“The old days of predictable, periodic media sessions have been replaced by numerous short bursts of digital activity throughout the day.” Sridhar Ramaswamy, senior VP of ads and commerce at Google.
This, is what Google has recently called “micro-moments” , a term coined in 2015 that you can expect to become more fully realized across all digital media in 2016.
What exactly is a “micro-moment?” According to Google, Micro-moments are moments when consumers act on a need; to learn something, discover something, and do something. A micro-moment is a window of opportunity when your audiences want to know or do something, where decisions are being made and preferences shaped. In short, they are open windows of “in the moment” opportunities when someone searches for something top-of-mind using the closest device to them. Think about these scenarios as “I want” or “I need” moments, when the consumers want to know something right then and there.
Image by Google: Img source
What does this mean for Financial Service Marketers?
Did you know that 47% of consumers expect a web page to load in 2 seconds or less? 40% of consumers will abandon a website that takes more than 3 seconds to load. This is just one way that a consumer’s micro moment can be won or lost.
Financial Institutions and Advisors battle for clients, and dollars are won (or lost) in these micro-moments. In fact, Google reports that consumers are often more loyal to their need in the moment than a particular brand or product. They are attracted to the brands that satisfy their needs in those “micro-moments”. The significance of these micro-moments to financial service marketers is that they will be able to leverage them to be there when their prospects or clients need them.
Every time a prospects needs or wants something, it is an opportunity for you to provide and be more then just an Advisor.
How can Financial Services compete for those micro moments?
To start, identify your prospects and clients journeys and identify those “micro-moments” that matter most. Where do prospects want to find information about financial services? Where do they want to learn about saving and retirement? How can you help them save money or spend more effectively? Why would they need your help? How can you be more helpful online in the moment? What content can you deliver to engage them in a meaningful way?
It comes down to showing your prospects and clients that you can help in their daily lives, and not just when they are present in your office for a meeting. To win micro-moments, understand your prospects intent, and then provide them with the most relevant, useful and high quality information that addresses their need in the moment. The strongest brands will capitalize on these micro moments and evolve to match these moments with valuable content.