When it comes to content marketing, financial services may not seem like the most exciting place to be. With myriad regulations and compliance issues, it’s easy to get caught up in what you can’t say instead of focusing on what you can do.
Mitch Joel from Twist Image joined Joe Pulizzi during our recent #CMWorld Twitter chat to discuss content marketing in the financial services industry. Below are some key questions that were addressed, along with answers gleaned from the chat.
You can also read the full transcript, or view some highlights for each question in the SlideShare presentation below.
While this information is applicable to the efforts of any content marketer, those who work in a regulated industry like finance will benefit particularly from the key takeaways discussed by our participants.
And don’t forget to join us for today’s #CMWorld Twitter chat, where Kinvey’s Joe Chernov will be answering our Twitter fans’ questions about social media and content marketing. We will be holding additional Twitter Chats on a new content marketing topic each Tuesday at noon EST.
(Editor’s note: We have not included Twitter handles when multiple participants offered the same or similar responses.)
The unique content challenges in financial services
To kick off the chat, we asked participants to identify the biggest challenges they see the financial industry facing when it comes to creating great content marketing. Here are some of the issues that were mentioned:
- The industry is highly regulated; in fact, Joe Pulizzi commented that it is even more regulated than the health care industry.
- Organizations lack funding because of the recession. (@mitchjoel)
- Sales are complex. (@mitchjoel)
- Consumers lack trust.
- Consumers are not well educated in this area.
- It can be difficult to differentiate brands and their features. (@mitchjoel)
- Legal and compliance components can be onerous. (@SFerika)
- Organizations can be very siloed. (@joepulizzi)
- Finances seem scary, and it can be tough to get people excited. (@brassMedia)
- The content can end up lacking a human voice, as it goes through so many checks along the way.(@heidicohen)
Considering the complexities involved in many of these obstacles, it can be particularly tricky — and intimidating — for financial services companies to execute on content marketing and social media campaigns:
@mitchjoel…and I think the regulation issue also expands the fear…#financial doesn’t want to take risks w/content #cmworld —@JoePulizzi
Which financial services organizations are rising to the challenge?
Despite these (and other) challenges, participants were still able to rattle off the names of quite a few financial organizations that are making their mark with great content, such as:
- Fisher Investments (@joepulizzi)
- TD (@mitchjoel) — including their thinkMoney magazine
- Mint (@mitchjoel)
- AmEx Open Forum
- iShares: Their blog and social media: (@SFerika)
- Scottrade (@SusynEliseDuris)
- Thrivent (@SusynEliseDuris)
- Seeking Alpha (@SusynEliseDuris)
- Schwab’s On Investing magazine (@SFerika)
- ING Diba in Germany (@__ok_)
- BrighterLife (@junebug)
- GrantThornton US (@joepulizzi)
- Fidelity’s podcasts (@heidicohen)
- Barclay’s magazine (@NenadSenic)
For more examples, check out Kevin Cain’s post, Creative Content Marketing for Financial Services: 3 Examples.
How can financial institutions leverage their data into great content marketing?
Though there are some challenges, financial institutions also have some unique opportunities when it comes to content — such as the massive amounts of data they have at their disposal:
A6: [Financial institutions have] been historically great at data. And they continue to be. Everything you see is/should be data driven. #cmworld —@mitchjoel
Anything financial marketers can do to make use of that data can give them an edge over the competition. For instance, several participants commented that there is an opportunity to repurpose these data for infographics, as well as for other content formats:
A6: My favourite, Infographics Case studies, white papers. Don’t think financial services even use a 1/4 of their data, tho #CMWorld —@lttlewys
Bridging the gap between traditional and content marketing
In many respects, bridging the gap between traditional marketing and content marketing is the same as it is in any industry. This sentiment from Eric Wittlake sums up the similarities:
@CMIContent A3. It isn’t about conservative industry. Gap is individuals that want to control broadcast message vs help. #cmworld —@wittlake
Here are some additional ideas our participants offered on how to get started with content marketing:
- You need to get executive buy-in. (@brassMedia)
- Start with small projects to experiment and prove effectiveness.
- Hire great storytellers to differentiate your content.
- Find the right people for your projects.
Moving content through the regulatory constraints
While regulations can certainly make content creation a bit more challenging, our experts urge content professionals not to fixate on what they can’t say and, instead, get creative about what they can say.
Another common theme during the chat that ties into this is education. The consensus was that it is imperative to educate audiences on the basics, first and foremost:
@CMIContent IMO regulation contributes, but it’s also a convenient screen. Look at Fidelity, iShares or USAA. #CMWorld —@wittlake
Again, this advice applies to content for any industry: Figure out your customers’ questions and answer them:
#Education really undervalued as a part of financial #marketing. Huge opportunity to gain customer trust thru education. #cmworld —@brassMedia
What other questions do you have about the financial services industry? Any insights you would like to add?
To get more in-depth knowledge and hear Mitch Joel speak, join us for the Content Marketing World Financial Summit in Cleveland, Ohio on September 12.
Cover image via Bigstock