3 steps financial services marketers are taking to get it right during COVID-19
In this time of continuous uncertainty and ongoing change – in customer behavior, the economy, health and social distancing – many marketers are left without a playbook and with plans that are completely in flux as they struggle to navigate the changes associated with COVID-19. The question becomes: what are marketers doing to get it right in this time of crisis and uncertainty, and how are they preparing for future recovery?
Tag’s Managing Director of Financial Services, Joanna Carlish, shares her observations.
“First, we need to define what ‘getting it right means,’” explains Carlish. “We hear from our clients, who are marketing leaders at banks and insurance companies, that getting it right today means retaining their existing client base by instilling trust and empowering the customer to do what they do need do daily, but differently.
Joanna Carlish continues by identifying three steps financial service marketers are taking to get right now, while preparing for recovery.
Financial services marketers are:
1. Focusing on existing customers
“We’ve watched large consumer brands like Unilever, Mondelez, P&G trim down their product offerings to focus on the essentials with a message that is tailored to existing customers, instead of a focus on new products and new targets. Financial services organizations are doing this too. Our banking and insurance clients are focusing resources on existing customers and the products and services that will help through this time of fear and uncertainty. They are dedicated to helping their customers easily transition from in-branch to online banking, to communicate transparently the health of their institution and to frequently update their customers with important information on how to access the tools they need, like updating a retirement or insurance plan.”
2. Communicating more and better
“I read an article where the CMO of Verizon, Diego Scotti said “I’m not thinking about how much I’m spending less, I’m thinking about how I can take those assets and create new opportunities to engage with customers.” Many banks are doing the same: using existing, planned assets to create personalized communication across channels, frequently. We are working with our clients to help them adapt existing creative to include imagery, messaging, tone and delivery channel that reflects now. Nobody needs to reinvent the wheel or make a huge investment, instead work with a marketing production partner that can adapt and distribute content, with scale and frequency to communicate the right message and the right call-to-action at this time. For many of our clients, it is a move from in-branch or face-to-face meetings to a digital call-to-action. Print creative is being adapted to online content – we want virtual and digital. We are working with our clients to create more instructional videos, to have a stronger social presence and to improve the digital experience. Most importantly, we are giving them the production engine to create more content, quickly, across channels, with agility, so they are ready for the message that may need to change overnight.”
3. Getting creative about the future
“One of our creative directors, Jay Harwood, addressed the changes in the retail experience and how consumer brands are working to use AR/VR at home to change the future of the online shopping. Financial services clients are realizing that we may never return to old behavior, and that is okay. We are helping our clients to plan for the recovery phase which includes innovation, a learning from current communications and a few lessons from the retail/CPG sectors on how to build stronger, more engaging, hyper-personalized content that speaks across channels and demographics. On a personal level, this is the first time in my life that my email in-box is filled with content that speaks to me and is relevant to now. Yes, the current phase of crisis is undoubtedly scary but the future for financial services marketing is exciting. I believe this change is pushing us to communicate differently and better.”
At Tag, we work with brands and agencies to help financial services marketers stretch their “big idea” across markets and regions, formats and delivery channels, making sure the right content reaches the audience, with speed and agility.
Schedule a call today to find out how Tag can support your brand’s creative production and sourcing needs.