A while back, an article was published by Entrepreneur magazine titled “4 Key Content Marketing Lessons to Learn from Netflix.” The article was both informative and a great read, expanding on concepts that the author has observed Netflix using in their strategy to dominate the video streaming content space. This was done even though the author was not able to draw on specific examples of Netflix marketing, due to the fact that Netflix keeps its marketing practices very hush-hush.
The article presented two key practices that can be translated very easily for financial institutions as we race to dominate our own marketplaces and increase customer engagement with our products. As can be observed from how Netflix uses these strategies, we know they can be clear differentiators and winners when applied to best business practices.
Invest in Content
Living in the video entertainment space, Netflix’s whole business model is based on providing content. The key piece that has differentiated Netflix from any competing streaming services is that they began to investing in their own content at an early stage. They knew that providing popular, award-winning shows that a consumer could only get on their platform would be a key element in getting people to keep coming back to Netflix time and time again. Since then, many streaming services have followed suit, gaining more subscribers in order to have access to their content.
Your bank’s position on content should be no different. In order to keep customers coming back looking for more resources to help them with their financial life, the bank needs to invest in helpful and relevant content. Providing this content on a sales-enabled delivery platform and through various delivery channels will increasingly differentiate the bank from your competition and capture the market’s attention.
Often in the financial space, content is viewed as an expense that must be dealt with. Instead of thinking about content like this, really truly think of it as an investment that defines a more engaged and interactive relationship with your customer.
Treat Data as a Differentiator
Certainly, data is a key element in being able to understand what our customers’ needs are with regard to the financial products the bank offers. Similarly, Netflix uses data in order to better understand the viewing habits of its customers. By analyzing what shows people are searching for, what they are browsing while on the Netflix site, and what shows they ultimately watch, they better understand the content that is the most popular and where to take their shows in the future.
The opportunity of a content platform is that it allows your bank to delve further into the mind of your customer and understand what financial products they are in most interested in. Product page views on your website is a great first step in understanding customer habits, but financial content takes it to the next level of understanding. Analysis of what your customers are searching for, what articles they click on, how much time they spend reading them and when they ultimately ask for assistance from a qualified expert at the bank leads you to better understand who your qualified leads are and who is merely browsing.
Providing content to your customers as a financial resource to help them attain their financial goals is merely a starting point to what content can unlock. A large part of where it can go depends on the cross-sell ability of the platform you use to house your content and the channels you are able to distribute content through.
Truebridge is a market leader in providing financial education content for banks and credit unions for their consumer and business customers. With the launch of Educate First® and CyberSmart content platforms, Truebridge can help your financial institution grow through content. To learn more about the Educate First® and CyberSmart education systems, contact us to learn more!