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Content Financial Services

Is your Content Marketing Delivering the Right Results for your Bank?

By: Tallwave

Considering approximately 70 percent of businesses are currently implementing some form of content marketing, it’s clear most brands believe in the powerful benefits it can provide their organizations. But believing in the value, and actually implementing a program properly (and therefore seeing the results) don’t always go hand-in-hand.

In fact, according to a 2018 J.D. Power study, 78% of those in the U.S. are interested in receiving financial advice or guidance from their bank, but only 28% say they’ve received it. And of those who want to receive advice, 58% say they want it delivered through their bank’s website or mobile app, but only 12% have ever received it in this format.

Clearly there is a gaping opportunity for banks to expand engagement and provide deeper value to customers and prospective customers by providing advice and information along their financial journeys. And content marketing is one way to deliver it. With that in mind, is it time to take a look under the hood of your organization’s content marketing program? Is it delivering the results you’d hoped for? And more importantly, is it delivering what your customers want and need?

Here are some useful tips to help you figure out whether you’re taking the right approach.

Conduct an informal audit
Think about your current content marketing program. Is it being approached through a strategic lens and providing value to your organization and your customers? To drill down a little further, answer the following:
1.) Does the content we’re currently creating attract the types of customers we’re trying to reach? (i.e. does it only cater to existing customers or does it support initiatives to expand to new audiences such as Millennials?)
2.) Is our current content primarily product or sales focused? Or does it speak to the interests and pain points of our various buyer personas? (Calls to action are an important part of every piece of content, but it should provide value first and foremost.)
3.) Do we distribute the right content across multiple channels where our customers and prospective customers spend their time?
4.) Are we leveraging marketing automation and personalization technology to create a more tailored experience?
5.) Do we have defined goals, metrics and benchmarks in place to track the success of each piece of content?

If you answered "no" to any of these questions, it might be time to update your content marketing strategy. This could mean implementing new digital tools to help deliver, personalize and track the efficacy the content, or it might require revisiting your personas to identify where their pain points are and how you can address them through your content marketing. Or, if your content marketing program simply isn’t help achieve the organization’s overall goals, it might be time to reassess the calls to action or how the content is being used.

Is your content reaching the right audience where they are?
Next, think about the channels your team is using to distribute content. Printed materials, in-branch marketing collateral and mailers may have been working well for your organization, but if you’re looking to reach next-generation audiences, it might be time to reconsider how you’re delivering content.

As noted earlier, 58% of customers say they want to receive advice through their bank’s website and mobile app. You can bet that number will only continue to grow. What’s more, Millennials, the second largest generation in the U.S., spend more time on their mobile devices than they do with radio, television, and TV-connected devices (according to Nielsen). And, the same J.D. Power study found Millennial customers are among the most receptive to receiving advice from their banks.

The takeaway is next-generation audiences are looking for local businesses and services via their smartphones, and smart content marketing should meet them where they already are. Depending on your target audience, this might be a mix of email marketing, blog posts, in-app messages, reminders and alerts, or printed materials. The key is to know who your customers are, what type of advice they want and need, and how they want it delivered to them. When done right, an integrated approach will enable you to cater to your audience where they are and appeal to them through a more personalized and memorable approach.

If you haven’t been impressed by how your content marketing efforts are panning out, or need help starting a content marketing program, download our free ebook, "The Bank & Credit Union's Guide to Content Marketing: 6 Strategies to Accelerate Lead Generation." You’ll learn how to shape a content marketing strategy and properly execute on it so you can start seeing the results you’re really after.

Written by Tallwave

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