In marketing, it’s easy to turn to uplifting, positive messaging to try to attract the attention of prospects and existing customers/members. Along with the positive messaging, however, it’s good to consider what the average consumer is facing in terms of their money management to fund new purchases or buy your products/services. Here are a couple stats that are worth considering in tailoring your marketing messages.
The State-by-State Financial Capability Survey, released by the FINRA Investor Education Foundation, provides insights into how well Americans are managing their day-to-day finances and saving for the future. The national averages among survey respondents for these key measures are below:
- Fewer than half (41 percent) of Americans surveyed reported spending less than their income.
- Over a quarter (26 percent) of Americans reported having unpaid medical bills.
- More than half of Americans (56 percent) do not have rainy-day savings to cover three months of unanticipated financial emergencies.
- Over a third of Americans (34 percent) reported paying only the minimum credit card payment during the past year.
This directly impacts the ability of a large part of the marketplace to buy more or borrow more or save more. Here’s how to present your marketing in a way to sell in a helpful way:
- Give tips on how to make a wise purchase to save money
- Provide examples of how your product/service saves more in comparison to competitors
- Present ways to you can help make it easier to purchase including online, over mobile and over phone
- Give examples of ways other people are using your products/services to gain more financial success
Here’s a great example from a credit union client in Connecticut: the CEO asked LemmonTree to help her develop the marketing for her idea of a savings program to get that rainy day fund for members, with rewards. She was using her basic share savings with levels for bonus dividend yields and rewards. The Financial Freedom Program was recently introduced and it hits that 56% of Americans that don’t have a rainy day fund.
Marketing is meant to set the stage for the purchase, getting the leads to sit across from your front-line. So, keeping a sensitivity to the consumer mood and stresses can help you focus on presenting the true benefits of your products/services.