Believe in Banking Podcast
In this episode, Sean and Gina kick off 2021 with a look at what we can learn from last year’s challenges and apply that resilient thinking to 2021, especially the flight to purpose and how people can experience the things you say you stand for. They take on questions posed in December after their presentation at the industry’s leading branch banking conference Future Branches and give insights into what banking leaders are facing head-on, including balancing experience and efficiency, deploying the right technology and rightsizing formats in the branch network.
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Juliet D’Ambrosio discusses what it takes to become a truly customer-centric financial brand
Data shows that customer-centric financial institutions are 60% more profitable than those that aren’t. So what does it take to transform your business into a more customer-centric organization? It requires a commitment to putting people at the center of all of your decision-making.
We believe that banking can help us overcome this crisis and emerge stronger for it.
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Believe in Data
Outside View
Cultural relevance and sustainability as key to unlocking Gen Z loyalty
One brand is known for high-performance gear for hardcore outdoor lovers with a serious, environmental mindset and the other for showy luxury and a devil-may-care attitude. So, when The North Face x Gucci announced their collaboration which launched in the US in January 2021, many followers of both brands wondered what drove such an unexpected collaboration.
The answer lies in relevance, as both brands seek to make meaningful connections with Gen Z consumers. The brilliant marketing move – announced in November on Gen Z’s playground TikTok – helps each brand position itself for this audience. For Gucci, connecting with a brand that has serious sustainable bonafides tells an important story to younger audiences who value – even demand – environmental stewardship from brands. And for the North Face, the collection reinvigorates the gotta-have-it factor for its puffy technical gear with a free-spirited campaign that drives cultural, fashionable relevance so critical to this audience.
While they may seem to be on a different planet from the runway, financial brands of all stripes face essentially the same challenge: How can their brands attract Gen Z consumers whose point-of-view on banking – and on the world – is so different than the generations who came before? And with Gen Z now making up nearly 25% of the US workforce, the question is more urgent than ever as this generation matriculates into consumers with real financial power.
The answer lies less in cool collabs than in a genuine focus on purpose, on doing the right thing, not only by consumers but by society at large. Especially post-COVID, the data overwhelmingly shows that Gen Z prefers brands that stand for something and that live up to their values through action, with 89% expressing brand preference for brands that seek to help solve community problems.
Banks and credit unions don’t need to reinvent themselves to attract Gen Z,but they do need to meet this generation where they live, with more robust investment in social media strategies that connect. And most importantly, financial brands must identify, lean into, communicate, and action on their values as never before.
To learn more about how your brand can activate its purpose to attract new generations, email info@adrenalineagency.com.
Cultural relevance and sustainability as key to unlocking Gen Z loyalty
One brand is known for high-performance gear for hardcore outdoor lovers with a serious, environmental mindset and the other for showy luxury and a devil-may-care attitude. So, when The North Face x Gucci announced their collaboration which launched in the US in January 2021, many followers of both brands wondered what drove such an unexpected collaboration.
The answer lies in relevance, as both brands seek to make meaningful connections with Gen Z consumers. The brilliant marketing move – announced in November on Gen Z’s playground TikTok – helps each brand position itself for this audience. For Gucci, connecting with a brand that has serious sustainable bonafides tells an important story to younger audiences who value – even demand – environmental stewardship from brands. And for the North Face, the collection reinvigorates the gotta-have-it factor for its puffy technical gear with a free-spirited campaign that drives cultural, fashionable relevance so critical to this audience.
While they may seem to be on a different planet from the runway, financial brands of all stripes face essentially the same challenge: How can their brands attract Gen Z consumers whose point-of-view on banking – and on the world – is so different than the generations who came before? And with Gen Z now making up nearly 25% of the US workforce, the question is more urgent than ever as this generation matriculates into consumers with real financial power.
The answer lies less in cool collabs than in a genuine focus on purpose, on doing the right thing, not only by consumers but by society at large. Especially post-COVID, the data overwhelmingly shows that Gen Z prefers brands that stand for something and that live up to their values through action, with 89% expressing brand preference for brands that seek to help solve community problems.
Banks and credit unions don’t need to reinvent themselves to attract Gen Z,but they do need to meet this generation where they live, with more robust investment in social media strategies that connect. And most importantly, financial brands must identify, lean into, communicate, and action on their values as never before.
To learn more about how your brand can activate its purpose to attract new generations, email info@adrenalineagency.com.
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Data You Can Use
The Story: A recent national Business Resilience survey from Umpqua Bank tracked confidence in 1,200 small and mid-size businesses across the United States. Their research revealed a cautious but pervasive optimism, with 66% expecting revenue to remain stable or increase, and a sizable majority planning to expand in the next 12 months.
The Takeaway: As the lifeblood of the economy, small and mid-size businesses will be key to recovery and to a brighter future ahead. By supporting these economic engines, community banks and credit unions can deliver on their purpose and grow their assets – with a focus on serving small business needs.
Source: Novantas, December 2020
Sharing Successes
Inspiring fresh engagement for a legacy brand – even during COVID
With a digital-first approach at the beginning of the year, reinforced during COVID, the bank was in a good position to promote more online activity. Messaging shifts that maximize community connections were balanced with more evergreen promotional messaging to stay relevant and to meet customers and prospects where they were.
In reality, marketing did shift – and in some unexpected ways. In fact, investment in marketing actually increased rather than decreased, as advertising and communications became one of the few ways to stay present and continue to acquire customers who were ready to shift their brand preferences. And those brands that were able to adapt their campaigns to respond to changing customer needs and channel preferences were able to drive real results.
Case in point: North Dakota’s American Bank Center – a community bank with roots dating back over 100 years – began 2020 with its Banking without the Noise campaign and a full-funnel media strategy that included a healthy mix of both traditional (TV, OOH) and digital channels (online video, display, paid social, and search).
Once COVID lockdowns began, however, the bank shifted investments toward digital channels, especially search, in an agile move that promoted more online activity. Messaging shifts that reinforced community connections were balanced with more evergreen promotional messaging to stay relevant and to meet customers and prospects where they were.
This smart digital pivot paid off. Over just two quarters in 2020, the campaign delivered 1,100 new leads; drove increases in website traffic by nearly 10 percent; and saw new users rise by a whopping 48 percent. A smart marketing campaign that stands out with charm and wit.
To learn more about how your brand can deploy advertising and digital media strategies that move the needle during COVID and beyond, email info@adrenalineagency.com.
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