Customer Testimonials -- Legal Considerations
Three trends in consumer testimonial marketing for credit card and financial companies include leveraging social media relationships, utilizing micro-influencers, and providing testimonials in video format.
Social Media Relationships
- Companies are using social media relationships with customers to highlight customer testimonials, by encouraging customers to post on the company social media page. Some companies are now taking this further and engaging (replying) to the customer, in order to foster customer-company relationships.
- This is being driven by the marketing trend of interactive marketing, where companies try to get customers to engage with the company. Companies are offering rewards like free products, exclusive services, or branded-gear as an incentive for customers to engage with the company and post reviews to their social media.
- One example of this comes from Wells Fargo. They routinely use social media to assist customers, and then share the customer's appreciation of their company, like this: "Thanks for this amazing shout-out, Daria! RT @DariaRad24: @Ask_WellsFargo The Wells team was amazing. Very understanding, took quick action, and all around made a stressful situation more bearable. -Karla"
- Utilizing micro-influencers, or those with 1k–100k followers on social media, is a current trend in customer marketing. By having these micro-influencers share their experience with a brand, companies can foster trust with consumers and influence them to utilize their product.
- The trend is a follow-up to the overall trend of using influencers in general. By using smaller influencers, as opposed to celebrities, consumers are more easily able to relate to the influencer and therefore more likely to be swayed by the post.
- One example of this is American Express, who uses influencers of all sizes, including micro-influencers, in their #AmexAmbassadors program.
- Companies are using video, especially live video, instead of text, to share customer testimonials.
- Driving this trend is the continued increase in the viewing of videos by social media users, and experts predict that "by 2020, video will make up more than 85% of all consumer internet traffic in the U.S."
- One example is this video testimonial posted by American Express.
In order to determine trends in customer testimonials for credit card companies, the research team first reviewed credit card marketing trends in general. However, this did not provide any insight into customer testimonial marketing trends. Therefore, we changed our strategy and moved to reviewing trends in consumer marketing, and then from those trends finding the ones that applied specifically to customer testimonials. From there, we were able to identify specific examples from credit card or financial companies that illustrated each trend.