Saturday, January 31, 2015

10 Big Trends Reshaping Financial Marketing Today


I ran across the following article in the Financial Brand:

http://thefinancialbrand.com/47646/marketing-trends-in-banking/

The piece that resonated the most with me was the personalization that is now being conducted. The article claims that in 2014, marketing efforts were 10-30% more effective. They claim that this new effectiveness is largely driven by banks experimenting "with mining internal (structured) and external (unstructured) data to create targeted approaches … and it worked." I think this illustrates the power of digital marketing and where the industry more broadly is moving as more and more data can be utilized across all channels.

The article also talks quite a bit about storytelling, which they believe is becoming more popular again. The ad that comes to my mind is the Swiffer commercial that tells the story of an older couple that is cleaning the old-fashioned way and the Swiffer makes that process much easier:
https://www.youtube.com/watch?v=Xw9Bp2AszNw

I think that combining these two elements where be where larger banks, in particular, will need to head. They need to provide prospects with relevant content and stories, that are personalized to them, whereas I feel they have traditionally used a one-size-fits-all model.

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