Coronavirus Impact on the Financial Vertical. Our advice? Build trust.

Coronavirus Impact on the Financial Vertical. Our advice? Build trust.

How has the coronavirus crisis has impacted the financial vertical? What has and will emerge is greater attention to savings thanks to financial strain and high unemployment. How should advertising efforts continue and what can we learn from the ’08 crisis?

Predictions for the financial industry

According to Business Insider Intelligence’s research director Dan VanDyke, coronavirus’s impact on the financial institutions is likely to include a couple of things. Firstly, lending needs of (individuals and businesses) will heighten. Not only would businesses need funds in order to stay afloat, but they would also require some to provide for any coronavirus patients in their workforce. The main drawback of this is that some companies might fake having employees with coronavirus in order to get some extra money. The company can be reported by an employee for falsifying covid legal claims, but most of the times these allegations are never raised due to fear in the worker. The next thing that might happen is that more banks will temporarily suspend or amend loan repayment requirements and fees; and falling interest rates will bring down savings rates, but will also fuel a boom in mortgage and auto financing (eMarketer).

As for other fintech sectors: funding totals will be down, stock market volatility will chill consumer investing and digitally-minded insurers will benefit from increased awareness and demand for their services (eMarketer).

Mobile, online, and remote banking options will succeed

The financial services sector is currently facing challenges on multiple fronts: shelter-in-place and social distancing requirements mean that few customers are able to be served in physical branches, putting additional strain on channels like telephone support, online and social media. All of this could be potentially replaced by a mortgage crm software which can help build customer-lender relations better. Those well-equipped to handle remote/online banking will be well-prepared to weather the crisis, and fintech companies are well-placed to deal with digital demand and remote working requirements (Econsultancy).

  • 29% of US internet users conduct mobile banking on a phone; 27%sometimes (eMarketer, February 2020)
  • 89% of adults in India consider banks an essential service (eMarketer, May 2020)

Young adults are especially worried about the financial impact

With the unemployment rate now at a record 14.7% due to the crisis, consumers are rightfully worried about their personal financial situation, including keeping up with basic expenses. Though this can be easily resolved by looking into this goldshell kd5 price and subsequently learning how to mine for alternative types of currency, this is something that people like to do when they find themselves in a comfortable situation. Unfortunately, this is something that many youngsters are currently concerned about. Studies show millennials are feeling more worried than their older cohorts. Several surveys support this notion:

  • 25% of 18-to-29s reported being “financially affected by the coronavirus,” along with 24% of 30-to-44s, 28% of 45-to-64s, and 21%of those ages 65 and older (Economist/YouGov polling via eMarketer, April 2020)
  • 80% of 25-to-44s said they were worried about their “personal financial situation,” vs. 78% of 18-to-24s, 74% of 45-to-64s, and 62%of those 65 and older. (Elon University survey via eMarketer, March 2020)
  • 47% of 18 to 34-year-olds are concerned about paying for basic needs without going into debt (LeanIn.Org and SurveyMonkey via eMarketer, May 2020)
  • 51% of 18 to 34-year-olds are concerned about paying rent/mortgage as compared to 38% and 14% (LeanIn.Org and SurveyMonkey via eMarketer, May 2020)

How to Advertise: Takeaways from ’08

Budget Shifted to Digital:

After ‘08, U.S. ad spending plummeted but accelerated the shift to digital advertising, particularly online video and mobile usage. In 2011, Geoff Ramsey, the chief executive of eMarketer, made a statement to the New York Times: “The bad economy has actually accelerated the shift to digital advertising. Online ads, especially search ads, are increasingly seen by many marketers as a more reliable bet than print ads, which are often difficult to tie to a measurable financial result.” (New York Times, 2011) In the same article, Brian Wieser, executive vice president and director of global forecasting at Magnaglobal reiterated, “The fastest-growing media will be online video and mobile” (New York Times in 2011). Similarly, we have already seen a massive increase in internet usage and online news consumption.

Post-’08 Examples: “Bank Solid. Bank U.S. Bank.” Readers understand the implicit call to action: “You should be banking at US Bank.” Similarly, the short message “Had Enough Excitement?” offers a cheeky take on the same ‘safe and sound’ message that communicates mutual understanding. “When turbulence and uncertainty surround us, we look to those who have proven themselves over time” offers a grownup, somber tone that shows prudence, reliability, and trustworthiness.

“Safe and Sound” Today, the brands that will make the greatest impact and weather the storm are those that can get positive, educational, and valuable content in front of people. Financial institutions and fintech, in particular, need to prioritize building trust, offering sound advice, and pushing longevity and experience; consumers are craving steady, stable, “safe and sound” figures that care deeply. Further, in times where our security is threatened, people are hardwired to seek clarity and calm, according to Econsultancy.

The importance of trust

Not only should trust, reliability, and compassion factor into brand messaging, but halting messaging completely will break trust with the consumer. Says eMarketer, institutions that were slow to respond will face a deficit of consumer trust in the coming months-and depending on their role, tough questions to answer.

  • 29% of Americans have already begun using a brand due to the innovative or compassionate way they’ve responded to the COVID-19 crisis. (Edelman)
  • 43% say they want messages that are reassuring from brands they know and trust (AAAA)
  • Millennials are 44% more likely to trust experts, who happen to be strangers, than advertisements. (Hubspot, 2019)
  • 75% saying brands should inform people of what they’re doing (Kantar Research)
  • Key takeaways: Build trust, Offer sound advice; Steady, stable, “safe and sound;” Longevity, experience; Prudent Approach – Care deeply
  • Trust Native Over Social Native ads garner greater levels of trust among consumers with a third (33%) more likely to trust native advertising than traditional advertising, and that clicking on a native ad driver on a premium content website has a greater impact than clicking via Facebook. (NAI study)

Bottom line: the coronavirus crisis’s impact on the financial vertical will likely be felt for a while. In this uncertain time, it’s important for financial services to build trust with the consumer, stay present, steady, and don’t go radio silent.

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Charlotte Otremba is Sr. Manager of Communications and Marketing at Bidtellect.

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How to Refresh Your Coronavirus Ads to Connect With Consumers and Bring Hope

How to Refresh Your Coronavirus Ads to Connect With Consumers and Bring Hope

Consumers want to hear from brands, but are your coronavirus ads alienating rather than connecting with them? Are they just… impossibly stale and generic? Below are best-practices from [b]+studio to refresh your creative assets to (dare we say it?) bring a smile to their faces. 

It’s been over a month of self-quarantine and consumers are getting restless.

Notice how coronavirus ads all start with “We are here for you…” followed by tug-at-your-heartstring b-roll, slow music, and sad faces…. Every email starts with “Hope you’re healthy” or “Crazy times!” or “In these uncertain times…” It’s all starting to look and sound the same. Are your ads making your audience uncomfortable or excited?

We need to find ways to connect and build trust with our audiences in spite of this isolating pandemic. Terms like “covid-19,”
“coronavirus,” “pandemic” etc., are creating distance and alienating consumers, not building an emotional connection with the brand. How can you speak to your audience during a global pandemic without sounding robotic and somber?

via GIPHY

Last month was the month of empathy. Now, more than ever – it’s about value.

Consumers want to be uplifted, they want to $ave, and they want to smile again. Let’s instead re-direct messaging to stay positive during such an unprecedented time. Why not (tactfully) calm the nerves of your audience with comfort and reassurance? Connecting and even evoking a smile in such unpredictable times is a powerful gift.

People are loyal and safe with familiarity but with the right tools, your advertising campaigns can flourish and attract new consumers. Bidtellect’s in-house creative team, [b]+studio has been testing and measuring the shift in creative in real-time. Here’s what’s working this week.

 

Polish up with this new set of best practices for your coronavirus ads to bring hope and value:

1. Reposition your creative with witty and trendy adjectives; use abbreviations such as “WFH” or “QuaranQueen” to make light of the situation (tactfully, of course). There are ways to remind us of our current situation without making us sad about it.

2. If you have a loyalty program, announce it. Audiences are more likely to purchase if there are loyalty incentives.

3. SALES! DISCOUNT CODES! FREE SHIPPING! With the uncertainty of economic turmoil, consumers are responding to sales. Brand loyalists are going for a less expensive product and it’s all happening online. Besides, who doesn’t love a sale? Build their trust and your audience will $ave.

4. Try to focus not on selling but on helping your audience with a solution. For example: How Long Has Your Dip Nail Polish Been On? You’re ready for a new color. Try XYZ. (This creative is letting the audience know it’s been a while since we’ve all been to the nail salon and offering a solution to give the audience comfort).

5. Imagery is always important in creative. Bright colors, pleasing images, and happy people as the main focal point always perform well. Cinemagraphs and .gifsdraw attention against the parallel somber images on a webpage.

6. Drive it home with positive and compassionate content, including relevant hashtags: #StayHome

The wave of somber advertising is gently passing and while we are headed into the unknown, one thing is for certain: people want to smile again – even if it’s for a brief moment. Your messaging can easily be tested and updated within minutes on our platform. Between our sophisticated optimization technology and creative refreshes, we are working diligently to put your campaigns to work and get the best results possible.

Want more need-to-know info? Subscribe to our monthly Bidtellectual newsletter!


Charlotte Otremba is Sr. Manager of Communications and Marketing at Bidtellect.

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Ask [b]+studio: Top Tips for Tip Top Holiday Creative

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It’s time. You have the content. Your holiday offers are lined up. You’re ready to go live with your platform of choice. You want to distribute your content in a way that doesn’t feel like ads. You want images and copy that feel like a story, that engage users and invite them to your sites.

We asked Bidtellect’s in-house creative services team their mandatory tips to get your creatives on the nice list. Remember, no matter how great your platform’s placement and optimization capabilities, bad creative will kill engagement faster than you can say “naughty list.”

Remember also that it’s a process – a circle of refreshing copy and images. Make creative recommendations throughout campaigns to optimize performance. “Going live” is just the beginning.

Listen to the experts and remember these tips for your images, copy, and assets to distribute your content meaningfully – and you’ll surpass all your KPI goals!

YOU GOT THIS!

1. It’s the Happiest Time of Year – Keep it Positive!

“Keep it positive! Use positive adjectives in headlines coupled with happy images to increase CTR. Cold, monotone creatives do not bring joy. Bonus: add puns or rhymes to make it even more…puntastic.”

– Yeni Gordillo, Sr. Creative Marketing Manager

2. Save the Copy for…Your Copy

“Remember: no copy on images. While it’s great to push a holiday offer or discount, you don’t want your images mimicking a banner ad. Banner blindness is real. The goal is for your content to blend in with the content in the feed. Instead, use an image of a person enjoying your product or offer. And one more time for the people in the back: NO copy on images.”

– Missy Steiner, VP of Marketing 

3. Refresh Your Creative Constantly

Switch up your creatives! Better yet: rotate based on event, as you count down to Black Friday or that big holiday sale or new holiday release. 

4. Keep the Holidays Front of Mind

‘Tis the season: remember to include at least one holiday reference in the image or copy, or you’ll risk seeming out of the loop (as well as suffering poor engagement). 

Use the concept of “gift guides.” Offer helpful, valuable tips and create content that’s great to drive to. Think: find the perfect gift for “X” which doubles as calling out the targeted demographic, but in a fun, holiday way. Be a holiday thought leader!

– Shannon Malley, Creative Marketing Coordinator

5. Which Images Perform Best?

Photographs perform better than animated images. Always.

On that note, children, pets, and people in images perform best. Smile!

 Go solo: if using images with products, one solo “feature” product performs better than a group. 

6. And finally…

“Don’t make me say it. Don’t make me say it. CHECK YOUR SPELLING AND GRAMMAR. Misspelled words and grammar errors (unless it’s a common colloquial phrase) are a bad look. P.S. “Your” is possessive, while “you’re” is a contraction for “you are.” Apostrophe before an “s” indicates a possessive noun; drop the apostrophe for plural, i.e. Happy Holidays!

– Charlotte Otremba, Sr. Manager Marketing and Communications

What is [b]+studio?

[b]+studio is Bidtellect’s award-winning Creative Services Team. They are expert storytellers that have a deep understanding of best-performing images and copy and can help create your custom content assets. By using [b]+studio, expect to see your campaign meet KPIs above benchmarks in CTR, Engagement Score, Conversions and more! Learn more here.

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