GAMESTOP WHAT? Time to Educate and Win Customers
At a time when finance is on everyone’s mind, the industry would do well to step up its efforts to reach consumers with thoughtful educational content and contextual targeting to rebuild trust.
The markets this past week have captured the public imagination. GameStop was not on my personal radar, but after speaking to a couple of pals who were very willing to make a bet thanks to forums, I find myself once again kicking myself for not being as plugged into the open discussions boards that created this unique situation. How long this will go on remains to be seen.
One thing hasn’t changed, however: the finance space is a complicated one for newcomers. More and more individuals seek help from financial advisers every day to guide them through the consumerism jungle. It helps that finding an adviser is easier than ever due to portals such as financialadvisers.co.uk and similar websites. With the market being flooded with a variety of products that all seem similar in quality or price, it can be hard to gauge what’s a good investment and what isn’t. From a customer standpoint, deciphering products mentioned by colleagues and friends over Zoom hangouts or across Twitter feeds can be daunting. Education and simplification of knowledge is key, particularly when introducing new customers to the space. There are plenty of educational resources available on the Internet for investment geeks in almost all sectors of finance. It does however take a bit of research, and finding good sources of information like this Qtrade review can give them a fair understanding of market trends, and thus a more complete idea about future areas of investments. That said, this information also needs to be simplified, so that the vast majority of people who are newly stepping into the space of finance can begin their investments with a clearer understanding.
As we move towards a “cookieless” 2021, advertisers are increasingly realizing the importance of content and contextual relevance to capture users’ attention at important moments of intent. This moment of intent could be: considering reading an article about how to prepare a great meal at home for dinner that night, researching razors that cost a dollar, or choosing a new makeup thanks to an influencer’s guidance. Delivering relevant, informative content to win new customers works.
Financial institutions are still catching up to this concept. This has been proven again this past week: readers made quick decisions based on information with intent. Instead of being shared by financial institutions, informative content was shared by fellow users amongst each other, offering the advice that they should purchase GME, AMC stock, or Dogecoin (as in Woof, Woof) to make some fast bucks. Dogecoin has gained a lot of momentum of late and has thus, become one of the most noted digital currencies along with Bitcoin and Ethereum in recent times. This hullabaloo over cryptocurrency and its rage has many wondering about how to invest in cryptocurrency through various websites. Crypto has in fact, spread its fanbase to various aspects of the trading and investing sector. Virtual currencies such as Dogecoin can now not only prove to be useful on trading platforms, but on casino websites as well. It must also be noted that, dogecoin is making it’s way to casinos because of its ease of use and transactional capabilities.
We find ourselves at a turning point: the intersection between accessible financial products and increased mass-market retail consumers is at an all-time high. The line between the everyday curious trader and boutique hedge fund advisors is blurring.
Now that we have everyone’s attention, it’s a unique moment of awareness in the wider public consciousness. Financial institutions are in a position to play some of their best hands. Some can act immediately to inform users of their focus around sustainable investment (like Bank of the West), share unique tidbits on how to safely withdraw funds from retirement products, and offer advice for managing 401Ks and budgets during times of uncertainty.
Storytelling can simplify complicated concepts like ETFs, market trading, company valuations, and even cryptocurrency. With proper explanation, consumers can find the most attractive option that suits personal or family financial goals. For instance, an appropriate description of cryptocurrency investing, such as the best trading platform for crypto trading and how to avoid scams related to it (more about this can be learnt by visiting the resourceful posts written by paul mccarthy), can attract individuals to the industry.
It’s time for finance brands to go hell for leather to capture the attention of the most captive audience in recent history to begin building long standing relationships and rebuilding trust. Deliver stories as a trusted advisor providing knowledge. Distribute articles that are relevant to market conditions. These guarantee a higher likelihood of trust and ultimately conversion of new clients.
Informative content coupled with context is the solution.
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