As COVID-19 continues to impact our world in ways we could have never imagined, it’s more important than ever for financial institutions to speak to their customers in a meaningful way. Gone are the days of the “product-first” and sales mentality. A bank’s primary focus needs to be providing help and support to its customers. Here are our do’s and don’ts for financial marketing during a global pandemic:
Do “Show” Instead Of “Tell”
Now is the time to practice what you preach and show your brand in action. Talking about how you can help holds a lot less weight than showing how you are making an impact for your customers and community. Customers expect that you are taking extra measures to sanitize your branches and practice social distancing. Instead, focus on what you’re doing in the community—like donating goods to a local hospital or providing meals to first responders. Consumers will remember brands for their acts of good in a time of crisis.
Don’t Talk to Your Customers Differently
This is two-fold. The tone of your content should not change during this crisis, nor should the mediums in which you share content. Don’t pretend to be someone you’re not just because it’s what you think your customers want to hear. For example, if you don’t typically share customer-focused news via press releases or communicate with your customers through email marketing, this wouldn’t be the time to start. Be yourself, be transparent, and be authentic. That’s how you will earn (or keep) your consumers’ trust.
Do Find A Way to Tell Your Story Differently
We have seen a lot of the same themes in marketing campaigns in response to COVID-19. Stand out amongst the crowd by finding original ways to get your message across. Look at your competitors and see how they are talking to their customers during this time to make sure that your campaign differentiates itself. Have you suspended late fees, deferred payments, or implemented a 24/7 customer service line? These are the types of changes that should be communicated to your customers and can set you apart from others. With so much uncertainty, people whose finances have been impacted want to know what their bank is doing to help them right now.
Don’t Stay Silent, But Don’t Overcommunicate
By now, you should have provided clear communication to your customers about how COVID-19 has impacted your way of doing business. The worst thing you can do is not say anything, as you run the risk of appearing out of touch. On the other hand, communicating too often can also be detrimental. Consumers want facts and information about what is going on. Unless your brand has something meaningful to say, it isn’t necessary to send multiple emails to your database each week.
There is still so much that is unknown about this pandemic and what its lasting effects may be on the financial industry, but now more than ever is the time to put your customers first. Banks that do this will secure brand loyalists and likely come out stronger post-COVID-19.
Feel free to reach out if you’d like to discuss how FARM can help support your financial marketing strategy during these uncertain times. We will get through this together!