Since the financial crisis in 2008, banking and financial services brands have struggled to earn and keep the trust of one of the most important cohorts today—millennials. According to a Contently study, 30% of millennials don’t trust financial service companies. Only 1 in 3 millennials have invested money in the stock market and only 33% own a credit card. Clearly financial services brands have some work to do when it comes to building trust, credibility and engagement with this critical group of consumers. And content marketing can help.
Content is far more customer-friendly than traditional advertising, which consumers simply ignore by skipping YouTube ads and using adblocking software. 47% of millennials indicated they’d be more likely to trust a financial services company if it created useful content. Here are a few content marketing strategies financial services brands can implement to better reach and engage consumers in 2017.
1. Create content that builds credibility to foster trust
Finance is a complex topic and mainstream consumers need experts they can trust to break down information in a digestible way. And if trust is one of the leading issues for consumers, then financial services brands can use their expertise to give their brands more credibility and therein earn consumers’ trust.
One brand that is very successful at showcasing their expertise through content marketing is Goldman Sachs. Content marketers created a conference video series called Talks at GS to promote experts across multiple disciplines and deliver talks on a variety of topics, from technology and innovation to entrepreneurship to leadership.
The TED Talk style video series has proven to be a powerful venue for storytelling. Goldman Sachs has successfully repurposed the format to align its brand with leading experts and bring their stories to the forefront to engage people with content that spans industries and interest areas.
2. Use multimedia to capture attention
While written content is a tried and true medium for content marketers, studies show that visual and multimedia content is more engaging and compelling. Infographics have already been proven to be more effective than blog posts, reaching 54% more readers than blog posts.
And video has already taken off as a preferred content type for consumers. 80% of millennials use online videos when researching a purchasing decision, and 40% of consumers visited a brand’s site after seeing its sponsored video.
TurboTax’s YouTube channel is a leading example of a financial services brand using video to entertain while sharing key tax-related information. This dynamic content destination features 30+ YouTube playlists with 100+ videos created to be the go-to resource for any tax questions and topics.
3. Focus on educating instead of entertaining
While traditional marketing is focused on promoting a brand and its products or services, content marketing is focused on providing relevant and useful content to audiences to help them solve problems.
68% of consumers find educational and informational content more valuable, and only 17% prefer content that “entertains.” For this reason, most content marketers today aspire to create more educational and informative content in the form of how-to content, tutorials, recipes or data-driven content. Financial services brands especially can borrow from this playbook to give users clarity on complex finance topics.
Wells Fargo, for example, has an entire blog dedicated to college planning targeting parents and soon-to-be college studies. Topics range from “How-to: Find the perfect college roommate” to “Breaking down your financial aid offer letter.” The blog posts are detailed and informative, without pushing Wells Fargo banking services. In addition to helping readers get the information they need, the content gives Wells Fargo more credibility with this audience.
4. Personalize content experiences to get results
Amazon presents content “related to” and “inspired by” the items you viewed, and Netflix recommends content based on your previous viewing habits. It’s experiences like these that shape customer experiences today and drive consumer expectations for personally relevant content from brands, including financial institutions.
- 78% of consumers are more likely to be a repeat customer if a brand provides targeted, personalized offers.
- 20% increase in marketing ROI from brands who put data-driven personalization at the center of marketing and sales.
- Nearly all marketers using website personalization technology have seen a lift of at least 5% in their most important metrics.
The most progressive financial services brands are using content and technology to transform the customer experience and deliver real marketing ROI.
For more information about how personalization fits seamlessly into your strategy, get a demo of OneSpot’s content personalization platform.