If you’re wondering how to do this, look no further than your image.works team. We create custom newsletters, educational resources and more pieces filled with practical information for consumers. Our Marketing Automation platform provides insights on what your customers are looking for.

Contact image.works today to see how we can help you deliver the solutions your consumers are looking for! 

Sources:
https://thefinancialbrand.com/97296/coronavirus-recession-covid-19-pandemic-bank-credit-union-marketing-strategy-trend/
https://www.bluecorona.com/blog/financial-services-marketing-guide/
https://www.housingwire.com/articles/42660-jd-power-this-is-what-consumers-want-from-their-bank/
https://thefinancialbrand.com/96866/pandemic-coronavirus-covid-19-financial-marketing-lessons-reputation/?internal-link

Posted by Katy Macek - September 09, 2020