What Do Customers & Prospects Want From You?
Banking executives and financial marketers could learn something from a small security software company. The company, Webroot, changed its advertising approach after a startling discovery from a consumer poll.
Webroot makes antivirus software. It’s running a new marketing campaign across various media because of the responses made by security software users when they were asked an admitted “throwaway question” in an 18-statement questionnaire.
“I wish security software brands would just explain things in plain English so I could really understand what I’m protected against,” was the statement.
While the Webroot folks were amazed by the positive response to this claim, making it the third highest agreed upon statement in the survey, I’m not surprised even a little.
With a couple of simple changes, that sentence could easily read, “I wish financial institutions would just explain things in plain English so I could really understand how my accounts work,” and I bet you’d get nearly 100 percent agreement from consumers — including your own customers.
What did Webroot do with this information? They devised a marketing plan around it. The message of the new plan: We’ll explain everything about our software and what it does in simple statements.
How many bank customers and credit union members weren’t aware they had overdraft protection until the opt-in issue? Hidden details that suddenly surprise people do not generate confidence or trust in a financial institution. I can’t count the number of times I’ve had people ask me to interpret financial ads or details about their accounts because they know I write bank and credit union marketing promotions.
People want to know what they have, simply explained to them.
Webroot caught on thanks to a lucky break and confident leadership by its management. Financial services marketers, executives, and compliance officers must realize banking customers, likewise, want to know what they have and what they’re getting. They want easy-to-understand explanations in plain English, not in pseudo-speak.
If the roles were reversed, wouldn’t you want the same?