Education-based marketing is the sharing of knowledge with the purpose of building trust. It is a strategy that establishes credibility and trust with your customers by using educational messages. Today’s consumer lives in a highly digital and immediately gratifying consumer environment. They don’t have to buy unless it is on their terms and their timetable.
Furthermore, today’s consumer won’t to do business with people they don’t trust . In order for them to trust you they need to be assured they are dealing with the right company who has their best interests in mind.
Education-based marketing is the direct opposite of traditional marketing, which is done through selling-based messages. Many consumers have had enough of traditional marketing approaches and have grown tired of hearing old and worn out sales pitches. However, when you share important information and facts that help customers make a good buying decision they listen .
1. Knowledge is the Key
Let’s look at a case study of an industry that is faced with some of the greatest hurdles when it comes to trust in the eyes of the consumer, where traditional marketing approaches no longer attracts consumers to become customers: The Financial Services industry. This industry suffers from a lack of an education-based approach and the gap between consumer understanding and the professional is an ocean. Where there is such a gap, the void must be filled through education, through information, through knowledge – not just direct marketing.
The challenge is how to bring the consumer to a level of confidence without having to go through years of trial and error. This is where an educational approach comes into the picture in a very dramatic fashion.
In this case study I examined the approaches of several professionals to identify common points of success and failure. One such financial professional who takes this unique approach is Lisa Barram, President of Retirement Prosperity Group. She quotes William Penn: “Knowledge is the treasure of a wise man”, as she attributes their success to empowering their clients with knowledge through their education-based philosophy.
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