One thing us consumers have in common is our attention span. We prefer digestible content and quick bursts of activity that don’t take large chunks of time away from our busy schedules. Gamified marketing is a way for financial institutions to capture consumers’ attention spans and make finance fun. This strategy can change the mind of a consumer who associates personal finance with intimidating, stressful feelings or who views financial resources as complicated and boring.
In this article, we’ll discuss how your FI can incorporate principles of gamified marketing to attract and keep your consumers’ attention without necessarily building a branded video game.
You may have been a part of a company’s gamification tactics without realizing it. Coffee shops and chain restaurants utilize point systems to reward loyal customers with free snacks or drinks, and popular fitness companies encourage customers to download apps that track milestones to earn rewards (which also provides valuable user data to the company). These are examples of successful gamified marketing strategies that encourage people to interact with the brand in a way that easily integrates into their daily routine.
Your financial institution can introduce consumers to gamification in multiple ways, such as:
Consumers view these game-like scenarios on social media or mobile apps as fun and easy ways to earn points, receive free benefits, and unlock new opportunities through engagement- and loyalty-based incentives. A helpful aspect of gamification is that you can customize these elements to what your FI wants to emphasize, from a new product to a redesigned service or educational tool that will help consumers.
Some marketing departments have a preconceived notion that gamification would require a massive marketing budget, but in reality, it is an economical strategy. Gamification methods have grown in popularity due to widespread social media and mobile use, and massive numbers of people conduct banking online or on their phones. Since your bank or credit union is already present on your consumers’ phones, it is very feasible to incorporate a gamified dynamic on a platform they already feel comfortable using.
Not to mention, some consumers may dread opening their financial institution’s mobile app because it means taking a look at their spending habits and bill payments, but if there are gamified elements they enjoy taking part in, it gives them a reason to look forward to consistently spending time on your FI’s platform.
This marketing strategy is mutually beneficial because your consumers are receiving benefits such as advice, positive money habits, and real monetary rewards, while your FI is increasing engagement, marketing its tools, and garnering consumer insights based on how they interact with your gamification system.
Gamified marketing is an all-encompassing strategy for a successful marketing campaign. Your FI is able to capture consumers’ attention and collect data while entertaining them. People are more willing to continually engage with your institution’s marketing efforts, and while they are focused on rewards and incentives they could also be exposed to financial offerings that will benefit their situation. Gamification creates a sense of network and brand familiarity, and it connects people belonging to your financial institution similar to traditional games. How your financial institution utilizes gamification conveys your brand personality and shows which facets of your brand or products are most important to you. This is all constructed in a way that saves your financial marketing team time and money, and it gives your FI valuable insights into consumers’ behaviors and needs. Overall, gamified marketing is a cost-effective way to reap useful data, quantifiable results, and even new potential leads when implemented correctly.
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