Differentiation in the cluttered financial services sector requires an innovative approach Toni Gumede joins Arye Kellman to chat about ‘The role of media and marketing in portraying the countries reputation and image’ At the most recent Financial Mail AdForum event, held in association with Ornico, the financial services sector came under the spotlight. Typically a competitive industry, financial services has been affected by the constrained economy and by a consumer base that doesn’t believe that bigger is always the best.
With an alarming deficit of trust, consumers are willing to give new market players a chance instead of blindly following the traditional market leaders. Suzanne Stevens, executive director for marketing at BrightRock, spoke at the AdForum event, saying that marketing an insurance brand in today’s landscape is challenging on many levels.
“There is the belief that the financial services sector brought the global economy to its knees; we have consumers who have little trust in brands and to whom legacy and tradition mean very little, not to mention a crop of fin tech start-ups who are taking on the traditional market players – and making headway,” she said. In this environment, GDP has shrunk by 2.2%, business confidence is down and the honeymoon phase for the country’s new leadership is now over.
President Cyril Ramaphosa is tasked with rebuilding the economy in what is predicted to be a global economic slowdown and there has been a 12% drop in the purchase of new long-term insurance policies. Growing a new business in this environment is no easy task.
Differentiation in the cluttered financial services sector requires an innovative approach that connects and engages with consumers on the emotional level, where they make decisions. Stevens points out that most financial services brands use a one-directional broadcast strategy, with the bulk of their adspend going to television, making the space extremely cluttered. Read more from businesslive.co.za…
thumbnail courtesy of businesslive.co.za