As 2016 winds down, many of us in the financial industry are busy diligently planning our “next steps” for 2017. Part of the strategic planning process for any bank or credit union is find the answer to this difficult question: Of all of the things you CAN do next year, what SHOULD you do?
A large part of deciding the most fruitful strategic initiatives for your institution now, and in the next one to three years to come, lies in identifying key trends and adapting strategies to respond to them. Here are some of what Truebridge believes to be the most relevant marketing trends for the next year for financials.
- Go Mobile. Seven out of 10 U.S. consumers prefer to access websites via their mobile device. 93% of your customers are checking their account balances via a mobile device. The expanse of mobile will only continue to rise in the coming years as more and more consumers flock to mobile devices to complete daily tasks. The growing trend has been to ensure your website is responsive, creating a consistent experience no matter what device your site is being viewed on.
- Create Engaging Content. Consumers have become accustomed to seeing and interacting with engaging content across all types of traditional and digital platforms. Simply creating content is no longer a means to draw in an audience and keep their attention, you need to outsource your marketing. More is needed – whether that be diversification across content channels (such as video, infographics, audio, etc.) – or by offering up content in unique places where your customers will find value. For example, offering quick tips on transaction data within the account if they are viewing their account from a mobile device is one easy way to add value to a customer experience.
- Identify Your Influencers. Influencer marketing is one of the hottest trends in the marketing industry right now. Many brands are utilizing this trend, which uses Internet personalities and local celebreties to propel a message, on platforms such as YouTube, Snapchat and Instagram to harness the power of their influencers to propel their brand forward. The key to capitalizing on a trend such as this is not only finding influencers that will help your brand, but also pairing the influencer with the message you want to send, creating valuable and useful content for your customers.
- Create a Newsletter. Although this doesn’t seem to be as much of a trend, there has been a shift in availability of good, relevant newsletters in the financial arena for customers. Newsletters have, by and large, either gone away or shifted more toward promotional content. Instead of using a newsletter to sell directly, include relevant, fresh, educational content. This will go a long way in securing your customers’ trust and readiness to do more business with your bank or credit union.
What will your financial institution focus on in 2017? Will your strategic initiatives and objectives focus on key trends in the next year? Leave a comment and let us know!