Betterment, the fintech company that pioneered the “robo-advisor” concept for digital investing, is embarking on a bold new journey to increase its brand awareness in the B2B space. Despite its long-term success, Betterment faces a unique challenge—competing with industry giants like Fidelity Investments, whose omnipresence in both the digital and physical financial sectors overshadows smaller competitors.
The Challenge: Competing Against Giants
Kim Rosenblum, Betterment’s Chief Marketing Officer, highlights the difficulty of competing in a legacy-dominated sector. While the company has been successful in the direct-to-consumer market, its recent expansion into B2B services such as 401(k) programmes and solutions for registered independent advisors hasn’t quite captured the attention of corporate decision-makers.
“You’re a digital brand entering a category dominated by companies like Fidelity, with their enormous media spend and physical presence. It’s a tough space to break into,” Rosenblum explains. She further notes that when it comes to choosing a financial partner for something as important as retirement plans, brand familiarity is crucial. “When a Chief People Officer suggests Betterment for managing a company’s retirement plan, the reaction is often, ‘Who’s that?’”
The Solution: ‘Pursue Better’ Campaign
In an effort to establish itself as a trusted financial partner, Betterment has launched a year-long brand awareness campaign called Pursue Better. The campaign features four professional athletes who resonate with Betterment’s target demographic: busy millennials facing major life milestones, such as buying homes or starting families. The athletes in the campaign include WNBA All-Star Arike Ogunbowale, recently retired footballer Carli Lloyd, NFL quarterback Drake Maye, and rising PGA Tour golfer Michael Thorbjornsen.
“Our core business is aimed at millennial professionals,” says Rosenblum. “These are people at the beginning of their investing journey, who are thinking long-term about their financial future. They lead busy, packed lives and don’t have time to focus on their finances day-to-day, which is where Betterment steps in.”
Carli Lloyd, despite recently retiring from her sporting career, embodies the millennial mindset Betterment is targeting. She’s transitioning into a new role as a Fox Sports analyst while preparing for motherhood, demonstrating the perfect example of someone who has to balance a demanding career with significant life changes.
“Carli may have retired from sports, but she’s not slowing down,” Rosenblum notes. “With so much on her plate, she’s exactly the type of person who would benefit from Betterment’s long-term financial planning tools.”
The Target Audience: Busy Millennials
Betterment’s campaign aims to connect with millennials, a generation accustomed to using their phones for almost every aspect of their lives. “The idea of using a digital platform for financial planning isn’t a foreign concept to millennials—it’s expected,” says Rosenblum. This generation is comfortable turning to tech-driven solutions for everything from grocery shopping to managing finances, and that’s where Betterment hopes to shine.
Content Strategy: Reaching Audiences via Social Media
To reach their audience, Betterment has crafted a comprehensive content strategy using YouTube and paid social media ads. The campaign involved a full day of shooting with each athlete, producing over 30 pieces of content for each star. The athletes are also using their personal social media platforms to promote the campaign.
Just days into the launch, the campaign’s initial performance exceeded expectations. “We’ve seen engagement and views that are 10 times higher than what we could have achieved with our own organic social posts,” says Rosenblum.
Measuring Success: Trust and Recognition
Measuring the success of a brand awareness campaign is never straightforward, but Betterment is using a brand health tracker to monitor its progress. The tracker focuses on awareness, familiarity, momentum, and brand attributes, as well as overall trust—something that’s critical for a company managing people’s retirement funds.
“We want to be the brand people trust to handle their money so they can focus on living their lives,” Rosenblum says. “Trust is everything when you’re responsible for someone’s long-term financial future.”
Betterment’s Pursue Better campaign is an ambitious step in positioning itself not just as a digital investment platform but as a trusted partner for businesses and millennials alike. By tapping into the real-life challenges of busy professionals, the company aims to carve out a distinct identity in a crowded financial market dominated by established names.
With its focus on long-term financial planning and a relatable, millennial-focused message, Betterment hopes to not only raise brand awareness but also build lasting trust with a new generation of investors.
Reference: https://martech.org/behind-the-scenes-of-betterments-b2b-brand-awareness-campaign/
