By Karthik Hariharan
The world of finance is often seen as complex and therefore dull, and traditional marketing methods have done little to dispel this perception. The reason for the financial world being perceived as “uncool” isn’t the lack of new channels or methods to reach out to new customers, but marketeers not maximizing the full potential of these channels.
Modern consumers have evolved in the way they consume brand marketing; they are much more aware, knowledgeable, and know what they want. This is due to their active presence on social media platforms and the high assimilation of information served to them online. Therefore, relying on orthodox solutions to modern problems is unlikely to yield desired results.
Marketers venture beyond conventional marketing objectives to achieve high resonance, reception and relatability with consumers. The key to achieving this lies in harnessing the power of content marketing.
Pillars of content marketing for Fintech
Trust is integral in financial services, especially in FinTech wherein technology is rapidly replacing the human touch. Gen Z and millennials are the dominant consumer base that dictates market trends. Gaining their trust isn’t simple and traditional marketing has demonstrated limited sway with these digital-first consumers.
Surveys reveal 74% of consumers feel bombarded by ads, with 63% confessing to using ad blockers online. In fact, 99% of Gen Z consumers would click “Skip Ad” if that was an option. What is more useful to know is that young consumers actively research products before making a buying decision, with 85% having conducted research on a brand that they have bought from. And one of the most researched topics is “how to use a product.”
Remember that millennials and Gen Z have seen the aftermath of the 2008 financial crisis and the more recent pandemic-led economic uncertainties. They are highly motivated to avoid making the same financial mistakes of the previous generations and are open to learning from fintech providers.
To build trust for your fintech brand, content marketing efforts should be based on 3 pillars: Educate, Empower and Equip.
Educate
With people increasingly looking for answers associated with personal finance and smart investing, offering high-value, informational yet compelling content becomes a great way to engage them. However, remember to keep the content exciting and engaging without compromising on the quality of education provided. Reach out across multiple channels using snackable content in various formats.
For instance, the same how-to/DIY blog post can be turned into a video, listicle or infographic so that you get to connect with your target audience across LinkedIn, Instagram, YouTube, and more. It will finally be the quality of your educational content, rather than its quantity, that builds trust and keeps your audience coming back for more.
The most effective content highlights the current pain points of the customers and pre-empts the ones they aren’t aware of. Address these through content by detailing how your FinTech offering solves these pain points.
Empower and Equip
The need of the hour is to offer timely information that will empower customers to make informed decisions. For instance, you could publish relevant, timely content that educates customers concerning key provisions in the annual Budget. The content could seek to explain critical concepts and how these could impact the lives of the customers. But remember to keep the language simple, translating complex concepts into easy-to-understand terms for people of all levels of financial literacy.
Apart from empowering customers with the right information at the right time, you can also equip them with tools to take the right decisions. These could range from plug-ins and mobile apps to embedded features on the company website. For instance, an EMI calculator could help the customer estimate how much they would need to pay each month as EMI, based on the information you have already provided empowered them. This holistically prepares customers to take control of their finances and build a trustworthy relationship with the brand.
Use content to establish your brand ethos
Fintech rarely has the luxury of a long-lived brand name to fall back upon, unlike traditional financial institutions. At the same time, it is an intensely competitive arena, where new disruptors are trying to make their mark every day. This is where producing high-quality content pieces regularly can establish you as a credible and trustworthy thought leader.
Whether you are providing industry news or educating customers about planning personal finances for a secure future, make sure your information is accurate, contextual and timely. Use your content to build your brand voice as someone who understands the consumer and is, in fact, one of them, rather than someone looking in from the outside and trying to provide solutions.
Ultimately, your brand image is the sum of impressions that customers have about you based on the interactions they’ve shared with your company and products. This highlights the importance of creating consistent messaging across channels to present a unified brand, one that customers can trust to have reliable interactions with.
Bottom line
Financial companies should use content to drive financial literacy, enable, and equip customers with the right tools to live a financially sustainable and healthy lifestyle. Building a long-term content marketing strategy could do wonders in building relevance with customers, achieving brand advocacy and maximizing customer lifetime value.
The author is the head of marketing, axio (formerly Capital Float)
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