Last week I was in a meeting with an Insurance company’s CMO. They are a traditional company and have close to 20 offices across the nation. The conversation started with Ditto insurance. The amount of awareness created by them is undeniable.
In this article, I’m going to share what I feel about marketing for financial institutions. No, not the large ticket sized organisations serving B2B. The ones that are directly facing their customers. Like Retail banks, Internet banks, Savings & loan associations, Brokerage firms, Insurance companies, Mutual fund companies and likewise.
How to create awareness for your brand/product aka Marketing? Before that, premises.
- Two out of three persons in our country lack financial knowledge
- The internet penetration is about 60% and the percentage will increase as time progresses
- The Internet has made people find brands of their will and their choice to make the transaction
The internet is the first mass medium that wasn’t invented to make marketers happy. Television was invented to hold TV ads, and the radio was invented to give radio ads a place to live.
But the internet isn’t built around interruption and mass. It’s the largest medium, but it’s also the smallest one. There is no mass, and you can’t steal attention for a penny the way your grandparents’ companies did.
Crisply summed up in the book “This Is Marketing” by Seth Godin
This is how I see the whole,
Your customer and your content are the 2 things that matter most in today’s marketing space and for the decade coming ahead.
Be it anything you sell in the financial market. In insurance, banking, mutual fund etc., The idea of educating your audience for your marketing is untapped. The platforms that help you find the audience and the opportunity to sell to them are immense. If you put 1, 2 and 3 together this will be pretty obvious.
Who is ahead?
In the Insurance space, I see Ditto insurance is ahead. The content they publish on platforms is quite good.
A screenshot from their Linkedin page,
The important thing to note here is in the tiniest font size. Followers count. They are going to buy from you or recommend Ditto in their network.
Now think about the customer. Will they buy from you after seeing your ad or will they buy from Ditto? When you publish customer-focused content, the trust you earn through the piece of content is nowhere possible through any amount of ads.
A screenshot of ICICI bank home page blogs part,
A screenshot of their youtube channel
Their video content needs a little different approach as the duration of the videos is very short and many commercials are there on their YouTube channel.
ICICI also take good efforts in distributing its content in interesting ways. Distributing the created content is a different league. Regardless of the content quality if there is no solid distribution method, content may not reach its full potential.
ET Money’s YouTube channel
ET money’s approach to using YouTube channels,
Groww is in a different league, they are publishing videos in vernacular languages with dedicated regional channels. Given the opportunity, that’s how you go to the market – with full throttle.
Above brands have adopted a video-first approach in their marketing and that is a solid way as I see it.
Help your audience with a piece of information much before they need your service/product. But when they need the product/service you sell “your brand” should come to their mind first. And, that is done well by your content.
To adapt a video-first marketing approach, contact us.