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The State of Financial Services Marketing

A recent report by Deloitte, “The CMO Survey: Special Edition Report – COVID-19 and the State of Marketing,” has confirmed what leading firms already know: marketing is continuing to increase in importance in light of the challenges faced by the COVID-19 pandemic. 

Based on our experience and our observations, we couldn’t agree more. As the following statistic from the Deloitte survey shows, the role of communications during turbulent times is even more critical for engaging with your clients and prospects.

Source: Deloitte’s The CMO Survey: Special Edition Report COVID-19 and the State of Marketing

While the survey covered multiple topics and interviews with CMOs across a broad range of industries, we’ve highlighted two additional findings from the survey which we believe are particularly important for financial services marketers.

Source: Deloitte’s The CMO Survey: Special Edition Report COVID-19 and the State of Marketing

Source: Deloitte’s The CMO Survey: Special Edition Report COVID-19 and the State of Marketing

Based on these findings, we posit the following:

Brand relevancy rules – Leading firms are using these turbulent times to do the legwork that is going to position their firms for the long term. While traditional sales and lead generation activities face steep challenges for the foreseeable future, it is precisely the right time to engage in activities to refine and promote your brand in a way that aligns with the current period. Doing so will help to reassure clients that your firm is viable and continuing to thrive amid uncertain times, while also laying the groundwork for more aggressive sales & marketing programs down the road.

You need exceptional content – Content marketing is now table stakes for engaging both customers and prospects. And, clearly, not all content is created equal. Get too technical and you’ll lose your readers. Delivering content that is not informative is a non-starter. Leading financial firms distinguish themselves through superior quality. They employ content specialists with technical knowledge combined with a deep understanding of their target audiences to develop compelling, topical content that people actually want to read. While COVID-19 content is clearly still on everyone’s minds, now is the time to build-out a more robust content calendar that goes beyond pandemic-related communications.

Social media has become table stakes – Once eschewed by financial professionals due to compliance concerns, savvy financial marketers are now fully embracing social media, incorporating robust social media review and surveillance tools and protocols as part of their standard operating procedures. While funding for large-scale marketing initiatives may be in question at the moment, executing targeted social media programs continues to gain prominence as a cost-effective way to stay in front of your key audiences during uncertain times and beyond.

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