The basics of marketing haven’t changed, the place has, argues William Secrest on The Financial Brand. Or better yet, the places. As digital marketing eats up more of our marketing budgets, financial marketers are having to account for more and more channels, resulting in new multichannel marketing strategies.
If we flashback a few decades, ‘multichannel’ might have meant print, TV, radio, mail. It almost seems quaint, with each of these channels having its own specific quirk: Text, visual, audio.
Today we not only retain these channels, but we’ve got YouTube, Twitter, Facebook, blogs, Pinterest, email, apps, search engines and so on. Each of these media channels are kind of their own beast. For example, you wouldn’t post an entire blog on Facebook.
Secrest points out that today’s multichannel marketing is about “important information”. “[T]he interactive digital presence of a bank is critical to a consumer who is actively buying.” An Ernst and Young study shows that people look to bank website as a source for information and answers.
38% of respondents rated a bank’s website as the most important resource, 9 percent points more than family and friend resources.
Multichannel marketing should leverage the strength of each channel to drive sales and deepen relationships. The most important ingredient in this recipe for sales is content. Content works across channels drives users to places that are bank-controlled.
It’s Sales Funnel 101. Your multichannel marketing should be driving customers to you, not away from you.
If your website – a bank-controlled space – has content (articles, tips, info that can help customers save money and avoid mistakes) you’ve put yourself in place to reach out across channels to help customers with more of their needs. Content is a channel agnostic solution for multichannel marketing.
Audiences go where they find compelling content – “important information”. Or, in TV terms, they don’t tune in for commercials. To drive sales across channels, financial institutions need more than direct ads. They must become resources for meaningful answers.
TED Talk Inspiration for 2015
This video comes from a list of the Top 7 Content Marketing TED Talks. Author, entrepreneur and marketer Seth Godin takes us through how content marketing is reshaping the world.
In days of yore, he says, if you had a factory you could churn out a product and change the world. A few decades ago, if you had a big enough mouthpiece on TV you could change the world. But today “the way you make change is not by using money or power to lever a system, but by leading.”