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Mastering Marketing in Financial Services
Financial Marketing in 2020 Report
MASTERING MARKETING IN FINANCIAL SERVICES 2
Content3 Introduction
5 2020 Budgets
6 Marketer Snapshot: Tammy Cash, Horizons ETFs For Horizons ETFs, all marketing is content
7 Customer Expectations
8 Marketer Snapshot: Andrew Goldman, TIAA Marketing in a “do-it-yourself” culture
9 Agency Relationship
10 2020 Obstacles
11 Marketer Snapshot: Wendy Marcone, Bank of America The importance of internal marketing to protect brand integrity
12 About Dianomi
MASTERING MARKETING IN FINANCIAL SERVICES 3
A close second to 28% who said they will prioritize branding for 2020
26% of financial marketers said their top priority for 2020 was to acquire new customers
Introduction
To support this focus, marketers plan to make relationship and staff changes in 2020. Nearly 60% of financial
marketers agreed that they would take more of the workload in-house in 2020 and 36% saying they would
consolidate more work with one-stop shops. One marketer who is building an internal content team is
Tammy Cash of Horizons ETFs. Cash explained that she is increasingly hiring from the journalism world so that
they can serve the right content to their customers quickly.
Another reason for the consolidation is budgets. While those surveyed, on average, expected to increase their
budgets by 10% in 2020, they still feel that it’s hard to accomplish everything they want to within budget.
The need to do more with the same--or incrementally more--is likely the reason why financial marketers want
to move more of the work in-house. Another reason is transparency. Most marketers we surveyed (82%) said they
had a hard time getting accurate campaign data to evaluate the success of their programs, with nearly 50% of
respondents saying that performance transparency and reporting was their biggest digital marketing challenge.
Over the past five years, financial marketing has undergone massive transformation in the digital tools they use to market to their customers and prospects. Today’s marketers are moving away from programmatic display and are refocusing their efforts on content marketing and techniques that drive leads and retain customers.
In our inaugural survey of 100 financial marketers...
MASTERING MARKETING IN FINANCIAL SERVICES 4
Marketers we spoke with said that their marketing wasn’t driven just by their business needs but also by
changes in consumer behavior. Not a single respondent felt that having a brick-and-mortar presence was a
top priority for their customers. Rather, 65% said that customer experience was what customers valued the
most, followed by trust at 60%. Andrew Goldman of TIAA sees a unique trend with consumers and that is:
a do-it-yourself culture. Consumers seeking financial information and guidance on their own, rather than
asking a company or expert for advice.
Finally, we were surprised by the large role culture plays in financial marketing. Thirty-seven percent of
financial marketers cited company culture as one of their biggest obstacles. Bank of America’s Wendy Marcone
told us that hiring people who represent the brand accurately goes along way in protecting it.
“Internal marketing has almost become more important than anything else in certain ways,” she said.
The bankers are really the stewards of the
brand. They’re out there all the time with clients.
Wendy Marcone Bank of America
MASTERING MARKETING IN FINANCIAL SERVICES 5
%
Bran
ding
26.1
Conn
ecte
dTV
Adv
erti
sing
10.9
Cont
ent
Prod
ucti
on45.7
Cont
ent
Mar
keti
ng
78.3
Emai
lM
arke
ting
33.7
Paid
Sear
ch
38.0
Podc
ast
Adve
rtis
ing
18.5
Soci
al M
edia
Mar
keti
ng
73.9
TV A
dver
tisi
ng
2.2
Vide
oAd
vert
isin
g
26.1
Despite the economic slowdown
in Europe, uncertain politics and
more regulation, marketers will increase their spending by an average of 10% in 2020,
according to our research. Almost
80% of the financial marketers
we surveyed plan to invest more
in content marketing; 74% said
they’ll spend more on social media
marketing. And 46% plan to further
invest content production.
Brand awareness will be the priority of financial marketers in 2020.
28% of the financial marketers we surveyed said
brand awareness was their main priority in 2020;
followed by 26% who cited customer acquisition;
and 14% who will focus on making sure existing
customers remain satisfied. However, brands don’t
plan to double down on media marketers have
traditionally used for branding.
TV, connected TV, and podcast advertising were
low on financial marketers’ priorities for 2020.
2020 Budgets
BrandAwareness
28.2%
CustomerAcquisition
25.9%
Increased Share of Wallet
14.1%
IncreasedLoyalty
10.6%
CustomerSatisfaction
11.8%
CustomerRetention
9.4%
MASTERING MARKETING IN FINANCIAL SERVICES 6
Marketer Snapshot: Tammy Cash, Horizons ETFs
For Horizons ETFs, all marketing is content
Amid a rapidly changing landscape where internet users have become more cynical and attention spans are shrinking, content marketing is finding itself into the limelight.
“Building out content that really
resonates, that is organic within the
platform that it is served on and
that adds real value is something
many marketers are focused on
at this point in time,” said Tammy
Cash, head of marketing at
Toronto-based Horizons ETFs,
which manages 90 exchange
traded funds and has more
than $10 billion in assets under
management.
Cash points to the key ingredients
to a successful content marketing
campaign, which include data,
technology and personality. On
data, she explains the importance
of “understanding it, mining it
and using it appropriately for the
specific audience segment”, while
personality entails “ensuring you
can provide a level of education
around an asset class or a type of
product and doing so in a way that
can resonate humor as well and to
a broader audience.”
Cash also emphasizes the need
to have the right team members
to create content marketing
campaigns at financial services
firms. “I’ve built the marketing
team with a publishing concept,
which I think is happening
more and more in the world of
marketing,” she said. “Hiring
increasingly from the worlds
of journalism has been a real
opportunity to get people on board
who are used to work in a deadline-
driven world, used to think about
marketing from an organized,
strategic, calendar perspective.”
It entails building core
requirements as it relates to
publishing and production,
including videos, podcasts and
infographics. “It’s experts in the
world of content production and
distribution in every aspect of
marketing, from social media, from
videos, you name it,” she said.
What does the future of content marketing world look like in Cash’s view?
More shorter-form videos such
as 15-second clips that lead into
longer content, and a greater
emphasis on artificial intelligence
and marketing automation. Videos
will not only be shorter, they will
also be more personalized.
Ultimately, Cash believes that
all marketing will be content
marketing. “It is all content,” she
said. “It’s about serving the right
message to the right audience at
the right time.”
MASTERING MARKETING IN FINANCIAL SERVICES 7
Customer Expectations Financial brands said that customer experience (65%) and trust (60%) are what consumers value the most in
their relationship with them. So, what do customers want from brands? Research from J.D. Power found that
consumers are interested in receiving financial advice or guidance from their bank. Yet, only 28% said they
actually receive such information. What’s more, customer satisfaction in their bank surges when consumers feel
they are receiving the advice they need. Traditional differentiators such as price, brick-and-mortar presence and
location are perceived to be the least valued.
? What do customers value most in your relationship with them
Other
Trust
Price
Location / Proximity
Length of Relationship
Innovation
Customer Experience
Brick-and-Mortar Presence0%
14.5%
4.8%
60.2%
3.6%
19.3%
65.1%
22.9%
MASTERING MARKETING IN FINANCIAL SERVICES 8
Marketer Snapshot: Andrew Goldman, TIAA Marketing in a “do-it-yourself” culture
The perfect recipe for successful content marketing in financial services is still unknown, but there are some key ingredients that are must-haves.
“There are so many ingredients
that would go into that recipe,” said
Andrew Goldman, senior director
for B2B content marketing at TIAA.
“You need to be a thought leader
as a content marketer, you need to
publish in a way that people will
come and seek out your advice.”
He pointed to three specific
ingredients at the top his list.
“Number one is a healthy respect
for the attention economy in
a do-it-yourself culture,” he
said. “Number two an absolute
commitment to positive disruption.
Not showing up the way everyone
else does, but when you do show up
and gain people’s attention, you’re
right. And the third ingredient
in that recipe I would say would
be absolute solid grounding in
relationship marketing principles,
building relationships with
consumers, understanding that
audience.”
For content marketing in financial
services in particular, it’s also
important to recognize there’s not
just one decision maker, but rather
a committee of decision makers
who need to be convinced over a
long sales cycle.
Goldman added that measuring
the impact of a content marketing
campaign can be challenging.
“It’s the hot topic,” he said. “There’s
no silver bullet to measuring a
content marketing effort but there
are a number of ways to look out
for what I would call short-term
performance metrics.”
He mentioned engagement, virality,
amplification, as well as research
surveys. “I think there’s also a mix
of digital and even non-digital
analytics, event subscriptions, desk
discussions at an event, that you
would use,” he said.
Looking forward, Goldman sees
interactive formats and video as
the tools of the future in content
marketing, with a particular focus
on video episodic content, written
episodic content, short blogs and
articles.
“The large publishing platforms
have made video a central
experience for consumers, a
cultural experience at this point,
so I think it’s a natural evolution,”
he said. “I’m not sure how fast and
furious it’s going to go with B2B.
It already is at a pretty interesting
tipping point, but I think a lot of
people in our industry are asking
that ROI question now.”
MASTERING MARKETING IN FINANCIAL SERVICES 9
Agency RelationshipNearly 60% of financial marketers plan to bring more work in-house in 2020 and 36% said they will consolidate
outsourced work to one-stop agencies in 2020. This is reflective of a larger marketing industry trend, not just
in financial services. As the ANA noted in its recent marketer survey, 78% of respondents have established an
in-house agency versus only 42% in 2008. Those who made the move reported that 58% of their marketing
work was now handled in-house. And two-thirds of marketers said their in-house agency workload increased
“a lot” in the last year. Just 36% of financial marketers planned to outsource more work in 2020 and, of those
planning to outsource more work, just 31% said they plan to increase agency budgets. One reason for this is
that brand marketers feel that their agencies need to be more “innovative.”
? Is your digital marketing agency as proactive as you’d like it to be in recommending innovations and new technologies
We handle this in-house
No, they need to be more innovative
Somewhat, they occasionally suggest new ideas, technologies, platforms, etc.
Yes, they regularly suggest new ideas,technologies, platforms, etc.11.4%
29.1%
31.7%
27.9%
MASTERING MARKETING IN FINANCIAL SERVICES 10
2020 Obstacles Eighty-three percent of financial marketers cited reporting and getting accurate campaign data to evaluate success as the
biggest digital marketing issue they face, followed by increased privacy legislation e.g. GDPR (41%) and third-party cookies
and audience targeting (29%). This is important because, as Bob Elias, EVP of Customer Experience & Marketing at Chubb puts
it, marketers should not make decisions off of single KPIs. Instead, they need to analyze multiple metrics to understand the full
quality of what they are doing and not just the quantity. But, advises Elias, marketers should not just look at campaign data.
Things like brand value are often not included in those metrics.
Supply Chain Challenges 3.6
Reputational/Trust Challenges 3.6
Political Environment 4.8
Limited Budgets 59.0
Economic Environment 16.9
Crowded Competitive Landscape 43.4
Company Culture Obstacles 37.4
Compliance Regulations 21.7
Brand Dissonance 7.2
%
43% of finance brands said a crowded competitive landscape was their biggest marketing obstacle in 2020, followed by company corporate culture at 37%.
Nearly 60% of finance brands cited limited budgets as their biggest obstacles in 2020.
? Of the following, which two obstacles do you feel will limit your marketing success the most in 2020?
MASTERING MARKETING IN FINANCIAL SERVICES 11
Marketer Snapshot: Wendy Marcone, Bank of America The importance of internal marketing to protect brand integrity
“You’ve always had to protect
your brand,” said Wendy Marcone,
senior vice president for global
marketing at Bank of America.
“I don’t know of a time when that
wasn’t true. There’s just a lot more
opportunities for your brand to
take a hit.”
She explained that at large
companies such as Bank of America,
there are a lot of checkpoints
in place to ensure marketing
messages are well understood
by everyone. This is especially
true at global companies.
“If something works very well in
the US market, it may not work in
every other market,” she said.
“It might be offensive, or insulting,
or something they can’t even
pronounce. There’s a lot to think
about.”
She added that “reputational risk is
a big deal and the path back from
that sometimes can be long”.
In Marcone’s world, internal
marketing goes hand in hand with
managing that reputational risk,
since hiring people who represent
the brand accurately goes along
way in protecting it.
“Internal marketing has almost
become more important than
anything else in certain ways,”
she said. “The bankers are really
the stewards of the brand. They’re
out there all the time with clients.”
Every bank employee must believe
in what Marcone and her team
are trying to communicate about
the brand and the company’s
personality. “If it’s not believable
to them, why would a client, or a
prospect, ever believe it.”
In a world where everybody can build a global brand through technology and social media, but where brands can also easily be destroyed, protecting a brand integrity has become more important than ever.
MASTERING MARKETING IN FINANCIAL SERVICES 12
About Dianomi Dianomi provides advertisers with access to an audience of 100 million business and finance consumers.
Through or native display and video units, brands can target consumers with content and product marketing messages on over 350 premium publishers.
Advertisers trust Dianomi for our brand safe placements, performance-based pricing and access to relevant audiences, such as retirement and ETFs.
By aligning ads with contextually relevant content, Dianomi can help financial marketers achieve a higher ROI than other native ad platforms.
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