How finance brands respond to periods of severe uncertainty and financial insecurity is vital to ensure customer relationships are maintained, consumer trust grows and a positive brand image is preserved. COVID-19 affected consumers financially, redefining financial security and forcing greater numbers of consumers to look to the finance industry for help and advice. While this is a negative situation for everybody around the world, it does offer a prime opportunity for your finance brand to strengthen customer relationships and become a support system for consumers. In times of uncertainty, it’s paramount your finance brand improves communication channels, targets and develops strategies to manage at-risk market segments, and offers educational content.
What COVID-19 can teach finance brands
COVID-19 not only created concerns regarding individuals’ health but also created significant uncertainty surrounding their financial security. In fact, there were three main concerns that arose amongst consumers regarding their finances according to research by PwC:
- 71% of respondents were afraid of financial impact, including effects on results of operations, future periods and liquidity and capital resources
- 64% of respondents were afraid of a global recession
- 41% of respondents were afraid of the effects on the workforce and productivity
- 17% of respondents were afraid of not having enough information to make good financial decisions
By recognising customers’ area of concerns during periods of severe ambiguity, it can help your finance brand create content, products, and services that fill a gap for consumers. By creating content around topics consumers are seeking information on you can build a sense of trust, loyalty, and a positive brand image – as well as tapping into organic SEO traffic.
“ 80% of consumers expect brands to provide more efficient customer support during COVID-19 ”
Ways to reduce stressors on consumers
To build a strong customer relationship it’s important to tailor your marketing strategies to what your consumers want and need. By recognising areas where you can improve and support consumers your finance brand can offer value to consumers and gain a competitive edge. In fact, 63% of consumers cited value as being the main differentiator between companies during COVID-19.
Communication and Transparency
COVID-19 highlighted the importance for finance brands to have strong communication channels and greater transparency. While effective communication should always be a priority it takes on a new level of importance during periods of crisis. By offering information and a variety of communication channels your finance brand can build strong customer relationships during consumers’ time of need.
With 80% of consumers expecting brands to provide more efficient customer support during COVID-19, it remains critical that your finance brand can offer an always-on content marketing approach that delivers on these needs.
Identify and tailor marketing to at-risk market segments
During periods of economic and social strife, it’s paramount your finance brand doesn’t lose or alienate consumers by not offering tailored products, services, and payment strategies.
Identifying at-risk market segments and then personalising content to bridge the approachability gap and create a connection will empower your customers to go to your finance brand for help before it’s too late. This will not only benefit your brand, as you can build effective strategies to handle potentially late or missed payments, but will generate strong trust, loyalty, and a positive brand image.
Consumers want educational content
When times are uncertain consumers crave greater education as the gaps in their financial knowledge are made aware to them. By offering educational content that’s tailored to the specific situation you can build authentic customer relationships and generate greater leads.
Educational content should take an omnichannel approach, by sharing it across social media platforms and through building a content hub. This will ensure that your finance brand becomes a valuable resource in which consumers look to you for help helping to build brand awareness and greater consumer trust.
COVID-19:lessons for finance brands
Overall, COVID-19 has shown that in periods of national and international uncertainty consumers will turn to the finance sector for advice, reassurance, and education. With the ever-changing nature of COVID-19, it’s critical finance brands create content that consumers want in the moment.
By creating effective communication channels that boast greater transparency, tailoring content to at-risk market segments, and generating educational content that’s personalised for what’s currently occurring, your finance brand can build strong consumer connections, loyalty and trust, and generate greater leads.
