This gave us a huge exposure to the dynamics of this industry. We initially found it very challenging to crack our messaging for these marketing videos. We found some unique features specific to the BFSI industry that we have to understand.
Here are some of our understandings and tips which are common to any marketing communication materials and not just for videos.
Let’s First Nail the Messaging!
How often do we get an SMS for a bank loan or an insurance policy or a credit card or a marketing call for a Mutual Fund investment? At least once in a day, right?
Adding to this we see a whole array of advertisements that come on TV, Print, Social Media etc. There is so much noise in this industry that we simply cannot ignore it.
So, if you belong to the FinTech industry, how do you stand out? What is going to be the differentiator that will help you win customers in this crowded market?
Though some of these insights are generic to any segment, some aspects are quite unique to Finance. It will be very difficult to cover everything in one blog and hence let’s divide it over in a series of blogs. Let us start with the basics in this part.
Understanding The Audience:
The good thing is that almost everyone needs money or financial freedom. It doesn’t mean that we can communicate with everyone in the same way.
We need to understand that almost 90% of our audience has very less finance knowledge and hence communicating to them needs a lot of care.
We need to build a high level of awareness before they would even consider your product, leave alone and purchase it. Therefore going into marketing understanding that the audience won’t care about managing or saving or even growing their money is very important.
For the sake of simplicity, let us start with a non-video example of this print ad by Kotak Mahindra Bank.
Get your 6% SB account opened with Kotak Mahindra Today
- No one cares or understands.
- Very Generic.
“Why take 4? 6 is more. “ Earn up to 6% interest with Kotak Mahindra –
- Relates instantly with the audience.
- Grabs their attention.
- Increases awareness.
Source: E4M – Kotak Mahindra
Talk Benefits not Features :
Money is not a style statement like a car or a mobile phone. Having a sunroof in a car might be the feature that someone might be looking for but no one will be looking for a tab banking or mobile app for their Savings Bank account.
What they will need is less paperwork or fast processing or power of sending money on the go. To put it in simple terms, benefits are something that will make your life more comfortable.
Have a look at this example marketing video we did for HDFC bank. Notice how the story is perfectly structured around the target audience.
Bringing you the power of multi-currency card
- No connect- does not work
- Not powerful enough for the audience to take action
World traveling made easy with HDFC Multi Currency card.
- Target audience addressed
- Benefit statement powerful
Have a story :
I am sure you would have heard this a hundred times. People remember a story more than a mere statement. Marketers often beat around the bush in the effort to create a story.
Always remember that the story has to be relevant, engaging and crisp. Not every instance of your communication will have a scope for a story.
Just remember that story is something which will make your audience imagine themselves in a situation where they are going through the problem statement or enjoying the key benefits.
Get creative here. Make it unique, unexpected and most importantly emotional. One of my favorite marketing video in this space is the GOOD EMI video by Franklin Templeton.
We all work hard. Work hard so that we can enjoy our retirement life in harmony. We save money in banks. But banks pay us a very low interest for our hard-earned money.
Start an SIP with “XYZ” to make more money from your savings.
- Not engaging.
- No surprise element
- Attempts to be emotional but fail.
Just like you choose an EMI for today’s big expenses, choose an SIP to fulfil tomorrow’s dreams. We bring you investments and not installments. Begin a good EMI with us. Franklin Templeton.
- Relevant ( Connects with people who have EMIs)
- Emotional (Good EMI – positive emotion )
Source: Franklin Templeton
Finance products sell dreams. Hence it is very important to win the trust of your audience from the word go. A small slip in communication might make your brand sound desperate or cheesy.
Whether you are creating a marketing video or just writing a marketing email you send, empathize with your audience, put yourself in their shoes and then start thinking.
Read the next blog here.