In the past year, PETERMAYER’s Brand Joy Lab has been researching and testing the ways people find joy—and how positivity is connected to brand value.
In our first study, we asked over 1,000 people to score different categories and experiences on the degree to which they experience or anticipate joy from them—all things or services that money can buy. We included a range of financial services offerings and experiences in the study: borrowing money, visiting a branch, investing in stocks and more.
We expected that indulgences like taking vacations, drinking Champagne and eating chocolate would be big joy-drivers, while things like banking and insurance might be perceived as, well, joyless.
That first round of research delivered some delightful surprises. Not least of which: In terms of delivering joy, having a financial plan in place ranks right between eating a steak and eating candy. Among the many experiences we’ve tested, it’s in the top 10 for joy!
Having a financial plan in place translates into a sense of control over our destiny. Whatever we envision, it becomes more real as soon as the plan is in place. A first home? Retirement? They’re not just dreams; they are realities in development. And we are driving that development. We can control our future.
Even if the road is long, having the map to the end goal gives us a feeling of security, of preparedness, of well-founded hope. Ultimately, great joy comes from tangible progress toward financial freedom, toward achieving life goals as well as financial goals.
We’ve learned in our research that financial distress and uncertainty are among the greatest joy-destroyers. Getting a financial plan in place can immediately diminish anxiety and start replacing it with confidence.
The implication for brands? Financial services companies can be key contributors to their clients’ joy. They can align themselves with the higher-level outcomes of their offerings. There is a major opportunity to demonstrate their value and legitimately take credit for the significant joy they bring.
The marketing narrative can shift from features and benefits to a story that speaks to the heart, emphasizing the peace, joy, confidence and sheer power that come with having a plan in place. We see it in our data: Having a grasp on goals and dreams is so much more exciting than an interest rate.
The customer experience, too, can be elevated to deliver greater joy – in face-to-face, Zoom or strictly digital interactions. We can optimize across the rainbow of customer touchpoints to realize the potential for joy. This can entail increasing the warmth delivered via Zoom meetings with bankers, redesigning financial planning apps to provide an easier, more compelling view of progress toward goals, or simply elevating the personality of messaging within online banking.
As of April 2024, our research shows that over 90% of Americans are at least somewhat stressed or worried about the U.S. economy. And when people report feeling less joyful, it is most often due to financial stressors. With worries about inflation and interest rates, along with increasing global instability, many of us feel a lack of control.
Having a financial plan in place equips people with the knowledge and tools they need to navigate confidently toward their goals. It’s not about the numbers but the possibility, security and power they represent.
Further, people recognise the joy intrinsic to a financial plan. They see it as more joy-inducing than most other products and services, more joyous than many obvious extravagances.
Our joy research is delivering delightful surprises. We’re discovering that joy is not always loud and boisterous, or even indulgent. The quiet satisfaction of financial security, the peace of a well-planned future, is highly prized.
We can reimagine the roles brands play in consumers’ quest for a joyful life. This research underscores a profound truth: When we invest in Brand Joy, we are investing in customer loyalty. This is the power of joy in marketing—it’s not just fun and games; it’s a business builder.
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