Social Throwback 2022: 5 lessons for BFSI marketers from 2022

As the dynamics of marketing keep evolving at a rapid pace, businesses must bring their A-game to the table to gain the coveted competitive edge. Shefali Khalsa from SBI General Insurance shares her learnings from 2022.

Over the past two years, there has been a significant change in the way consumers and businesses interact with one another. For a business to grow and succeed, marketing is a crucial element and an enabler. Since the dynamics of marketing keep evolving at a rapid pace, businesses must bring their A-game to the table to gain the coveted competitive edge. 

The year 2022 has been nothing short of a watershed moment for the way most sectors approach the marketing function, and the BFSI sector is no exception. To address challenges such as constantly shifting customer attention, evolving expectations, and varying demand patterns, BFSI marketers must adopt a holistic outlook and the key BFSI marketing trends for 2022 bear testimony to the success of such an approach. 

What 2022 has taught BFSI marketers

Here are some resounding lessons for BFSI marketers from 2022:

A comprehensive brand experience for customers 

Over time, not only have the expectations of customers from brands evolved but there has been a corresponding shift in the definition and scope of marketing. Marketing today has become extremely interactive, with the weight of customer opinion and feedback increasingly gaining traction. Clear lines of communication between brands and their customers have become instrumental to positive brand perception and sustained brand loyalty, particularly in a sector as competitive and multifaceted as BFSI. Customers today are not just looking at buying a particular product or services but a holistic experience when they interact with the brand.

Content marketing is a game changer 

The year 2022 has seen the BFSI sector bear witness to the power of content marketing. Since targeted content marketing is an effective approach to communicating important information to customers, it has become pivotal for BFSI players to dedicate time and effort to the process. With the ever-rising reach of social media, developing and implementing a strong content marketing strategy is key for BFSI marketers. And a step further, storytelling has become one of the essential parts of the content. 

Brands today also have a great sense of customer point of view, hence, empathy has become a part of most of the concepts and brand propositions. Also, the concept of brand with a purpose has been well accepted, even for BFSI brands. While most of the brands have been strategizing and executing ‘customer-centric campaigns, the past two years have emphasized the need for ‘empathy-based marketing’. Brands are striving to walk in customers’ shoes to understand their experience and how they can be helped better. However, it is essential not to mistake empathy is not sympathy. This means the brands need to “Be the customer” and not “Think like a customer”.  One of the core drivers to weave empathy is to engage with customers.

Influencer marketing to the fore 

Influencer marketing has certainly gained center stage when we talk about social media campaigns. Today, it’s become a part of almost all campaigns on social media. There are surveys that support influencer marketing has benefited brands' reach and contributed to their sales. Like any other sector, influencer marketing is widely and successfully used even by BFSI brands. 

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Omnichannel marketing galore 

Over the years, it’s been proven that a well-stitched campaign spread over 360 degrees has a bigger impact, which usually includes multiple channels and platforms. From websites to applications, social media handles to emails, text messages, and chat support, marketers cannot leave any stone unturned in their quest to make their brands more accessible to customers. Key players in the BFSI sector have, therefore, widened the horizons of their marketing strategies and incorporated chatbots and dedicated teams to enhance customer satisfaction. In fact, now the marketing budgets are almost equally divided to fairly cover the traditional media and digital media. 

Digital disruption is here to stay

With the imprint of technology being felt in every facet of life and business, the way we perceive brands has changed as well. Brands are increasingly being judged and ranked by their adoption of technology. For the BFSI sector, in particular, digital disruption has brought approaches such as mobile-first, self-service, 24x7 support, chatbots, two-way lines of communication, etc. to the fore. In order to gain and retain customers, even BFSI brands have adopted digital disruptions and capitalize on their power to drive impact. 

The way forward for the sector 

The BFSI sector is slated to continue being shaped by technology, innovation, and an emphasis on customer service and satisfaction. Keeping these important factors in mind can hold marketers in the sector in good stead in the times to come. 

This article is authored by Shefali Khalsa, Head – Brand & Marketing, Corporate Communications and CSR, SBI General Insurance. The article is a part of social throwback series that recaps 2022.

Disclaimer: The opinions shared in the article are of the author and do not necessarily reflect the opinion of the publication.