Local marketing continues to be a moving target. As online outlets where consumers find businesses evolve – including AI, search updates, and cultural/behavioral factors – so does the local marketing playbook. Businesses that can manage to keep that playbook updated will have an edge.
To help define and refine these strategies for local businesses, brand intelligence and reputation management company Chatmeter has released a report that tracks best practices. Specifically, it measured 40,000 customer experiences with online listings, reviews, and local search rankings.
Entitled “2023 Local Brand Intelligence Report: Online Visibility and Reputation for Financial Brands,” the report zeroes in on the high-value finance vertical. It also names names for top-performing businesses that can serve as benchmarks for best practices, and subjects for the report’s recommendations.
“We know that when AI-powered deep listening is combined with actionable insights derived from both structured and unstructured data, brands improve their CX agility, increase customer loyalty, and drive growth,” Cynthia Sener, Chatmeter Go-to-Market President told Localogy Insider.
Going deeper on the report’s particulars, it examined local listing accuracy, review quality, review quantity, and local search rankings to formulate each brand’s local SEO successes and weaknesses. This included 40,000+ banks, credit unions, insurance brands, tax services, and check-cashing services.
The findings also zeroed in on three key areas where financial institutions should focus their marketing efforts: online review management, local listings management, and customer sentiment analysis. As for some of the top-level takeaways, Chatmeter sums it up with the following actionable insights:
– Financial Brands Must Continue CX Investments: Financial brands have ramped up investments in digital technology to cater to mobile-savvy consumers and remain competitive, highlighting the need for ongoing customer experience (CX) investments to stay relevant amidst fintech advancements.
– Financial Brands Have Opportunity for Improvement, Especially in Tax Service: The majority of financial institutions struggle to achieve a high Local Brand Visibility (LBV) Score, with tax services performing the poorest, highlighting the significant potential for improving CX and business outcomes in the financial services industry.
– Financial Services Customers Expect Brands to Engage in Two-Way Dialogue: Customers expect two-way dialogue with brands regarding their reviews, but the average review response rate across sectors is only 36%, with check-cashing brands leading at 60% and tax services scoring the lowest at 10%, while banks, credit unions, and insurance brands achieved rates of 30%, 40%, and 38% respectively.
Chatmeter was able to gain deeper levels of insights in the report by tracking analytics from its Pulse product specifically. For those unfamiliar, this is Chatmeter’s AI-powered deep listening text analysis solution that can derive human-readable meaning from customer interactions with a given business.
“At our core, we are a technology company that values the power of human connection,” said Senner. “At the end of the day, it all boils down to building really strong relationships with our customers and helping them achieve their goals.”