The financial services sector has been criticised in the past for its slow uptake of content marketing. But according to separate studies from Editions Financial and LinkedIn, that’s all set to change. The findings show that firms are realising they can’t rely on traditional marketing measures alone. An increasing number of consumers are going online for information, and so those early adopters in content marketing are beginning to reap the rewards.
Building trust and a client-focused organisation is more important than ever as the sector continues to repair the damage to public relations caused by the 2008 financial meltdown. To add to the mix, regulators are steadily introducing new legislation to bring about greater transparency to benefit the consumer (see Retail Distribution Review; Mortgage Market Review).
In our experience of content marketing in the financial services, there is still so much untapped potential. Effective content addresses the pain points and interests of your clients - and potential clients - making it a perfect fit for those ambitious financial service providers looking to expand their client base.
I mentioned new research at the beginning of this post. Here are five stats that back the case for content marketing in the financial services.
Takeaway: As a medium for communicating typically dry subject matter, nothing is as effective as video at getting across those concepts that your clients need to know. Here’s an example of a video we’ve produced for Independence Advisors in Pennsylvania, explaining risk and reward.
Takeaway: Most financial services firms use different sources for their content marketing, but the majority do some form of content marketing in-house (only 31% outsourced to an agency). In our experience, this is usually because clients don’t trust that agencies have sufficient knowledge of their sector, or that their existing agencies are well-versed in older forms of advertising but don't have the expertise in digital marketing. Agencies with specialisms are emerging so there’s a strong case to outsource your content marketing that benefits both you and your business.
Takeaway: More than half of marketers in the survey see it as a great approach for financial services, but clearly there are many firms that still need to be persuaded. There is some debate over whether we’re reaching a content saturation point. With the amount of content being uploaded every minute, this is probably true. But, if you identify your niche, have a strategy and your content is sound, both technically and editorially, you will still have a loyal and responsive audience waiting to be reached.
Takeaway: Up until now, the extent of most financial content marketing has been a blog and the occasional tweet. But as more and more companies realise the potential of sharing regular, quality content, their efforts are becoming more sophisticated and subsequently, more competitive. The gap on those firms that have had a head-start is closing fast.
Takeaway: The audience is there, and it appears that they’re willing to engage. If you can identify your niche, and provide genuinely helpful content that benefits them, then the audience is there ready to listen.
So if you’re a financial firm looking to improve your service, build trust with potential clients, and provide timely updates on an industry that never stays still, content marketing may be the approach you’re looking for. And if you’ve already started, there’s no better time than the present to start ramping up those efforts to maintain that competitive advantage.