KPMG recently reported that one of the biggest concerns financial services organisations face post-pandemic was communications and transparency. The pandemic heightened consumers’ uncertainty and increased their lack of trust. In fact, despite 13% of adults stating their trust in financial services companies had grown in the past year, more than 17% said it had declined. Improving trust with consumers should be a strategic priority for finance brands around the world. Increasing communications, implementing transparency, and becoming a trusted source for accurate information are important ways to improve customer relationships. Thought leadership can achieve these objectives. Here we explain the importance of becoming a thought leader and how your finance brand can nail it.
The importance of thought leadership post-pandemic
The pandemic was a time in which misinformation was rife – fact and fiction became difficult to distinguish. Becoming a thought leader and an authority for accurate information is critical to gaining consumer trust and loyalty.
A recent report by Edelman discovered the importance of thought leadership in gaining trust and credibility. Around 65% of people say thought leadership significantly improved the perception of a company and 64% of buyers say that an organisation’s thought leader content is a more trustworthy basis for assessing its capabilities and competency than its marketing materials.
“ 65% of people say thought leadership significantly improved the perception of a company.”
To regain the trust of consumers and improve credibility and brand awareness, your finance brand should be producing value-driven thought leader content. But how can you ensure your thought leader content cuts through the noise and makes a lasting impact?
How finance brands can get it right
In the same Edelman report, it was found that not all thought leadership is quality content. In fact, 71% of Decision-Makers say that less than half of what they consume gives them valuable insights and 47% of people say that most content does not seem to be created with their specific needs in mind.
Creating thought leader content that makes an impact is about creating content that offers value and content that’s tailored to your specific target audience. Without these two things, your content won’t be effective in gaining trust.
So, how can you ensure your thought leadership content makes a lasting impact?
- Use data decisively and display extensive research – The best way of combating misinformation and gaining public trust, is by backing up your content with accurate and in-depth data.
- Create a community – To ensure your audience reads your content and engages with it, creating a small community is the first step. This can be done by interacting with your audience online, sending personalised communications and focusing on forming authentic relationships.
- Communicate in a timely manner – Create content that addresses issues as they are happening to become a thought leader consumers turn to for accurate information.
- Educate consumers – Education should be a core component of your thought leadership content, especially during times of uncertainty. Explaining difficult concepts in an easy-to-understand way can help your finance brand ease concerns and develop meaningful connections with clients.
What consumers want from thought leadership
According to Edelman’s research, there are a number of things audiences want:
- 64% want a less formal tone
- 81% want content that is provocative and challenges people’s assumptions regarding a topic
- 77% want experts diving into deep subject matter
- 80% want content that features third-party data and insights from other trusted sources
- 62% want a focus on analysing current trends that will affect them in the future
Thought leadership can’t be an afterthought, but instead must be produced with consideration. By developing thought leadership that provides value and is tailored to specific audiences your finance brand can gain trust, credibility, and loyalty.
