Excellent creative is more important than ever. Even media executives on Madison Avenue are saying so. In the financial services industry, creative messages tend to focus on the lifestage of the consumer. One popular theme is showing how banking evolves with you over your lifetime. But there’s a mounting body of evidence that suggests it’s time to start refocusing our attention on creative that goes beyond lifestage segmentation.
Here is how to get started:
Resonate recently released an analysis of banking trends, and one of the main things we found was that consumer values and motivators trump their lifestage. For example, our data shows that a consumer’s proclivity to embrace technology makes a bigger impact on their likelihood to utilize online banking services than their age or lifestage. If you’re seeking to grow usage of your app, targeting those messages to tech-friendly audiences will get you further than segmenting an age group alone.
It is essential to go beyond the obvious and find out what motivates a key consumer group if you expect to grow business with them. To illustrate, people who are “digital-friendly” are also more likely to be green consumers. Therefore, marketing messaging that emphasizes environmentally-friendly efforts will motivate this group. These “digital-friendly” consumers also crave a sense of accomplishment. Offering programs and services that help them see the fruits of their labor will also go far and make an impact.
Mobile services are more important than ever, and mobile bankers are an extremely important segment. Customers who are satisfied with mobile banking apps are less likely to switch banks and more likely to take on complex tasks online, such as getting a loan or opening an account. But it is NOT true that these mobile-first banking consumers are mostly younger Millennials. Fact is that more than half of them are over 40.
Find out more about Financial Services marketing by filling out the form below and downloading the full report, “Banking on the ‘Why’ in Financial Services.” Or, contact us for more information.