Let’s be honest. When it comes to marketing, Financial Services has a problem. 60% of millennials are actively considering insurance, investments, and mortgages, yet most banks are still talking to Baby Boomers
While it’s not surprising that marketers have been following the money – older generations have the most spending power – big changes are coming. If Financial Services don’t keep up, they’re going to be left behind.
In fact, banks who’ve been dragging their feet when it comes to digital transformation are seeing customer retention rates drop as low as 20%.
The problem is Financial Services marketing is stuck in the past. Big brands are so busy playing it safe and relying on tired tactics that they don’t even realise they’re failing to connect with real people in meaningful ways.
Meanwhile, digital-first disruptors are rewriting the rules and reaping the rewards – because they feel free to experiment and move the needle. Most are already pushing towards creating a more customer-centric experience, and it’s paying off.
If you’re wondering why your Financial Services marketing strategy is broken, we’re here to help you fix it. It’s time to ditch the same-old marketing tactics and upgrade to something that actually works – in five easy steps.
Financial Services brands love talking about themselves.
But here’s the thing – they’re talking to themselves. Most customers don’t understand or even care about the details of your features, they want to know how your products are going to affect their lives.
After all, your customers aren’t banking experts. In fact, 39% of adults don’t feel confident managing their money in the first place. So, stop speaking to them like they are.
Keep your marketing campaigns simple and effective by:
And don’t be afraid to put that information out there to attract new customers. 80% of people appreciate learning more about a company through custom content – so it’s worthwhile creating this, just make sure it
resonates with your audience.
Now you know how to speak to your customers, it’s time to talk to them directly. If your marketing isn’t personal, you’re already falling behind. Too many Financial Services brands treat customers like a faceless crowd with a one-size-fits-all approach. But personalisation is no longer a choice – it’s a must.
72% of customers consider personalisation crucial when it comes to banking relationships, while only 8% said it wasn’t important to them. Millennials value personalisation the most, closely followed by Gen Z, underpinning the need to appeal to this younger market.
But what exactly are they looking for?
So, where do you begin? For a start, you need to segment your audience and cater your messaging to each. Separate students from young professionals, families from retirees, and work on campaigns that will resonate with them.
Sounds great, but what does personalised marketing actually look like?
Instead of generic content like: “Earn rewards on your spending.”
Push the personal angle: “Love to travel? Get exclusive hotel discounts every time you use your card.”
To capture their attention, your marketing has to be relevant to them.
TLC can help you find the perfect hook for each segment with over 100,000 global partners to choose from. Our network of incentives and experiences allows you to offer personalisation at scale, at a fraction of the price. So, you can keep customers coming back for more.
A short-term reward might tempt a customer your way, but if that’s all you offer, they’ll soon look elsewhere. What are you really offering potential customers? And how can you make sure your rewards stand out in a sea of competition?
Financial Services are burning money on cash incentives with little retention to show for it. Why? Because one time offers don’t help you build loyalty.
Instead, focus on offering incentives that add long-term value, like:
Did you know that less than 15% of banks actually reward their customers for sticking with them? And over 60% of these rely on functional benefits like points. It’s time for a change.
Get ahead of the curve and make your rewards irresistible through TLC’s pioneering network. We can help you deliver truly unique benefits that represent your brand, while being valued by your customers.
When it comes to interacting with your customers online, good is nowhere near good enough – you need to offer a digital experience that shines. Why? Because nearly 97% of millennials are using mobile banking, so it’s more important than ever.
People expect a flawless digital experience, and they’re not willing to stick around when they don’t get it.
So, give them what they want.
To succeed, you need more than just a digital presence. You need an experience that leaves customers feeling like they did exactly what they set out to do – effortlessly.
You’re no longer just up against financial competitors. In the digital space, it’s all fair game. If your app or onboarding experience isn’t as slick as Netflix or Uber, you’re already forgotten.
More than three quarters of UK consumers say a good banking app is one of the most important factors they consider when choosing a primary bank. Are those the kind of numbers you want to miss out on?
Gone are the days when Financial Services were limited to banner ads and emails as the most effective ways to reach customers online. So, why are so many marketers stuck in the past?
Shake things up with smart, multi-channel engagement and you’ll quickly see the benefits.
Wondering what that looks like? The most important thing to remember is that successful marketers are everywhere they’re customers are, using things like:
Pull all these strands together and you’ve got a powerful campaign that feels like an experience, not just another ad.
Just because your marketing strategy is broken doesn’t mean it can’t be fixed. Turn things around with digital-first thinking and smarter targeting of Gen Z and millennials – ensuring you talk to them in their language and make personalisation a priority.
You also need to think beyond short-term cash incentives to keep customers around with unique, experience-led rewards. Not sure where to begin? TLC can help you transform your loyalty and retention strategies with memorable experiences tailored to each customer. We use data-led insights to help the world’s biggest brands acquire, retain and reward their consumers – we’d love to help you, too.
Ready to see how your strategy stacks up? Take our 5-minute quiz to benchmark your performance and access exclusive insights on how you can improve with TLC Worldwide.
Interested in a demo? Contact us to book your discovery workshop today.