Are financial brands turning to experiential marketing?

By February 27, 2017General

Whilst we know the power of experiential marketing, there are a few industries that are slow at catching on. However, it seems that financial companies are starting to implement experiential marketing campaigns.

At first, it seems like an odd fit. Experiential marketing must be creative, but the finance market often seems like it’s far too stuffy a place for something innovative.

But that’s a shortsighted view. Experiential marketing is all about engagement and having a hands-on approach to marketing. Essentially, it’s about building an experience between a consumer and a brand which, when you think about it, is something that can be done in any industry.

We’re starting to see a lot of financial marketing that leverages our emotions.

Consider something as simple as a pension calculator, for instance. It might seem like nothing, but this is a type of experiential marketing.

Most of us are concerned about our retirement age getting pushed back and what we’ll have to spend when we’re old and grey. A pension calculator is a useful weapon for a financial brand, because the result is usually pretty shocking. We’re not saving enough and a calculator helps visualise this. It’s a virtual slap in the face.

The same goes for mortgage and budget calculators, debt repayments and savings rates for your kids. The point is, we don’t realise the impact of the choices that we’re making right now.

Smart finance companies don’t just offer out a little tool and disappear though. They follow up with people via a banner ad, an email campaign or a newsletter. It’s a question of logic: anyone who has used a piece of software to find out what his or her future holds obviously has a vested interest in that result. It stands to reason that a well structured advertised strategy would yield some great results.

It’s fair to say that experiential marketing does probably need to be a little different in the financial market. Obviously the type of information that needs to be given to a target audience has to be quite specific and detailed. It’s not the same as sampling a brand by giving out free cakes at a train station.

Ultimately, though, experiential marketing campaigns must bring a brand closer to a consumer. How it goes about that can be up to the business in question. That’s where the creativity is required.