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How finance brands can achieve inclusive marketing

How finance brands can achieve inclusive marketing

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9 months ago

9 months ago

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Financial marketing is constantly evolving. Inclusivity is no longer just a buzzword, but a powerful driver of business growth, customer loyalty, and brand differentiation. You can tap into a wider audience and build meaningful connections by embracing inclusivity, understanding diverse audience needs, and creating campaigns that foster trust and demonstrate a commitment to an inclusive financial landscape. Here we provide a practical roadmap to help you achieve inclusivity in your marketing efforts.

Just the gist of inclusive marketing

Inclusive marketing recognises and embraces the diverse needs, backgrounds, and experiences of individuals and communities within the financial landscape. It goes beyond targeting a narrow demographic and instead focuses on creating campaigns, messaging, and strategies that resonate with a broad range of audiences.

“ According to KPMG, marketing that reflects the target client is more effective in influencing their behaviour.”

By incorporating inclusivity in financial marketing, you can foster a sense of belonging, build trust, and cultivate lasting relationships. Inclusive marketing involves authentically representing diverse voices, perspectives, and experiences helping you to tap into new markets, drive growth, and reinforce your commitment to a more inclusive and equitable future.

According to KPMG, marketing that reflects the target client is more effective in influencing their behaviour. The research notes, 69% of black consumers are more likely to be persuaded to buy a product or service from a brand whose communication strategy positively reflects their ethnicity. Further to this, a survey by Deloitte found out of 11,500 global consumers, the youngest respondents (from 18 to 25 years old) took greater notice of inclusive advertising when making purchase decisions.

The six principles of inclusive marketing

According to SalesForce, there are six principles of inclusive marketing.

  • Tone – Consider your tone throughout all marketing communications and ensure it remains respectful and considerate of all communities and individuals.
  • Intentional language – Consider the language and symbols used throughout your marketing and where they are placed to ensure mistakes aren’t made.
  • Representation – People want to see themselves represented in marketing and the media. Ensure your campaigns are diverse and reflect the diversity of society.
  • Context – Don’t miss out on cultural influences or the order and hierarchy in traditional marketing. For example, stock photography can often uphold stereotypes that need to be negated.
  • Avoid appropriation – Ensure your finance brand doesn’t assert cultural appropriation practices by taking culturally significant aspects of minority groups without understanding their significance.
  • Counter-stereotype – Go against stereotypes and ensure content uplifts individuals and communities.

How to get inclusive marketing right

To effectively embrace inclusive marketing, your finance brand must prioritise authenticity, empathy, and a deep understanding of its diverse audience.

The most important thing is to research and learn about the unique needs, aspirations, and challenges of various demographic groups. This serves as the foundation for developing an inclusive message that connects with a diverse range of audiences and your target clients.

Your finance brand should prioritise and authentically reflect diversity in its marketing materials. This means presenting a diverse range of viewpoints, experiences, and backgrounds in a respectful and accurate manner. Featuring different individuals in commercials, photography, and content is one important way of ensuring this.

Inclusivity also includes language and communication. You should constantly try to use inclusive language that avoids preconceptions and stereotypes, ensuring a respectful and equal environment. Building an inclusive brand identity requires adapting language to be gender-neutral, inclusive of varied abilities, and culturally sensitive.

The importance of a review process

Often, culturally insensitive campaigns or campaigns that lack inclusion occur because no one from that community group has been consulted. You’re not expected to know everything about what’s inclusive or culturally insensitive, but you are expected to ask questions and ensure content remains respectful.

One way your finance brand can help promote and achieve inclusive marketing is through collaboration and partnerships. By actively seeking out diverse voices, consulting with community organisations, and involving a wide range of perspectives, you can ensure your marketing efforts are culturally sensitive, inclusive, and resonant.

Looking beyond marketing

Furthermore, accessibility and inclusive design play a vital role. You need to ensure your digital platforms, communications, and services are accessible to individuals with disabilities. This includes providing alternative formats for content, optimising website accessibility, and accommodating diverse communication preferences.

Final thoughts on inclusive marketing

At the end of the day future generations and diverse consumers are expecting more from their finance brands. By embodying authenticity, empathy, and a commitment to inclusivity, you can forge genuine connections with your audience.

Inclusive marketing goes beyond mere representation; it’s about fostering a sense of belonging, empowering individuals, and creating a financial landscape that’s accessible to all. When you get inclusive marketing right, you not only drive business growth but also contribute to a more inclusive and prosperous society as a whole.

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