Financial brand marketing can be challenging, but it doesn’t have to be. Advertising is often regulated, savings and investing confuse many people, and the message is usually focused on brand/product features instead of emotionally connecting. That’s both a strategic choice and a missed opportunity.
Most ads from banks, financial service companies, and credit unions tend to look the same.
Now it is true that financial brand marketing operates in a highly regulated environment, so creative campaigns tend to err on the side of caution. Also, compounding the problem is that checking accounts, savings, loans, and credit cards don’t differ all that much between banks, which means the messaging often defaults to rates or generic benefits like “convenience”. Lastly, the industry jargon (APR, HELOC, AYR, DTI, etc.) is not helpful, as data shows people struggle with understanding money, financial planning, and savings.
With most brands looking and sounding the same, how do banks, credit unions, or financial service firms create opportunity?
Simply put, the financial institutions that break the mold often stand out by helping people make progress on their terms.
A good example of success comes from our customer, Fox Communities Credit Union. Fox has a rich history in Wisconsin for nearly 90 years, but it recognized that the market had become highly competitive and commoditized. Therefore, the CMO set a goal to clearly articulate what makes Fox different in a way that’s unlike anything else in the market.
Many of us believe one key to life is about balancing needs and wants. Yet, it is human nature to struggle with this balance. Fox tapped into this emotion and friction to help people make progress.
To articulate what makes Fox unique in the market, they had to speak in a way unlike any other bank or credit union in the market.
Life is about balancing what you need with what you want.
You know what you want. Fox Communities Credit Union has what you need.
The brand positioning was risky yet intuitive, as it leaned into the job-to-be-done, the emotion, and the reality—not buzzwords and jargon. And, it is paying off for the brand, as there has been a steady increase in new accounts, loans, and deposits.
“AE Marketing Group’s partnership, creativity, and focus are helping us translate a common product and service into something human, relatable, and differentiating,” said Fox Chief Marketing Officer, Melanie Draheim. Working with them has elevated our purpose-driven brand, positioning Fox for future growth.”