2020 was a year like no other. This isn’t breaking news; we’re not the first to say it, and we won’t be the last. 

But like so many others, the Saltwater team was able to find opportunities in the challenges 2020 brought. We supported our clients through the unprecedented. We adapted, reacted, and pivoted time and time again. We persevered. We collaborated in new ways. We learned—a lot. 

Through the ups and downs, Saltwater is proud of a few things that stayed consistent: the great work our team produced for our clients and Saltwater’s stability and strength. 

Our success has been recognized by Inc. magazine, as Saltwater was named to the Inc. 5000 list of fastest growing companies for a third consecutive year. 

That success, achieved over the last 13+ years, is due to our strong client partnerships and the goals we’ve achieved together. We remain proud that our average client relationship spans more than five years, even as we’ve expanded our client roster and now have navigated a pandemic together. 

We are proud to be on a national list that recognizes long-term growth. Saltwater is New Hampshire’s sole agency featured, and is named the state’s third fastest growing company overall. 

Companies on the 2021 Inc. 5000 are ranked according to percentage revenue growth from 2017 to 2020. To qualify, companies must have been founded and generating revenue by March 31, 2017. They must be U.S.-based, privately held, for-profit, independent and meet minimum revenue requirements. 

So, we are very thankful. Thankful for our amazing team who makes it all possible, and for our clients who trust our team and give us the opportunity to do what we love. We appreciate everyone’s resilience and brilliance during these unprecedented times, and we look forward to continuing to do great work with great people. 

You can’t go a day in the financial services industry without seeing another article about digital transformation and the fintech revolution. And industry insiders are well aware that COVID policies may have accelerated the adoption of digital banking. But a Jeffries report published in late 2019 made it clear that a majority of consumers have a desire to conduct in-person banking: “Nearly 75% of respondents visited physical branches at least once per month.”

In an analysis of the report, Jeffries highlights this is not a case of older customers holding on to in-branch visits, “perhaps surprisingly, younger respondents indicated branch/ATM proximity as first and digital/ mobile capability as second when choosing a new bank,” Ken Usdin, Jefferies equity analyst, wrote in a note to clients.

While in the past 18 months more consumers may have become comfortable using online tools out of necessity, we don’t anticipate the propensity for in-person banking to significantly diminish. In September 2020 Saltwater conducted a survey of 500 residents across New England. Prior to the pandemic, more than half of respondents were visiting a branch at least once a month. And 68% of participants said they planned to maintain or increase the frequency of in-person visits once Covid restrictions were lifted. Another 23% of respondents admitted their in-branch visits would be less frequent, but still plan to conduct in-person transactions.

But, we aren’t suggesting this is a reason to stop – or even slow – your digital transformation. Rather, we urge financial institutions to be thoughtful about the balance of digital tools and physical locations and the role convenience and service play in customer interactions both online and off. 

Personalizing Your Digital Touchpoints

Digital tools can add value to your customers and your institution. They make your customers’ lives easier and your brand more accessible while providing useful data and allowing you to better understand your audience and their behavior. 

Customers may initially be drawn to digital tools because of the convenience they offer; the need to always access a physical location and adhere to specific hours of operation is eliminated. In our fast-paced, transient world, this can help attract and retain customers. But just as in physical interactions, a superior experience within your digital landscape is critical for customer satisfaction and retention. 

Creating a personalized digital experience can deepen your brand’s connection with your customers/members even in the absence of face-to-face interactions. Look for these opportunities on your website, in-app experience, and email communications. The data you receive from these tools can often be leveraged to individualize the experience in meaningful ways; think beyond just using a customer’s name. Understand the tools your customers use the most and aggregate that information to truly provide an easy, one-stop digital experience. 

Being digitally connected to your customers can also open new doors. Become a resource through on-brand responsive chatbots and quality financial literacy content. These tools add value to your customers and can assist in growing your relationship. If customers feel confident turning to your brand for advice and insight, you’ve earned valuable trust and loyalty. 

Capitalize on In-Person Interactions

While we urge all institutions to focus on their digital experience, based on Jeffries’ report and our survey results, it’s also critical to continue to enhance and modernize the in-person experience.

Convenience remains an important attribute of any interaction; while customers of all ages may still value the in-person experience, they likely don’t want it to be a lengthy experience. Ensure customer information is complete and readily available, while still maintaining the highest level of security. Allow multiple transactions to be easily completed in one visit and personalize every interaction based on a customer’s unique needs. 

Personalization may be easier to achieve for long-tenured clients, but as favorable market trends like low interest rates drive new customers, likely with more complicated transactions being conducted in-person, take advantage of the opportunity to make a positive first impression. Think about critical information for new customers and how your brand can shine in those initial interactions. Help staff be proactive in anticipating the needs of new customers and ensure processes are as streamlined as possible.

Also, be mindful of which clients are most likely to be visiting a brand location. Saltwater’s survey indicated Individuals with household incomes of $100,000 or greater have some of the lowest branch visitation in our survey. Among this audience, 61% said that prior to March 13, 2020 they visited a brand once a month or less. And 34% said post-pandemic they planned to visit less often, or not at all. Appropriately prepare your staff and tailor your in-branch experience to those guests most likely to visit, while being mindful of all clients. 

The Bottom Line

Both the digital and in-person experience are critically important to your brand’s long-term success, and they’re not mutually exclusive. Be sure online information is updated and accurate for physical locations. Be particularly mindful of the mobile experience as more and more customers engage via their phone, whether it’s cashing a check or looking for directions to the nearest ATM or brand location. Similarly, ensure your staff is familiar with your digital tools and are able to assist and guide clients through your digital experience.. 

While the digital transformation is not slowing down, don’t allow new technology and emerging trends to obscure the continued need for exemplary service during in-person interactions that remain popular among clients of all ages. 

Did you know LinkedIn has an Events feature? LinkedIn Events was just made available to all Business Pages on the professional networking site.

What is LinkedIn Events?

LinkedIn Events launched last fall to a small, network-selected audience and provides LinkedIn users with a way to connect with other professionals through virtual events and gatherings. Recently, the professional networking site made the LinkedIn Events feature broadly available since so many business have shifted to a more digital workplace as the spread of the coronavirus continues.

While in-person events may be paused for now, the feature can help spread the word about your brand’s next virtual meeting, including round tables or product launches, or even employee happy hour (privacy settings are available). It’s also another event marketing tool to be utilized once life and business begin to return to normal.

Check out more LinkedIn capabilities you may not be familiar with, which could be useful as we all adapt and do our best to stay connected and engaged in these challenging times.

For companies that rely on industry events, expos and trade shows to connect with their key audiences, there is a void being created as those events get cancelled around the world. As these brands find their ability to directly connect and communicate with wholesale buyers or individual consumers limited, they need to be innovating new ways to reach their audiences. Luckily, technology companies most brands use every day already have functionality that can help overcome this gap: live streams. In fact, the recommendations below may allow brands to create an even more immersive experience for their customers than trade shows enable. Most major social media platforms from Facebook, Instagram, and YouTube to Twitter and TikTok have a live mode, which allows you to broadcast live to your audience through the app.
Your audience has the ability to submit questions and comments in real-time, creating an interactive experience not unlike a traditional trade show floor experience. If your brand has been looking for a way to get customers onsite to see how products are created, produced, grown, or packaged, live streams could be the tool you’ve been looking for. Coupled with the current stay-at-home measures in place around the world and the increased demand it has created for digital content, the opportunity is there for the taking. The best part is it can be done from the palm of your hand. While we would typically recommend brands up the production quality of their live streams a bit (streaming through an ethernet-connected device to prevent lag, using a professional camera to get the best image quality, and having a community manager on hand to address questions as they come in), shooting these in selfie mode is more than acceptable right now. As late night hosts and politicians broadcast from home, consumers are getting increasingly used to the production quality inherent in filming outside of a studio. Most apps simply require a viewer to have an account to watch a live stream and they don’t limit the number of attendees, questions, or comments that can be submitted during a live event. But before logging on, here a few things to consider to produce the best content you can. Also, if your brand is totally new to live streams, start with the platform you’re most comfortable on. For many brands, that means Facebook. There are several outlets that share Facebook Live How-To’s; this how-to video from Hubspot is a great start. So, if you’ve had to cancel your upcoming trade show, consider going live on social media to hold a virtual event. If this is your first time producing a live stream on your social media channel, you may be wondering how to host a virtual trade show. Below, we outline 5 tips to make your virtual trade show and social media live stream successful.
Contact Saltwater to learn how we can help with your social media needs.

Last week, we shared some of the ways Saltwater expects online behaviors to change as responsible social distancing and life under stay-at-home orders continues. 

We know people are online more and more as they work from home, utilizing social media and technology to stay connected with friends, family, and colleagues, and perhaps engaging in a little (online) retail therapy. 

While marketing may not be an essential function during these unprecedented times, we do know that businesses who market through economic downturns see increased market share and ROI on the other side. So, it’s critical that businesses are in the same online channels where their customers are spending increased amounts of time. Here are a few tips any brand can implement in their social and email marketing. 

Social Media Marketing:

Social media has long been a powerful, if ever-changing marketing channel. With customers turning in large numbers to platforms like Facebook, Twitter, and Instagram to stay updated and engaged, social can now be an even more influential communication channel for brands.

But, with increased eyeballs, now more than ever it is critical businesses are thoughtful and deliberate about their social messaging. Not all content has to be rooted in COVID-19 and the new realities we’re facing, but it must be respectful and appropriate for the current climate. 

Everyone’s messaging barometer may be slightly different, but brands should err on the side of caution and be careful even with common phrases like “last chance” or “time is running out.” Traditionally used to create a sense of urgency and motivate desired consumer behavior, in these challenging times these casual phrases may come off as tone-deaf or insensitive. Try also to avoid visuals of large crowds, or other elements that have become taboo for health and safety reasons—see KFC’s pausing of their “Finger Licking Good” campaign. 

Because of the interactive capabilities, social is a great place to allow your customers to ask questions and show them you’re listening. Go live on Facebook and answer community questions. Utilize polls to understand what content customers would most appreciate. Start posts with mirroring messaging, such as “We heard customers wondering about…” and be clear about intentions, saying things like, “we thought this might help with…”. 

Now is the time to lead with empathy and be sure that every message you’re sending is serving your customers. If possible, utilize video on social, and, as we suggested last week, have leadership step out from behind the brand. Instead of a photo and caption, why not share a video with one of your leaders sharing information more directly? Everyone is learning how to adapt to the current situation and videos from your phone, yes, even without professional lighting, are more acceptable than ever. 

Email Marketing/CRM:

Your inbox is probably exploding with COVID-19 messaging from your bank, favorite retailer, streaming services, and every credit card in your wallet. While it’s an increasingly crowded space, email engagement is up and it can be an incredibly valuable channel when used correctly. 

If you’re not currently segmenting or personalizing emails, those are critical first steps. Even the most basic CRM tools provide ways to create unique audiences to ensure you’re providing the best, relevant information. Most also allow for some level of personalization, such as the customer’s name in the opening greeting. 

During times of crisis, regular communication is key, especially if your business is continuing to evolve with the situation. Letting customers know they can expect a weekly email on a certain day of the week can help keep those lines of communication open. A regular cadence of emails, without spamming or over sending, is always important, but even more so during times of uncertainty and change. 

As with social, not all content has to be virus or quarantine related, but it needs to be appropriate given the circumstances. And again, video is a powerful medium that can be utilized to make email communication more human, especially if there is a difficult message to be shared. 

Like you, the Saltwater team is continuing to adapt and find creative solutions to best support our clients and our team. We’re leaning into technology and sending production packages to our clients to facilitate at-home video production using individual smartphones. We’ve found this particularly successful for internal videos addressing operational or process changes. We’re also utilizing audiograms when video isn’t preferred or available. Internally, we’re sharing photos of our work-from-home setups, complete with babies and pets, across our Slack channels, and enjoying a good laugh as we experiment with Zoom backgrounds during team calls. We hope you, too, are finding the good in these challenging times and continue to stay safe and healthy.