A couple of months ago, I wrote a blog post on banking podcasts that included links to some representative examples of podcasts in this space. The ensuing feedback has sparked a lot of conversation about how podcasting fits into the marketing mix when considering how banks, and financial services companies, more generally, are trying to solidify relationships with their existing customers and attract new ones.
One common theme we’ve been hearing is that marketing in the financial world is boring, repetitive, and easily forgotten. One bright spot has been the increased focused on “financial wellness", which is a key component in many banks’ transition from providers of financial products to consultants for creating financial solutions.
We know you don’t care that our interest rates are 100 basis points lower than our competitors, or that we offer loans on cars AND motorcycles! We want to guide you through a life of financial bliss! We’ll roll up our sleeves and solve your financial problems! We care about you!
I don’t mean to belittle traditional practices or suggest that financial institutions are being inauthentic in their aspirations. It’s just that traditional marketing on its own falls short when trying to establish these new kinds relationships with customers, and even digital marketing doesn’t engage customers deeply enough to enable banks to become more important in their customers’ lives.
Finance Podcasts and the Banking Relationship: What’s Needed
But there’s good news…Finance Podcasting can strengthen banking relationships in ways that traditional marketing vehicles either can’t do as well or can’t do at all.
Back to the aspirations of financial institutions to improve the financial wellness of their clients. Doing so requires educating clients on concepts that are oftentimes confusing and complex. The task requires…
- Time to explain both the problem and the solution
- Creativity to make the content memorable
- Empathy to enable people to face their financial fears and challenges
- Mental space to be receptive to your messaging
Here’s how finance podcasting addresses these requirements either as a superior alternative or a helpful supplement:
- You have a podcast listener’s attention long enough to help solve their financial challenges. If your content is, as many hip marketers now say, “relentlessly helpful”, you’ll have on average 25 to 35 minutes of your listener’s undivided focus for each podcast Episode. This is enough time to frame a specific issue, describe a solution, and provide examples. More importantly, it’s enough time to establish credibility and a trusted relationship with the listener.
- If creatively developed, podcasts are more memorable than traditional media. Compare the last thing you learned reading something with the last thing you learned hearing a compelling story or example. Which did you remember? Stories that are artfully told not only appeal to a person’s mind, but to their emotions. The listener will be better able to retain the information they hear, compared to a white paper, press release, or webpage.
- Clients relate to stories that feature people that are like them. Podcasts oftentimes employ vignettes that feature characters with whom a target audience can relate to. This creates a sense of empathy and relatability that makes the listener more receptive to the messaging and knowledge that is being imparted. Finance podcasts featuring relatable, real-life examples both resonate emotionally and provide motivation to keep listeners coming back to listen to subsequent episodes.
- Podcasting reaches the unreachable. I’m talking both physically and mentally. There are large swathes of the market that are 1) constantly mobile, and therefore not in front of media through which traditional marketing vehicles operate (screens, print, etc.) or 2) spending considerable time on repetitive leisure activities (hiking, walking, gardening, housework, or just lounging around). This is where the mental space comes in. If you’re listening to a podcast, there’s no screen to distract you or tempt you to switch your attention. What other traditional marketing vehicle is filling that void?
Where The General Public Is Getting Their Financial Information Is Changing
Just as important as all of the above: About 2 years ago, the number of hours spent listening to podcasts surpassed the time spent on social media! This is particularly true of the coveted 18-to-34 year-old group, of which 50% listen to podcasts at least monthly.
Sometimes the best way to begin thinking about how to start a podcast is to listen to a few. Since we’ve been really focused on financial services recently, let me refer you to two previous blog posts that feature the best financial podcasts (the first of which I mentioned above):
What Can Podcasting Do for Banks and Credit Unions?
Three Financial Podcasts to Add to Your Financial Wellness Listening Rotation
The best finance podcasts I’ve seen so far is one from Edelman Financial Engines. The topics list is fabulous!
So…when it comes to financial wellness content, don’t be boring, repetitive, and easily forgotten. Be attention-getting, creative, and memorable! Consider adding podcasting to your marketing toolkit.
We’d love to start the conversation with you about your own podcast aspirations. We welcome you to visit our website at www.gomodpod.com, or reach out to us via our Contact form or at info@gomodpod.com.
