According to a recent study conducted by Razorfish, “consumers cited ‘feeling valued’ as the most important element of brand engagement.” While most marketing efforts are developed with the goal of communicating value, how many of those efforts actually lead to customers feeling valued? Within financial services, the number is probably low. That’s because:
There’s a difference between communicating value and helping customers feel valued.
Financial services marketers tend to focus on the former. They find different ways to communicate value in an effort to convince consumers to make a purchase. And in some cases, these efforts might work. But engagement requires ongoing attention. It requires more than simply communicating value.
Imagine if more marketers were focused on helping customers feel valued. How would the marketing mix shift?
We’d see a move from mass media advertising to more targeted and direct outreach. Marketers would need to listen and then respond. The concept of marketing would need to be internalized and institutionalized; everyone would be responsible for marketing. Customers would be better understood. More emphasis would be placed on the brand experience. Value would not only be communicated, but it would also need to be demonstrated - with every customer, every single day. And therein lies the difference.