What Life of Brian and financial marketing have in common

Most brands in the financial services industry play it safe when it comes to their advertising. For marketers, this is both your challenge and your opportunity.

While it may be tempting to toe the line and present your brand in the same way as everyone else, the homogenous state of financial marketing also makes it an easier space to stand out in.

**The temptation to follow the crowd **

When thinking about financial services marketing, the crowd scene in Life of Brian comes to mind.

Brian: “You don’t need to follow anybody. You’ve got to think for yourselves. You’re all individuals.”

Crowd: Yes, we’re all individuals.”

Brian: “You’re all different.”

Crowd: “Yes, we are all different.”

Lone voice: “I’m not!”

The take-out? While financial brands may think they’re different, look through any industry magazine or click on an email from your bank or super fund, and they all look much the same.

Navy blue and corporate colours abound, coupled with clichéd imagery of handshakes, globes, suited financial professionals or lifestyle shots of grey-haired retirees living it up in convertibles or on the beach. Headlines are just variations on a theme, copy is often wordy and technical, disclaimers abound, and messages are written from the perspective of companies’ own credentials rather than really connecting with customers and letting them know what’s in it for them.

No wonder our audiences’ eyes glaze over.

Added to this is the fallout from the Royal Commission and the growing disconnect between Australians and their financial services institutions. The self-serving claims and platitudes are no longer enough.

**The importance of cut-through in a cluttered market **

It goes without saying that all communications need to be noticed, but as audiences are bombarded with information at every turn (giving new meaning to the phrase “ad nauseam”), achieving real cut-through is becoming more elusive than ever.

Getting noticed can be even more difficult when it comes to financial services marketing, with the Australian market being an extremely cluttered one.

A quick tally shows there are around 53 Australian licenced banks, 221 major super funds, 3,642 registered managed investment schemes and 81 general insurance providers. All of whom are vying for their customers’ attention.

To make things worse, with many brands assuming their advertising needs to look a certain way to be taken seriously, it can be hard to tell one player from another.

However by not creating communications that stand out, you’re probably not getting the attention of your audience in the first place, let alone holding it for long enough to achieve the response you’re after.

So, how do you ensure your advertising not only gets noticed, but gets results?

**Creating difference (even where there’s none) **

Presenting your brand in a new way is obviously easier when you have something different to say. So defining your brand, what differentiates you from your competitors and giving your customers a tangible reason to engage with your campaign, is key.

Even if the products and services you’re offering are on par with other providers, your marketing can still provide the differentiation you need to set you apart. There is always room to find fresh insights, explore innovative ways of telling the same story or uncover new truths that present a different perspective.

In other words, taking a fresh approach that strikes a chord with your audience – even if it’s just on an emotional level – can work wonders. And this is where intelligent, thoughtful marketing can make all the difference.

**How we can help you achieve Pure stand-out **

At Pure, we believe that creating cut-through is paramount.

As a highly experienced team that specialises purely in financial services marketing, we love creating beautifully differentiated campaigns for our clients – either to refresh and enhance their existing brand or take them somewhere completely new.

At every step of your campaign – from insightful strategic thinking to creative that pushes the boundaries – we have the expertise to help bring out your differences. Not just for the sake of it, but in a way that shows your customers that you’re human, you get them, you value their time and what you’re offering is worthy of their consideration.

We’ve already helped many clients differentiate themselves a myriad of ways – whether it’s by coming up with original 3D-rendered imagery to bring an innovative investment offering to life, designing a cutting-edge website that promotes a market leader in a more sophisticated way or creating ads that speak to a savvy audience in a whole new way.

For today’s bank-wary, information-weary audience, it can be a decision that makes all the difference.

For more on how the Pure Agency can help your brand stand out from the crowd, call Margot Cotter-Melton on 02 8042 6980.

OUR NEW QUALITAS WEBSITE SHOWS THE SKY’S THE LIMIT

It’s been all systems go in the Pure office as we launch Qualitas’ stunning new website – a site that needed to convey the impressive credentials of this highly successful real estate investment specialist.

As part of a major rebranding campaign for Qualitas, the unveiling is timed to coincide with the IPO of the much-anticipated Qualitas Real Estate Income Fund – the most recent Qualitas fund to be listed on the ASX.

With a sophisticated, high-end design and state-of-the-art UX, the website raises the bar in terms of financial services marketing experiences.

Visit the site here

PURE CREATIVITY WINNERS!

Congratulations to our PURE Creative Gingerbread decorating champions. We have had an avalanche of entries in our Pure Creative gingerbread decorating comp. The most hilarious and imaginative entries were made by Stephanie Antonis from Financial Standard, Belinda White from Qualitas and Justine DeMestre from First State Super and they are our wonderful winners. The elves are rushing giant gingerbread men to them lickity split! The Pure Anticipation Christmas countdown ends today, see you in the New Year.

Merry Christmas from the Pure Elves

We are B&T Outdoor Campaign Finalists

We are very happy to be a finalist in the B&T outdoor campaign of the year 2018 with our Allan Gray Potential Pursued campaign.

We would also like to congratulate all the other finalists on their nominations.

See the work

FROM SCRIBBLE TO SHOWPIECE, AN IDEA COMES TO LIFE

It takes time for a creative solution to take shape, from the initial spark of an idea to crystallisation of the concept and the finessing of the final visual.

Here’s how we brought MCP’s offering to life in a way that did justice to their innovative collection of corporate lending investment opportunities.

By working with our talented retoucher, complex 3D rendering allowed diverse objects to be consolidated into a single, sculptural image with photo-real impact.

Looking back at the way this idea evolved, the key takeout is to be open to creativity, and investing a little time and money (relax, we’re not talking big budgets here) in pushing an idea a bit further.

Steering clear of the clichés so often seen in financial advertising, the finished product demonstrates that innovation in financial services – and the way it’s marketed – is alive and well. And can make all the difference in getting the cut-through you’re after.

The Pure Agency wins MAX Creative Agency of the Year 2018

Last night at the 2018 MAX Awards, we were absolutely thrilled to win ‘Creative Agency of the Year’.

We are very proud of our Pure team - this is a fantastic endorsement from the financial services industry and demonstrates our commitment and passion to produce quality work.

We would like to thank our fabulous clients and suppliers who make our work possible. And we congratulate all the other winners and finalists.

The hunt is on, get cracking!

Easter’s just around the corner. So here’s a little fun from us to egg you on. Our bunny’s basket is bursting and he’s hiding eggs all over our site for new and current clients. Jump on, hop to it and hunt for the treasure. Click on one before they disappear and an eggstravagant gift will soon be in your hot little paws. Happy hunting. From all the good eggs at The Pure Agency

Breakfast with the chief economists

Global finance was on the menu this morning as Margot and Justine attended the annual Chief Economists Forum in Sydney, where an impressive line-up of economists and strategists shared their insights on what we can expect for the year ahead.

In short, the global outlook may be more positive than previously thought.

With lots of change going on in the world – from the economic ramifications of Brexit to a burgeoning Chinese economy, increased volatility is a given. As a result, 2018 could be a year to stick to key fundamentals.

A recurring theme was the strong growth continuing in China, which many experts refer to as “the 4th Industrial Revolution” or “China 2.0”. With this growth comes higher earnings, which are driving consumption and domestic savings. These in turn are being invested back into the economy – meaning that while there’s significant debt being created, much of this debt is tied up in infrastructure and other tangible investments, making it more secure than debt that’s not asset-based.

So while (as usual) change is the only constant, shifting paradigms and new challenges mean more opportunities in the market for those who are ready to embrace them.

HOW TO WIN OVER THE 'MEH' GENERATION

71% of millennials would rather visit their dentist than listen to their bank.¹ Which is quite a big problem, seeing that by 2030, millennials will account for 53% of the population.

This generation are clearly disconnected with many of the old-school institutions and products they come across. They are not brand loyal, they think that all banks are the same, and most are open to switching banks depending on what’s on offer.

Riding the wave of changing attitudes is a range of new players – entering the market and shaking it up in a way that’s threatening traditional banking models. These include retailers, telcos, fintechs and technology giants.

Their approach is to disrupt what has long been a very conservative industry by taking cues from other digital innovators such as Uber, Amazon and Airbnb. These brands understand their customers, speak their language and give them what they want – all built around a seamless and satisfying digital experience that delivers new levels of service, speed and convenience.

33% of millennials believe they won’t even need a bank within the next five years.¹ This is a pretty alarming statistic and shows that banks need to act quickly to retain and acquire further millennials.

Connecting with the always-on generation

For millennials, technology isn’t just a part of life, it’s how they experience life. Never without their phone, they use mobile banking nearly three times more than other generations.²

Like all of us, millennials value their time and want to make every moment count. They want every task to be as simple as possible. Because of the brands they choose to interact with, millennials are used to a flawless customer experience and their digital expectations are high.

69% of millennials expect to see an application approved within an hour, 90% thought a response on the same day was acceptable and only 6% would be satisfied if approval took 3 days.³ When millennials communicate with their bank, 30% want to receive SMS alerts while 28% prefer push notifications through their app.³

Not surprisingly, financial institutions are realising they need to change the way banking is done, and not a minute too soon. Having an app that lets customers manage their money with just a few taps any time, anywhere is a given for everyday banking. But what banks really need to do is look at their overall offering and develop a unified and seamless experience that lets customers do as much as they can online in a few simple steps.

Adopting a millennial mindset to money

To show they really “get” millennials, financial institutions need to go much further than personalised communications. They need to understand this market, tap into their mindset and see what matters to them most when it comes to their money.

This generation is more financially insecure than other generations due to things like an increasingly part-time job market, student debt and rising property prices, coupled with an entrepreneurial approach to creating wealth. This in itself provides an opportunity to develop uniquely personalised experiences that will empower millennials to manage their money and save – whether it’s to walk the Great Wall of China or create a fulfilling future.

One area where millennial-centric marketing is making waves is in the Super space – with a new breed of tech-focused companies making headlines such as Spaceship, which attracted over 12,000 people in its first month and boasts a sign-up process that takes just 5 minutes. While Spaceship has differentiated itself well, this behaviour is still eye-opening, especially when the company has no track record as a super provider – something which would normally demand high levels of expertise and trust.

Other Super initiatives that have been developed to align more with millennial values include the launch of Future Super, which is Australia’s first fossil-free Super fund and Human Super, aimed just at women.

The “meh” generation will save us all

As millennials gradually take over the workforce, and the world, addressing their expectations and needs should be a priority for all financial institutions. This won’t only enhance the overall customer experience, increase retention and overall profitability, but make the way we engage with money better for us all. So what is your organisation doing to speak to millennials?

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Sources

1. Digital Banking Report, The Millennial Mind https://www.digitalbankingreport.com/dbr/dbr244/
2. The 2017 Deloitte Millennial Study, Apprehensive millennials: seeking stability and opportunities in an uncertain world https://www2.deloitte.com/content/dam/Deloitte/global/Documents/About-Deloitte/gx-deloitte-millennial-survey-2017-executive-summary.pdf
3. The Millennial Disruption Index http://www.millennialdisruptionindex.com/

Written by: Margot Cotter-Melton I Managing Partner                                                                                                                                  For further information please contact  I 0418 421 043 I margot@thepureagency.com.au

Why we need a financial services-only agency

Like most things in life when given the choice to seek the services of a specialist or a jack-of-all trades, most of us would go with the specialist. So we wanted to provide the industry with that choice. 

There are only a few agencies that have held big financial services accounts for long periods of time. Other agencies who are known for FMCG, automotive and retail dip in and out of the finance category. We felt there was a gap in the market and that clients could truly benefit from an agency that has proven credentials in the financial services industry. 

How are marketers getting more bang for their buck?

Australia's financial services marketers have learned a lot from our US and UK colleagues. With bigger markets and therefore bigger budgets, they have the ability to experiment more. Now that marketers have come to terms with the need to invest in big data and the real-time learnings gleaned from the digital channel, we are in a position to be smarter, giving us greater efficiencies with our spend.

Since the economic downturn, financial firms are demanding accountability and demonstrable return on their marketing spend. Direct marketing has always made this possible, but greater data capability and digital solutions now allow marketers to react quickly and dynamically to customer actions and market conditions.

Of course data continues to be a key driver of customer retention. It does this by demonstrating to customers that a brand understands their needs and can provide relevant, timely and often helpful information. 

Every campaign we work on is underpinned by a robust strategy. We identify any business issues along with barriers for consumers to gain the insights needed to find solutions to these barriers. This then determines our strategic approach and what tools will be required to achieve the desired outcomes. We not only interrogate current customer and behavioural data, we also look at what purchased data is available to enrich our insights and opportunities. We also assess if segmentation will drive a better outcome for our communications. Above all, we need to test and learn, so that we are always building knowledge while achieving our clients' desired outcomes and reducing wastage. 

How are marketers driving brand value?

The financial services industry has for the most part been very conservative with their marketing. However appetite is increasing for braver marketing strategies that really differentiate brands and make them more accessible to customers. The competition will only continue to grow, especially among superannuation brands, so marketers know they need to maintain growth to stay alive. Many of the logos and messages we see today are monotone. The lack of differentiation can make it harder for customers to connect with your brand. Brands that reach out and make a connection with consumers will always achieve results regardless of the spend put behind it.  

The Pure Agency is about finding ways to work with legal departments to keep the copy edgy; to not compromise the ideas as so often happens through lack of category understanding. We see this frequently among asset and wealth management brands that have meaningless and generic positioning that give the impression the brand doesn't stand for anything. Brands that are articulated with strong ideas do well. However the majority of marketers are preoccupied with tactical plays and lose sight of their longer-term goals.

What are the top 3 things marketers can do to improve?

Minimising wastage of resources, both internally and externally, is the first step for many firms. A straightforward way to do this is by developing smarter partnerships with appropriately skilled agencies and streamlining internal processes to minimise double handling.

Another issue that needs to be addressed is failing to cross-sell on the one hand or approaching customers in an undisciplined manner on the other. Brands don't just need style guidelines, they also need customer contact frameworks that put discipline around what messages are appropriate for different types of customers, how often they communicate and the manner in which they reach out to customers. Putting parameters around marketing touch-points and clearly prioritising messages can reduce costs and better target audiences. It also allows brands to build on a story rather than tactically shooting from the hip just because targets are not being met in a particular portfolio.

Lastly, in many instances brands have limited budgets yet still feel the need to advertise across all media platforms. This is destined to fail because each platform requires a properly targeted strategy. Clients should feel confident in picking a few platforms to focus on to maximise their acquisition and cross-sell tactics as part of a cohesive strategy that drives brands forward, helping them to differentiate.

Interview with Margot Cotter-Melton, Managing Partner of The Pure Agency.  Conducted by Leonie Phillips, Director at Thought Broker.