Is Consumer Engagement the Key to Success for the Financial Industry?

Updated: Jul 25, 2021

The financial industry relies heavily on consumer relationships and is a consumer-focused business. Trust is the foundation of relationships, and it’s even more vital in times of uncertainty.


According to Sprout Social, 64% of consumers want brands to connect with them and 66% of consumers associate feeling connected with a business to trust.


Consumers waiting for a response from Income on Facebook
Consumers not receiving any comments from Income on Seedly

Businesses can no longer adopt a transactional position with consumers but need to transform it into a relational one through consumer engagement. But what’s that? Consumer engagement refers to the ongoing interactions between company and customer.


In this article, we’ve shared 5 benefits of consumer engagement in the hopes that you can understand its impact and start employing strategies to stand out from the crowd before it’s too late.


Contents

  1. Promote online reputation

  2. Build brand trust and affinity

  3. Breed customer advocates

  4. Improve product/service quality

  5. Increase revenue

1. Promote online reputation


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