All too often financial services advertising takes a formulaic approach, telling consumers what they should be doing to make the best personal finance decisions. Financial services company Metropolitan is trying something new, putting customers at the centre of their own choices.
“We want to move away from telling our clients what to do and instead listen, guide and learn from them,” says Metropolitan’s head of brand, Llewellyn Allen. “The organisation has shifted towards being more client-centric. We have to demonstrate that we have moved from selling products to truly knowing our clients and then working with them to provide solutions which are clear, fair and effective.”
Metropolitan has launched a new campaign, consisting of two TV commercials shot in isiXhosa and colloquial Afrikaans, using storytelling to communicate its approach: listening, understanding and guiding consumers on their financial journey. The ads focus on financial crossroads in life, such as choosing between the cost of a wedding or saving money for more immediate and practical needs, such as buying a house. They leave the questions unresolved and ask, “What happens next?”
Ogilvy & Mather Cape Town ECD Tseliso Rangaka says the ads express the internal dialogues that consumers have when they have to make a financial choice – and it was for this reason that they were filmed in the languages that many people use.
The shift from a prescriptive approach to a more collaborative one became necessary to overcome the challenges that come with advertising financial services: namely, Allen points out, that it is considered a complex grudge purchase and that there is nothing tangible to show for the purchase immediately. “The two are inextricably linked, which means any messaging has to be able to cut through both rational and emotional criteria to get consumers to change their behaviour – not always an easy task,” he explains.
Financial services providers are having to find fresh, innovative and more cost-effective ways to connect with consumers. By changing direction, Allen says, Metropolitan is aiming to open the conversation with clients. “The bedrock of financial services is understanding and engagement; our hope is that this ad and those that follow will reassure the right clients out there that there is an organisation that gets them and that is ready to listen and grow with them,” he concludes.
The big take-out: Financial services advertising can be challenging as its products are often a grudge purchase. Metropolitan has launched a campaign that takes a new approach in order to better engage with and understand customers’ needs.