Chances are your bank is not producing the most valuable pieces of marketing needed to win your future customer. To prove our point, how much is your 2016 budget for content? If you are like an estimated 87% of banks, you don’t even have a budget line item for “content.” This is a critical mistake because banks sit at the crossroads of having deep content available to them, are in a trusted advisory role with their customers and have competitors that are not using content. As a result, producing the right content can boost your marketing and sales efforts throughout the bank. In this article, we will focus on what content you should produce to dramatically increase your marketing efficiency.
Taking Your Cue From Millennials
It is likely you sat through several presentations at bank conferences on millennial marketing. No matter where millennials rank in your marketing priorities, when it comes to content, they are useful to target because they are the most static demographic cohort in which to market to. That is, what we are observing in bank marketing is that Boomers, Gen X and Y are becoming more like millennials than the other way around. As such, millennial preferences serve as a useful target.
The best way to validate this article’s thesis is to test it yourself as your results for your market is what should be driving your decisions. However, if you need proof, consider the data from a recent study conducted by the marketing firm Sacunas. Sacunas surveyed 2,000 potential bank clients between the ages of 20 and 35 that are gainfully employed. This study is significant to banks as it is one of the few research pieces that focused on the role of millennials in business-to-business buying decisions.
As the chart above indicates, millennials are worth targeting now as they already hold sway in small and mid-sized business decision making. We have found this to be true not only in finance, but in general management. As the workforce ages, it is safe to say that these millennials will not only gain more decision-making authority within their respective firms, but will influence an ever wider cross-section of the workforce because of that authority. Thus, we look for these trends to become more important.
Where Your Bank Should Focus – The Data
The countless presentations you have sat through have likely driven home the statistics that more than half a bank’s customers research their bank or products online through search engines, websites, mobile and social media (mostly LinkedIn followed by YouTube for business decisions).
Within that research, when it comes to the types of content reviewed, video plays a major and increasing role in both engagement and providing the required due diligence information that enable buyers to choose a bank or product. As can be seen in the chart below, video is followed by case studies and white paper.
We point out that it is likely these top three categories that the average bank is mostly likely NOT to have.
Putting This Into Action
The data indicates that buyers have a strong preference for video, case studies and white papers in addition to the more common, brochures, blogs and webinars. Banks would be well served producing content pieces showing how business customers can better manage their cash, managing foreign exchange risk, invest in certificates of deposit, utilize lines of credit, or whether to take a fixed or floating rate loan. There are hundreds of easy, educational topics that a bank can produce a two-minute monthly video on that would drive engagement and help the sales process.
Submitted by Chris Nichols on June 20, 2016