Published by linker 5
Posted on July 7, 2020
By Demi Edmunds of TextAnywhere.
The finance industry has played a key role in supporting individuals during the coronavirus crisis. Multiple schemes and measures have been introduced by the Financial Conduct Authority, in addition to those implemented by the UK government. Just a few of these include freezes on credit card and loan repayments and interest-free overdrafts of up to £500 on current accounts. However as the UK continues to ease lockdown measures and we head into the earliest stages of recovery, many companies are striving to return to “business as usual” and experts claim that marketing will be a crucial part of recovery.
But with a recent poll revealing that 56% of adults in the UK reported that their mental health had deteriorated during lockdown, it’s important to remember that this is still a very sensitive time. So, how should businesses begin to communicate with customers? We’ve collated a few considerations below that will help to shape your marketing plan for the post-Covid19 landscape.
Evaluate your customer audience segments
No business’ target audience is homogenous and often audiences are segmented to ensure that only those who will benefit from the content of a campaign receive it. Recent research from EY, suggests that the pandemic has created new consumer segments, concluding that consumers now fall into 1 of 4 categories:
Of the categories above, 1 and 2 are most pessimistic about their financial outlook, whereas categories 3 and 4 are considered optimistic. To ensure your company is able to provide relevant content and advice, it’s worth investigating how these categories may have impacted your own audience segments and amending your communications as appropriate. For instance, those in the save and stockpile category might be interested in communications regarding savings account options, whereas those in the cut deep category may prefer to only receive updates on any changes to financial schemes, such as mortgage payment holidays.
Check the tone of planned communications
The tone of your communications will ultimately depend on your brand and target audience. But it’s important to remember that the coronavirus has caused a lot of financial anxiety. Research conducted by LinkedIn in partnership with the Mental Health Foundation revealed that of 2,000 adults surveyed in the UK, the number one concern was being made redundant once lockdown comes to an end. Understandably, consumers may be feeling more vulnerable than usual and your communications need to reflect this. As the pandemic has impacted everyone slightly differently and this includes the individual writing communications, it’s worthwhile having content proofed by a number of different people in your business. The logic being, each individual can feedback how the message reads to them and highlight any potential concerns. This will ensure consumer communications are likely to be received as intended.
Evaluate current communication channels
For any communication strategy, we would always recommend a multichannel approach. But as your choice of communication channel is dependent on the preferences of your audience, and audience segments have shifted, it’s worth reviewing which channels you are utilising. Usually email is very popular, but it’s worth noting that Hubspot reported that in comparison with pre-lockdown numbers, 44% more emails are currently being sent. So if your recent campaigns have experienced a drop in the open and click through rates, it is possible it’s because your message is being lost among the noise. This is where SMS can help.
Not only do 74% of consumers report an increased impression of brands communicating with them via SMS, messages also benefit from an open rate of 95% and an average response time of just 90 seconds. Making SMS a particularly powerful channel for time-sensitive messages. For example, account balance or application updates.
Highlight appropriate products
Marketing in the current climate is going to need to be done with a great deal of care. But while the coronavirus pandemic is unprecedented, preparing for the unknown is not and this is where products like income protection plans can be valuable to consumers. Though these types of products may not be suitable for all customers, some may be looking for products which can offer them more financial stability in the future. Given that this is likely top of mind for some, details of these products should be made readily available and included in campaigns where appropriate.
Signpost debt advice
Managing customers coming to the end of their payment holidays is likely to be an immediate priority for businesses and organisations in the financial services industry. The FCA have said “Firms should consider signposting customers towards sources of debt advice… for customers coming to the end of payment holidays”. Though this isn’t strictly considered marketing, it is important this is factored into your business’ communication strategy. What’s more, if done well, these communications can be used to build trust with your customer base and improve brand sentiment.
As the situation regarding the pandemic and recovery is still very much evolving, it’s essential that your business is able to adapt your marketing strategy appropriately. To be able to do this effectively, maintaining communication with your customers is key. By opening the dialogue, you can ensure that you use their feedback to adapt your strategy as the post-Covid19 landscape develops.
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