The Great Recession was six years ago, but consumer confidence is still shaken – understandably so, they call it “great” for a reason. Content and digital media move fast – technology seems like it changes almost every other day – but a bad impression or negative brand image can last for years and years. Financial institutions across the country are still recovering in this respect. Whether Community or Nationwide Bank, now is the time to establish your brand as a trusted resource.
Great Recession Aftershocks Still Give Us the Shakes
Bank of America is settling for $17 billion in a federal lawsuit based on their activities prior to the Great Recession. To say nothing of a slow legal system, even after years have passed people remember our latest recession quite well. The market has recovered, though it’s safe to say that our mass-psychology, with-respect-to apprehension towards banking, hasn’t.
Case in point: Credit unions nationwide have continued to make strides increasing share of wallet based on marketing their differences from banks.
Bank of America has reached a record settlement of nearly $17 billion to resolve an investigation into its role in the sale of mortgage-backed securities before the 2008 financial crisis, officials directly familiar with the matter said Wednesday.
One of the officials, who spoke with The Associated Press on condition of anonymity because the announcement isn’t scheduled until Thursday at the earliest, said the bank will pay $9.65 billion in cash and provide consumer relief valued at $7 billion.
The deal is the largest settlement arising from the economic meltdown in which millions of Americans lost their homes to foreclosure. (via Associated Press)
Five Content Marketing Pitfalls
If there’s one big thing we stress to our clients about their content it’s: Don’t let it sit there! Content needs attention like a plant needs water. Twitter, Facebook, blogs and emails: Get your content in front of people!
These five pitfalls might be common, but they’re easy to remedy. Here are two that caught our eye.
- No Calls to Action in Content Offers
- One and Done Blog Promotion
- (See the rest here!)
When users find your content you should make it easy for them to connect with an actual person. This is a simple design principle that creates a great user experience. Users shouldn’t have to sift through a ton of menus to connect with someone who can help. Calls to action should be apparent, but not invasive or pestering.
If your bank is blogging, always keep the “long tail” in the back of your mind. A long tail is a statistical principle that says you’ll a lot of views when you first post, but over time a trickle of views will really add up. For a blogger this means that a blog post has a long life span. Assess the channels that you promote your blogs on. If you’re only promoting a blog on the day it’s published you could be doing a lot more to get it in front of people.
3 Things To Know About Millennials’ Banking Behavior
Millennials have next to no financial education. They look to their financial institution to provide education. They also check their balance a lot. How does this all correlate? If you can provide answers – reaching Millennials where they are (i.e. online) – you’ll be able to increase your share of wallet.
As the financial choices of Millennials begin to have a stronger effect in the market, banks need the ability to engage these customers.
An essential part of your digital marketing strategy NEEDS to provide materials that “don’t try to sell”. Not only because Millennials are looking to their financial institution to help them out with financial education, but your other customers are too.
The term “Millennial” is sometimes used in a way that misses the point. It can be understood less as a demographic and more as a conceit about expectations of connectivity. Your youngest customers are hyper-connected and technology-dependent. If they can’t find the answers they need through you, they’ll go somewhere else. Older demographics are adopting these traits as well. You don’t need the proverbial “rapping grandma” to reach Millennials. You can employ a strategy that reaches everyone.
About the Truebridge Content Marketing System