In an age with so many channels and so many choices, brand loyalty seems to be an almost quaint concept. Today’s consumer discards brands right and left with no notion that loyalty was even an issue.
However, financial institutions, by their very nature, have a better shot at hanging on to their customers. Once an investment broker, bank or credit union lands a relationship it has a very good chance of holding on to it—if for no other reason than inertia. However, strong financial marketing and messaging plays a major role in fortifying customer loyalty. All your financial brand needs to do is show understanding for your customer––their need states, life stages and personal preferences.
Making financial technology seem human
Every facet of financial marketing is an opportunity to capitalize on customer loyalty–even technology. Today, the focus in financial marketing is more and more about new apps and cool technology. The early adopter is all over this stuff. However, many of us are slow to change. Financial apps are not exactly a new iPhone. The financial brand that understands this will work harder at finding clever ways to carefully coax us into embracing its new technological product.
This humorous commercial for PNC Bank’s Virtual Wallet makes technology more approachable by making sure that it is seen to be in service of a real human need–the desire to have more control over our pocketbooks.
Creating relevant programs
Not all financial institutions are solely focused on attracting and hanging on to the neighborhood customer. Many banks and credit unions have a greater business-to-business emphasis. One bank, Chase, is doing a great job leveraging their Facebook page to build loyalty with the small business customer. Chase leads the industry in social media with nearly 3 million likes on their Facebook page. It is currently posting this series of infographics about the value of mentors to small business owners to promote its Mission Main St. Grants. This sort of need-driven program tied to social media marketing is very effective in building and sustaining financial brand loyalty.
Fee vs. commission transactions
If your financial institution is focused on the investment side of the financial business, consider the advantages of shifting from a commission-based model to a fee-based one. Many financial customers are highly suspicious of the motives of their financial advisors, stock brokers, etc. Are they advising me to make changes in my portfolio because it is to my advantage or because it is to theirs? A fee-only arrangement makes everything transparent. Our client SFMG Wealth Advisors promotes their fee-only philosophy on their new responsive design website. This level of transparency builds trust. Trust builds loyalty.
Financial brand loyalty is not an outmoded paradigm. It just requires more effort than it used to. If you are looking for a marketing partner that can turn prospects into customers and brand transactions into brand loyalty contact us today toll-free at 866.642.7559. We might even put you in touch with some of our loyal customers.