Finance brands which are thinking of trying to stand out from the crowd by using colloquialisms and slang might want to think again, with a new analysis showing that over four out of five consumers believe the finance industry should always use a formal tone of voice.
Email signature management platform Exclaimer quizzed four generations of consumers to uncover how different age groups respond to informality in brand email communications. in an effort to determine how different industries can effectively tailor their email communications.
It found that 83% of consumers of all ages believe that it was most important for finance and healthcare brands to adopt a formal tone approach. with Gen Z (77%), Gen X (85%), and Baby Boomers (91%) all believing that it was important.
Meanwhile, Millennials (82%) are most concerned with formality from healthcare companies, although less than half of all consumers across the generations believe that a formal tone of voice is necessary for retail companies to employ.
Consumers are least concerned about the retail industry, with only 36% of consumers of all ages stating that they believe retail brands should embrace formality in their email communications.
Even so, overall, 64% of consumers admit that informal language could result in them losing trust in a brand. This was broken down with results showing 44% of consumers believing that casual language is somewhat likely to cause them to lose trust in a brand and 20% who believe this to be very likely.
Exclaimer chief marketing officer Carol Howley said: “It’s important that businesses understand that personalisation goes beyond just adopting a casual tone, informality, or slang in communication.
“Simplifying language and avoiding legal jargon can enhance 1:1 communication as it shows brand transparency, accessibility and a customer-centric approach. However, veering too far towards informal, slang-based communication may alienate certain clients, particularly in corporate sectors.
“Our survey reveals that consumers still perceive a more formal language as a symbol of professionalism, authority, and trustworthiness in communications from financial institutions.
“This is understandable given that these organisations often deal with sensitive information and are trusted with assets, money and ultimately their customer’s financial security. It is vital that they use a tone of voice and language that reassures customers and avoids any potential unease or trust issues. Disregarding these consumer preferences can not only jeopardize brand trust, but also hinder business growth.
“As branding and consumer perceptions of language evolve, amidst increasing business competition, successful brands in all sectors must deftly balance a tone that captivates attention while fostering trust.”
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