When it comes to marketing in the financial services category, advertising effectiveness expert Les Binet has a clear message for marketers: “Don’t think that you can build financial services brands just by doing what they call hard-working performance marketing. On its own, that stuff does not drive growth. You need to make your performance marketing work well by preparing people with the brand building stuff,” he declared at a Thinkbox event on effective financial services marketing in London recently.

“Your primary aim should always be to expand your customer base. You need to recruit customers and you need to you get more value from those customers. The most effective strategy of all is not a loyalty strategy or an acquisition strategy – it’s a reach strategy. Campaigns that aim to talk to everyone who buys the category tends to be the most effective strategy of all,” he said.

Since the global recession in the mid-00s, effectiveness in financial services marketing has declined, Binet said.