It’s fair to say that marketing is a subjective discipline. That said, it’s remarkable how often businesses settle on a marketing approach that mirrors the strategies and messages used by the competition.
It’s not exactly a surprising outcome either, given the time and effort many firms, whether they’re in hamburgers or financial planning, invest in tracking their rivals. The trouble is that by following the immediate competition too closely, it makes it difficult for clients to differentiate between the competing market offerings. In this situation, final buying decisions are often made according to which is cheapest.
Look outside the box
The smart organisations look outside the box for their marketing inspiration, to other industries. For financial planners, I don’t mean necessarily mean copying lock, stock and barrel the approach used by market leaders such as McDonald’s, Harvey Norman or Myer. The secret is to look at the different approaches to marketing used by firms in other quarters that could be put to good work by financial planners
What should you look for?
Start your research by looking at marketing activities that are targeting a similar client base to you. For example, if young families are a key segment for you, look at other firms that are zeroing in on this group?
You might look to travel, for example, and the campaigns they run. One of my firm’s clients, Boundround.com is an excellent Australian travel business that’s become a valuable source for family holiday tips. Boundround has a lifestyle edge and has delivered some savvy social media campaigns targeting family decision makers.
Also consider, for example, the number of brands using video. They build engaging content utilising a storytelling approach to convey their messages. Video is a perfect medium for financial planning, an industry with a reputation for complexity. Yet video still appears to be an underutilised resource by many financial planning firms.
US airline JetBlue is known for cheeky, edgy campaigns that achieve results. The airline has achieved some success by using infographics to tell its story quickly and effectively. Given our attention span is now collectively a measly 8 seconds, a simple infographic can convey interesting facts and figures in an easily digestible way.
At the end of the day, how other brands interact with their clients is a very useful marketing resource. It’s a measure that can give you different ideas for achieving cut through with your clients.
Don’t be afraid to look beyond your industry for ideas. In this age of almost constant marketing overload, my advice, follow the Fleetwood Mac song and go your own way.
