You are not your Boring Advertisement.

Financial companies are especially good at making corporate advertisements that are boring and uninformative. Running an advertising campaign is usually synonymous to stock photography, a blurb that brags about the company and a big logo. Even if ads are Direct Response focussed, most are nothing more than a regurgitation of product details.

Partly because of legal and compliance’ effect on marketers creativity, partly because of the inherently uninteresting nature of their products – the boring financial ad is here to stay. The good news is that almost none of your prospective customers will pay any attention to this kind of advertising.

When you do see response, it’s because of timing. Being there at the right time – when a prospective customer is looking for a solution – is valuable for many reasons. The brand ad will of course also help in brand recall and when the time comes for a delayed buying decision the prospective customer will usually consider those brands with a bigger presence more carefully. This because trust is partly a matter of longevity, meaning brands that have money for a large presence and lots of customers are implicitly trusted because of the apparent scrutiny, time and customers have given it.

All of this is to say that your ads might be working somewhat, but you are throwing away money. With the markets quickly commoditizing, companies now need to foster trust by talking and listening with their audience. They need to be more like online media companies.

I wrote about this before but I am certainly not alone in noticing that more and more companies are becoming media companies and publishing, collecting and facilitating information that helps their target audience become ‘Prosumers’. These companies become publishers because it grows a healthy ecosystem around the company and its products that directly reaches their target audience in a trusted and authentic way, without bought advertising.

Since trust is the number one factor influencing financial services buying decisions, can you afford not to enter the conversation?

Stay tuned for more on this.

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About Me

Thoughts on Direct and Online Marketing in the Financial Industry. By Bart Burggraaf. Bart is MD/Partner at MGL, a London based Financial Services Marketing Agency. The posts on this blog are the personal opinions of Bart Burggraaf and not the official view point of MGL or any of it's clients.