Are your customers unhappy? Not unhappy with your company, but in broader terms. At the very least they’re stressed out and anxious about making a mistake. Chances are they’ve got people who are counting on them to make a smart financial decision. John might need a car to get his kids to school on time. Mary might be buying a house. Financial institutions should use emotional marketing to provide benefits to customers that go beyond low rates.
Research from CEB has shown that ‘emotional marketing messages are twice as effective as promotional ones.’
There are few things more stressful than deciding on a mortgage. It’s a huge financial commitment. Customers have enough to worry about and their bank can provide some relief with simple answers to all their questions. That’s the crux of emotional marketing. What emotional benefits can you provide to your customers?
Here’s an example of how it works in action.
Mary needs a mortgage and has no clue where to start. Fixed-rate? Adjustable-rate? She just wants a good deal that will work with her budget.
Right here is where emotional marketing comes into play. In Mary’s case, her bank would want to communicate that they can help her save money and avoid making a mistake.
Her perception shouldn’t be that her bank is saying, “Hey! Buy this product!”, but instead “Hey, we want things to be simple, we don’t want you to be worried, we want to help you find what’s right for you.”
Customers will buy from the place that creates emotional appeal.