Who doesn’t want their customers to stay with them for the long-term? And what broker doesn’t want their customers to know they’re acting in their best interests (BID, or no BID)?
We know it’s a while away now, but recently we were asked how brokers can use BID in their marketing. Our short answer is ‘BID isn’t a marketing opportunity’.
Most consumers take it as a given that they’re protected under Consumer Law, so what message is it sending them to announce yet another layer of protection? Would they wonder what was happening pre-BID? Would they question why the regulators have deemed it necessary?
We have put our heads together and can’t (yet) figure out a customer-centric message that avoids being a logical fallacy. Besides, there are only a few groups that should be selling the value proposition of brokers en masse (i.e. the industry associations).
For everyone else, it’s up to you to champion yourselves and your own brands! Focus your messaging on what you already do for your customers, day in, day out. As a very smart broker said to us:
“Our point of difference is not legislation. We prefer to focus on promoting what we do day in, day out: providing great outcomes for everyday Aussie families.”
We’re also mindful that distilling complex regulation into pithy, social media-friendly catchphrases is fraught. So if it’s something we want to do it’s a good thing we’ve got another six months to get it right.
What do you think? Is there BID-related messaging that is customer-centric, compelling and unequivocal that would help build YOUR brand?
Show, don’t tell
If good marketing is all about showing, not telling, how do you show prospective customers you’ll be their trusted partner for the long haul?
Sometimes it comes down to pressing pause before posting what everyone else is, and asking yourself whether it really aligns with the experience you provide your customers.
What does this look like in practice?
In the case of the ubiquitous $4k cash back offer, for instance, sure, you could say: “A bonus $4k back in your pocket just for switching home loans! Call me” But it sounds a little ’90s-sales-guy’, doesn’t it?
A customer-centric, credibility-enhancing message is more about saying: “Don’t be drawn in by the bright lights of the bank’s cash back offers. Money in your pocket is appealing, but it shouldn’t come at the expense of your longer-term goals. For tailored guidance…”
Thinking about it from the customer’s perspective, which finance professional does a better job of communicating that they’ll act in the customer’s best interests? Who would you trust?
We produce social media content for finance professionals that go beyond simply being ‘compliant’. For content that elevates your brand and builds your reputation as trusted adviser.