The financial industry hasn’t always given content marketing the importance it deserves. There are a few reasons for this and among the most important is that the in-person, branch experience is still the main medium for customer acquisition. This is why financial institutions, like banks, have actively prioritised the ‘value’ aspect of the interaction.
As a result, a common question asked is, why is content marketing important for the banking industry? The answer is simple: Content builds trust. Moreover, content takes your brand right to your customer’s doorstep – or smartphone – thus improving your marketing reach. In today’s scenario where the pandemic has eliminated in-person interactions, content marketing has emerged as the primary medium of engaging customers across geographic barriers.
Another advantage of content marketing is that it isn’t restricted to any one medium of communication, even though it may predominantly be text-based. So, BFSI institutions can reap the benefits of video marketing, for instance, or opt for an arsenal of digital marketing services, like SEO, SEM, whitepapers, thought leadership articles, infographics, coffee table books and more, without sidelining their primary objective.
Now that you see why content marketing is important for BFSI firms, how companies can make use of it can impact customer acquisition. To that end, here are 3 ways through which BFSI companies can use content to build customer relations.
Leverage industry experts to build credibility
Building trust is key when it comes to financial matters and no one projects credibility like an expert does. This is where the benefits of content curation stand out as finance companies can have financial experts produce content based on their offerings and services. Readers see these experts for what they are: unbiased, truthful, and authentic.
By producing content with their by-line or hosting experts on a podcast or another form of media, companies can go a long way in establishing credibility. Further, the financial institution itself can publish research or op-ed pieces to showcase its expertise. While regulations may restrict companies from advising customers via direct comparisons, there are creative workarounds that can deliver the message just as effectively.
Prioritise educating the masses rather than advertising to them
Educating audiences is key simply because of the fact that financial offerings are complicated. For instance, content marketing for insurance companies isn’t based solely on advertorial content as large segments of the audience are currently uninformed. Without a clear explanation of the advantages and various perks available, there is very little to motivate someone to pay a premium.
Educational content is known to garner loyalty as information empowers customers. New-age customers prefer to do their own research before buying into anything and advertisements offer little value in this regard. All of this ties into the concept of inbound marketing, which can greatly aid a BFSI company’s campaign goals.
Adopt a ‘social-first’ marketing strategy
Social media is a huge player in the digital marketing space and is particularly popular with the millennial demographic. For a finance company, this is an opportunity to get creative with content and explore a new medium for marketing. This is because the benefits of user generated content work in line with building trust and giving newer customers assurance. Further, social media sites are also good for generating organic traffic and outdo other content distribution channels. This means, finance companies that focus on social media trends may actually enjoy greater ROI for their marketing rupee.
Content marketing for banks and NBFCs is no longer something that can be overlooked, especially since customers rely on information to make decisions. While the core benefit of content marketing, especially within this sector, is the ability to build trust, the upsides also extend the arm of accountability to customers. This provides reassurance, which is important in today’s world where finance institutions are known to make news only when there’s trouble.
While trying to build customer relations with a marketing strategy, it’s key to recall that the financial industry is heavily regulated and that goes for its content too. Content has to be crafted with precision to get the message across clearly, all while staying within the lines. At Edisol, we understand these nuances, as well as the content marketing needs for the finance industry, and can deliver relatable, valuable, data-driven content efficiently. To partner with us and usher in a new and improved era of content marketing for your financial institution, contact us.