Your Bank’s Engagement Has Much To Do With What Your Customers Are Feeling

Better connect to your bank customers

A bank produces a steady stream of marketing content – events, press releases, letters from the CEO, white papers, news stories and the alike. As content becomes increasingly important, banks can better leverage their marketing dollars and branding efforts by making sure content hits its market. Data from AOL Insights of over 7,300 content engagements clearly show when a customer interact with specific content. Using this data, bankers can quantitatively leverage this knowledge to fine tune content to better match the motivation of their customers. The end result should be more readers, a more robust emotional connection and a higher conversion rate.

 

It Is A Mobile World – Emotions Are High

 

One thing that is significant about this data is that this is the first time bankers have seen engagement correlations with a large mobile component. As of the end of January, approximately 33% of bank customers engage on content via mobile. Many bankers do not realize the difference between mobile and desktop content connection. Not only must content be formatted for content, but there are different emotional connections that take place in mobile than it does on desktops.

 

Since mobile connections take place in real time, it is more context-based. Your customer may be in your lobby when they look at marketing material on their phone or talking to your call center. This means that interpretations, reactions and comments tend to be more emotionally based, amplified (positive and negative) and more closely linked to calls to action. Provide a motivating piece of content, and bank customers are more likely to react than if they were at their desktop.

 

The mobile experience is also more social. Bank customers are more likely to be within a group or more easily connected than when they are on the desktop. Sharing is more likely to occur on mobile than it is on a desktop (usually via social or text rather than email).  All this adds up to a different marketing experience and should be taken into consideration when producing content.

 

A good example of this is when we sent notification to you about our “Wow Lender” training that we do in conjunction with the Ritz-Carlton Leadership staff (HERE) coming up in May. If you looked at that content piece on your desktop, you were less than 1% likely to read to the end and sign up. However, if you were in the field, on your phone and going to or coming from a borrower, it was more than 3x more likely to resonate with you and motivate you to attend because you immediately connect the need to deliver a higher quality level of service to your borrower.

 

The Segments

 

That same emotional connection can be duplicated for your bank in a variety of ways. Below are eight primary categories that represent the type of emotion that customers have and their preferred content when they are in those states. As can be seen below, the most enticing content is information that entertains. This occurs when the customer is waiting in the lobby, lunch or during a commute on a train.  Within that section, humorous content tends to hold the greatest interest.  

 

The number in the middle of each donut graph is the percentage of time that content attracted the customer. The subcategories within each donut graph are the top three topics within that content segment.

 

Using content to reach more bank customers

 

Using content to better connect to bank customers

 

Putting It Into Action

 

16% of the time customers look for specific information. While directions are the largest use case within this segment, banks can do little here. However, auto related content is the next largest segment which is a surprise. Should you offer auto loans, content around the “Top 5 Cheapest Autos To Finance” would be an attention grabber.  Other quality ideas that this data points to that might surprise bankers:

 

What public figures and celebrities do in finance and investment is of strong interest – types of mortgages, real estate investments, community involvement, etc.

Anything around family and parenting also garners strong interest – school costs, how financing influences college admissions, better ways to teach kids about financing, paying for senior parents and similar all do well to capture the attention of your customers while helping to promote the bank.

 

Next Up: Formats And Micro-Targeting

 

In coming posts, we will be releasing our research to show bankers how content can be modified to reach particular portions of your demographic segments. This is particularly germane for banks that want to reach more Millennials, Hispanics, women or others. For example, suppose you wanted to promote a goal-oriented savings deposit account in order to lower your cost of funds and increase liability duration. A feel-good piece of content that showed how a family was able to navigate the challenges and save to send their kid to college has proven to resonate exceedingly well with Millennials, Hispanics and women – three fast growing and profitable customer segments.

 

Until we cover segment targeting, look at the data above and use it to reverse engineer your content so that every piece has a purpose to a connected segment. You will find that your marketing is not only more effective, but the social shares and traffic will make it easier to emotionally connect to more potential customers that are like matches to your current profitable customers.