When I’m not researching marketing trends in my professional life, I like to put my sleuthing skills to work in my personal life. For instance, I recently had a hair appointment for highlights (or what I refer to as ‘enhancements’). Prior to my appointment, I decided to look up hair trends for 2019 and found out that the “bob” (straight, even cut of short- to medium-length hair) and the “lob” (longer version of the bob) are still on trend. I opted for the lob and my hair is now 5-6 inches shorter, healthier, and a bit brighter. During my research, I also checked out the fashion trends for 2019. (I am happy to report that boot-cut jeans are back in style, but unfortunately, so is neon. I wasn’t fond of looking like a highlighter back in the ’80s either.)
Speaking of trends and highlights, our friends at Comperemedia released their “2019 Marketing Trends” for the Financial Services, Insurance, and Telecom verticals. Here are some highlights of what we’re expecting to see in 2019 and how it compares to my last look at yearly marketing reviews in 2017.
Financial Services Marketing Trends for 2019
In 2017, mobile banking allowed customers to accomplish their banking needs without entering a branch bank. But a significant desire for human interaction remained, with 46% of survey respondents identifying a preference to interact with financial service institutions in person. This trend challenged financial service institutions to reimagine their approach to customer service, with some promoting 24-hour customer service and options for a “Live Chat” via their website.
Two years later, Comperemedia describes the trend as “The ‘Platformification’ of Financial Services.” This trend is about marketers in the financial services vertical communicating a connected banking experience while providing seamless and convenient navigation between customer accounts. The primary drivers behind this trend are customer comfort with technology and their demand for customer-centric experiences. A majority of survey respondents (68%) indicated they are comfortable conducting financial transactions through a computer or smartphone device, while just under half (48%) feel financial transactions are more secure now than a year ago. Roughly the same number of respondents (47%) say new technologies would make financial transactions more secure.
An example of the ‘platformification’ in the report is JPMorgan Chase launching their You Invest platform. You Invest is their new online investment platform that allows Chase customers to easily manage their Chase banking and JPMorgan investments all in one place. With You Invest, Chase is targeting its 47 million mobile customers, 90% of whom have never invested.
Insurance Marketing Trends for 2019
In 2017, only 29% of Americans thought that the written information they received from their health insurance provider about their claims was easy to understand. As a result, some insurance providers simplified what consumers saw as “insurance jargon” to improve the customer experience for their potential and current policyholders.
In 2019, the insurance trend is being called “Partners in Prevention.” This trend is about marketers in the insurance vertical moving the industry from a claims and payout solution to a prevention partner. The growth of wearables and connected devices is driving this approach. In the property and casualty insurance space, 46% of U.S. consumers surveyed said they associate smart home technology with home safety. As a result, smart home technology is finding its place in homeowners’ coverages.
Comperemedia used Travelers’ launch of Quantum Home 2.0 (QH2.0) as an example of how insurance providers are becoming partners in prevention with their policyholders. This homeowners’ insurance product includes discounts for customers with smart-home protective technology, including fire, burglar, and water alarms. In addition, Travelers launched its Amazon digital storefront where Travelers customers can buy discounted home security kits.
Telecommunications/MSO Marketing Trends for 2019
In 2017, TV providers entered the wireless space in response to pressure from streaming video providers to make TV more mobile. 33% of U.S. consumers watch full-length movies or TV shows on their mobile phones, while 44% watch news or sports.
In 2019, the telecom trend is “5G Shake-up.” 5G fixed and mobile wireless will bring better connectivity and internet speeds into homes that have previously had few and poor internet options. Speed is very important to consumers. According to survey respondents, 47% of U.S. consumers plan to switch carriers to get faster speeds and 49% of U.S. consumers interested in switching carriers said they hope to get higher data caps or unlimited data by switching. Providers offering compelling unlimited data options, in addition to internet speed, will have an advantage.
An example of the 5G shake-up in the report is Verizon looking to differentiate themselves by offering a 5G internet and streaming bundle through partnerships with YouTube TV and Apple TV.
IWCO Direct is committed to helping our clients stay on trend. As direct marketing industry trends are identified, we will continue to report on them, highlight examples, and make recommendations. Contact us today to discuss how to incorporate these trends in your direct marketing strategies.
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