The Financial Services industry has a distinct set of business challenges. Compared to a clothing retailer, for example, with a relatively simple sales funnel. Users come to the site, select their product and checkout. Assuming the site is properly optimized, users can quickly and easily make their purchase.
The key difference is, they’re buying a product—like new golf shirts for the summer—one that will last them a season or two at most.
Financial products (e.g., credit cards, bank accounts, insurance policies, brokerage accounts) are what I would like to refer to as a “durable good.” In other words, a customer will retain their credit card or other financial product for a significant amount of time.
Users spend more time reviewing products, services and company features before making their “purchase” decision. Given the scope of the average consumer’s research, the more educational information they have—the more likely they are to convert.
Education is vital for Financial Services organizations. Now take a look at 3 ways to make educational content better for your customers:
1. Comparison Grids
Many users find financial services overwhelming. They are unfamiliar with the benefits of a financial product and/or service. It’s very important that the information organizations provide is on par with the financial commitment they’re asking of their customers.
Display product comparisons and company advantages/benefits in an effective way and make sure the grid and its corresponding messaging are front and center on the key decision/education pages.
2. Print is Boring
Don’t create another monotonous, bland and (worst of all) overwhelming financial services product page. Take the time to bring the relevant content above the fold in an innovative way. Try and capture the user’s attention with inviting or interactive content like videos and iconography, making the users more inclined to review and engage with your site.
This is key. Understanding behavioral patterns will help make your educational content much more effective. If a user comes to your site from a retirement-based keyword group, chances are that user is looking for a retirement product or service of some kind. Alternatively, if a user visits your site and engages with multiple pages of auto insurance information (and leaves), chances are they are looking for auto insurance. Their return visit should be focused around auto insurance.
Offering your users and potential customers the clear, relevant, engaging and personalized educational content they need is how Financial Services organizations can convert revenue and upsell opportunities. It’s not about imposing your business goals, but rather testing and personalizing to offer users what they want. It is your site’s ability to effectively educate customers that will naturally convert into better sales.
To find out more about testing & personalization for Financial Services organizations, click here.