4 Things Financial Marketers Can Learn from Professional Sports
March 3, 2016
Not long ago, professional sports associations started to notice a decline in viewership from major networks- a symptom from the growing on-demand television trend. Tradition would say, stay with the big networks. That’s what’s worked for us in the past, it will pick back up. Instead, athletic teams stopped relying on the past to predict the future, begun seeking sponsorships and air-time with niche networks, started ‘selling’ again, and focused on their consumer’s experience.
Banks are experiencing a similar trend today. Historically, a bank charter was a license for generating money. The charter came with how-to instructions and protection against immediate competitors. Those days are long gone. So how do financial marketers cope with the changing marketplace?
- Let go of the Past
While the big banks will survive- cutting costs and people when necessary. Smaller, community banks will start to feel losses. The first step in surviving this shift in the financial industry? Cut loose the pre-historic ideas holding you back. Banking is different now. That means you have to think differently now.
- Define your Niche
Niche marketing is already working for some financial institutions. Chances are your bank isn’t everything to everyone, so stop marketing like you are. Discovering your niche isn’t difficult, just take an honest look at where you’re already excelling and where you’re falling short. Cut the fat and the business will take care of the rest.
- Get in the Entrepreneurial Spirit
Banking culture doesn’t foster an entrepreneurial spirit. But, it today’s market every member of your team has to be in sales- from entry to C-suite. Take a tip from athletic associations and put on your business development hat, because your competitors- like Apple Pay and Pay Pal are getting stronger, more effective, and will push you out before you get a chance to fight back.
- Hone in on your Customer’s Experience
Apple Pay and Pay Pal live in the experiential world. Everything from their functionality to visual appearance is deeply rooted in research on their customer’s experience. To be successful in the financial industry, you will need to follow suit. Today’s consumer is bombarded with your competition’s messaging. It’s everywhere they turn, and your traditional thinking isn’t impacting them the way you might think. You have to be willing to create relevant, sticky experiences for people.
Creating those kinds of experiences just happens to be what Boxman Studios does best. And we rely on the know-how, experience, and imagination of our people to do it.