6 Steps to FinServ Content Greatness
About 90 percent of financial services marketers are educating their prospects and converting them to customers. And they may need better content marketing plans to educate prospects and customers about products and services to solve their problems, says a recent article in The Financial Brand.
Mike Lovell, VP of demand generation at EverFi, writes on Nov. 30 that:
According to research from the National Foundation for Credit Counseling, four out of five U.S. adults say that they could use professional advice about basic financial issues, half lack confidence in their retirement savings and almost a quarter do not pay all of their bills on time.
This research highlights significant educational opportunities for FinServ marketers who can use content marketing to convert consumers, he says.
What’s Your FinServ Content Marketing Goal?
What do you want prospects and customers to do? What is your business goal? How can content marketing help you achieve the goals?
As a starting point, you should establish “SMART” goals for everything you do — Specific, Measureable, Achievable, Realistic and Timely. And be sure to include multiple stakeholders from across your institution, so you don’t find yourself with cross-competing goals.
Who Are Your Prospects and Customers?
Lovell says FinServ marketers can research prospects and customers and find out who needs what product or service and how they’d like to consume content marketing. Finding out this information will also help financial services discover, for instance, how to talk to Millennials differently from Baby Boomers and to make the content appropriately relevant.
Examine Current Content Marketing
Lovell says FinServ marketers have a lot of content they can repurpose to be customer-centric rather than product- and service-centric. Also, they can supplement that content in easier ways than they may think:
Financial institutions already have extensive content about their products and services. Evaluate how you can use existing content and where you may have gaps to improve your content library. For example, you may already have a website, a mobile app, and hard-copy brochures; however, to engage with your audience, consider supplementing this base with other types of content such as calculators, financial education, blogs, social media, co-marketing opportunities and more.
Target Consumers for Effective Distribution
Lovell says marketing financial services to Millennials may involve more social media channels than it would for Baby Boomers, who still prefer Facebook. Promoting financial services content marketing in emails may boost open rates — increasing it from an average of 16 percent to as much as 30 percent, he says.
Once you know who your audience is and what content you need to create to engage them, how should you deliver that content for the best reach? Should you choose email, a website, social media, direct mail, webinars, in-branch training, blogs, paid media, direct mail, face-to-face workshops or outbound calling?
Ensure Employees Read the FinServ Content
Lovell says an executive should be the thought leader and employees should be reading the content marketing so they can educate consumers on it, as well.
Plan and Delegate Content Marketing
Now that financial services marketers have the previous five steps accomplished, they can work on an overarching strategy and create an editorial calendar.
Make sure that you’re using analytics so that you can monitor your program’s performance after launch: email open rates, website traffic, new accounts opened. What worked and what didn’t? Figure out what was successful — and do more of it.
What do you think, marketers?
Please respond in the comments section below.
Related story: 5 Spying Tips for FinServ Marketers