How Financial Firms Can Leverage Content Marketing
Content Marketing is a strategic marketing approach, of which is predominantly seen on digital platforms. The strategy is focused on creating and delivering content to attract their specific audience, which also improves SEO scores. For financial sectors, this strategy plays a critical role in the digitisation of their growing online market across Australia. However, with a decline in customer trust levels to 49%, the financial sector has become Australia's second least-trusted business sector. To redevelop these relationships and trust, the sector must reinforce a "customer-centric approach" to increase their brand credibility. Here are three key ways financial firms could benefit from using content marketing to their advantage.
Building Trust and Relationships with Consumers
As an industry with low loyalty, trust, and industry credibility, it is crucial to the financial sector to provide content consumers can turn to for credible information and guidance when needed. Between 2018-19, 33% of Australians reported a fall in trust in banks in 12 months due to the investigation from the Royal Commission. These institutions must focus on providing content that increases brand credibility to move away from the current reputation. Content that conveys a high level of transparency will be incredibly useful at rebuilding brand credibility and trust. Using marketing media such as infographics, blogs, and interactive posts enables the audience to feel more connected to a corporation that manages peoples money. This type of content makes the audience feel like they have a personalised experience and that they are being provided with a bespoke service.
As our access to instantaneous and rapid information becomes easier, the speed at which we absorb and retain information is crucial to understanding when creating the perfect content marketing strategy. In comparison to the 500-1600 advertisements consumers saw in the '70s, in today's day and age, consumers can see anywhere between 6,000 to 10,000 ads every single day. So how can these financial firms create content that is retained in the minds of consumers?
In today's digital climate, research has found that interactive content effectively educates and sustains prospective customers. With 93% of marketers agreeing that interactive content is more effective than static content, financial firms must tailor their content marketing strategies around interactivity and moving media.
For example, Westpac Bank, one of Australia's top 10 banks, does this extremely well on its Instagram platform in various ways.
They want their consumers to better understand difficult topics by providing the knowledge creatively and interactively. This marketing strategy enables a higher interaction with posts as 80% of online consumers will watch a video, but only 20% will read the content.
By telling various consumer stories, Westpac becomes a more relatable and relevant brand as potential customers can assess the success other customers have achieved with complete transparency.
Positioning the Brand in Comparison to Competitors
Content marketing also enables consumers to compare the difference in key features among competitors. Consumers can decide how the brand values coincide with consumer needs through the presentation and information provided on their platforms. Marketing in the financial services area was previously focused on product features and differences. Although, due to the increasing popularity of digital media, creating content around building community and engagement has become of increasing importance.
In 2021, financial sectors must understand how rapidly the marketing landscape is changing due to increased popularity amongst technological platforms and market competition. The rise of these platforms allow for more interactive content to be accessible to a larger and more diverse group of people, yet also allows consumers to see financial institutions in a different and more transparent light. As a sector with low customer trust levels, financial institutions across the country could see a shift in the way customers perceive financial services companies by using more interactive, relatable, and transparent marketing content.