Financial services enterprises are pivoting away from traditional media channels and doubling down on cost-effective content marketing to reach wider audiences, according to a new study by Yell.
The financial services specialist survey polled the opinions of 250 senior marketers in the industry and revealed key trends and interesting insights its latest annual State of Financial Marketing report. The main takeaway is that marketers are looking to make budgets go further, as the majority are not planning to increase spending on the activity during the next 12 months.
While budgetary thresholds are mostly standing still, the same is not true for content marketing investment. This appears to be a primary focus for those in financial services, as a sizeable 77% said they will spend more engaging articles, blogs, videos and infographics in the coming months, while 62% will divert more funds into improving and maintaining corporate websites.
Social media is another important outlet, as 54% of marketers are planning to increase paid social media spending, while a similar number will do the same for email marketing. These forms of digital marketing are becoming more popular in contrast to more traditional channels, such as print, radio and TV, where investment is dropping off.
There will be a net reduction in spending on ads on “passive” traditional channels during the next year. Print advertising will see the biggest decline, as 23% of marketers said they would spend less in this area. One in ten also said TV advertising budgets will fall. This indicates more “active” channels, such as content and social media, are now the go-to options for marketers.
As the switch to digital continues, marketers still have several pressing concerns and challenges that are preventing them from getting the most from their endeavours. Just under half said a lack of time and resources is making it hard to achieve their objectives. This is a problem they plan to address by working with an expert third party, such as a content agency.
Only one in five said time and resource constraints were a “significant” issue two years ago, so this is an alarming rise in a comparatively short period. Marketers are also struggling to get to grips with the latest wave of cutting-edge technology, as 80% said inefficient platforms are hindering their efforts to achieve targets and goals.
“The pressure being placed on financial services marketers to do more with the same, or even fewer resources, is once again the top of the charts when it comes to marketers’ concerns,” Yell founder partner, Nigel Roberts, noted. “Last year it was our contention that this was due to a massive increase in channels that marketers are being asked to service, without necessarily being given more budget or people to assist them.”
He added: “This year it feels like much of the same, but there is a sense that the focus is moving away from traditional channels, with content delivery being regarded as having greater importance within financial service institutions.”