I recently attended Edelman’s New York launch of the Innovation and the Earned Brand global study and, in listening to the distinguished panel, I was struck by how relevant their opinions were to the financial services industry. With very busy day jobs, it is easy for communications and marketing leaders to fall into the trap of only looking sideways and tracking their immediate competition. As you’ll see in the below, there are a lot more out there!
“Engagement is the new ratings” (and, every medium is not created equally) — Rich Greenfield, Media Futurist, Media & Tech Analyst at BTIG and Angel Investor
Many continue to debate how to best engage consumers but there is agreement that the media universe is changing around us and this brings content implications. Pushing the same content across multiple channels can actually spark disengagement from an already over-marketed consumer. Snapchat isn’t Instagram (except for the fact that neither is FINRA approved). Not everything is made for Twitter. Considering content and channel strategy is the path to authentic engagement.
“Speak to your customer” (not the world at large) — Rachel Blumenthal, Founder and CEO, Cricket’s Circle
As Rachel eloquently phrased it: “Women were just “women” until the day they give birth. Then, they become “mothers.” Historically, the financial services industry has marketed to customer based on a life-cycle approach. But, do you become a different person the day after you sign your mortgage? Your financial needs changes – yes – but that is only part of your full reality. The need to understand your target customer at an emotional, psychological and human level is what will drive engagement and brand loyalty over time.
“Data is a well” (you can – and, should – dip into it whenever you like) — Naomi Hirabayashi, CMO, DoSomething.org
The world is moving faster than ever and you better keep up! Real-time data, analytics and insights are critical to informing our activities at every step of a campaign. Is the content resonating? Is our target audience engaging? Are we in the right conversations? As one panelist rightly pointed out, the days of data being in a silo are over. As the lines between communications and marketing continue to converge, it’s now more important than ever that we integrate data into all that we do.
“Enable organic conversations” (and, be prepared for what you hear) — Alberto Canal, VP Corporate Communications, Verizon Innovation
Regulation doesn’t need to stifle engagement. As several Verizon examples demonstrated, brands can engage in a meaningful, two-way dialogue despite being highly regulated. Can it feel uncomfortable at first – Yes. Is that anxiety outweighed by the benefit consumers (and, their networks) receive by seeing that brands are actively listening, engaging and acting on their behalf – Definitely!
Being responsible for a consumer’s financial life – their money, their privacy, their family’s security — is highly personal. The brands that build deep, emotional connections with their customers through true engagement will win in the long term. Hopefully, these learnings from outside of the industry can help.