Financial firms are among the last to embrace new marketing techniques and opportunities. Conservative corporate cultures, legal and compliance requirements, slow decision-making processes and inflexible budgets are some of the reasons for this.
For marketers who think ahead of the curve, it's a challenge to “sell-in” innovative ideas, such as using social media, content and digital marketing to promote products and services to intermediaries and end-consumers.
Interestingly, these should be among the easiest marketing techniques for the c-suite to fall in love with and fund throughout a long-term relationship. Content marketing is a particularly attractive option. Here are four reasons why:
- It's cost effective. Compared to highly-produced advertisements and commercials, many types of content are relatively inexpensive to develop. The list includes articles, tip sheets, infographics, memes, webinars, slide shows, case studies, simple videos and animations. If this type of content goes viral, it can be among the most cost-effective forms of marketing, a “bet” that can pay off many times over. It’s particularly appealing for financial and professional services firms that have limited marketing budgets.
- It's measurable. It's easy to gauge the effectiveness of all aspects of a content marketing campaign, from the number of visitors and viewers to the amount of time they spend interacting with the content, to the actions they take as a result from those interactions. This extraordinary level of measurability is appealing to those in the c-suite who demand a demonstrable return on their marketing investment.
- It’s fixable. If data reveals a flaw in a piece of content, it's easy to use insights to transform a “loser” into a winning marketing effort. There’s less waste than with bigger-commitment, higher-budget, less-flexible types of marketing, where it's harder to salvage a failed campaign. Think of content as a stew that can be improved by adding salt and the right spices. Other types of marketing are soufflés that can be fantastic if they rise and succeed, but useless if they fall and fail.
- It's scalable. Content lets you test messages and deliverables on a small scale before expanding to a bigger one. You can get a read on effectiveness with a limited release in social media before committing to a higher spend. It's easier to convince members of the c-suite to allocate budget dollars for a content pilot. Once you have results from a pilot, you're more likely to convince leadership to take the next step and fund a full-on campaign. It's like dating before proposing marriage.
Looking for more ideas on how to get the leadership at your financial firm to fall in love with content marketing? Check out Carpenter Group’s perspective on this important marketing discipline. While you're at it, contact us to discuss opportunities for your firm.