In financial services, many firms are focused on providing bottom-line value to their clients. What most of them forget is how to properly communicate that value.
A good PR strategy has a greater impact on the bottom line than most firms realise. This book shows how to put in place an effective PR program in the financial services industry, and how great communications can add significant value to a firm.
Between them, Claudia Pritchitt and Leeanne Bland have over 50 years’ experience in public relations, communications, and marketing. Here, they explain the key tools needed in an effective communications strategy as well as why plain English is imperative in the jargon-heavy world of financial services.
Public relations services are growing in importance year on year
The results from our 2022 Financial Services Marketing Executive Survey shows that public relations services continue to grow in importance year on year. The survey’s respondents comprised of marketing executives within our network including our clients and other contacts.
In 2021, 40 per cent of respondents said they had increased their public relations spending, while in 2022 this number grew to 50 per cent. Overall, public relations is seen as a valuable tool to make marketing budgets go further, according to three-quarters of respondents.
For marketing executives, the most important service under the public relations umbrella in 2022 was media relations, followed by content placement (22 per cent), content development (16 per cent) and strategic advice (16 per cent). Looking ahead, marketers believe these services will continue to be top priorities.
Respondents from the survey consistently noted that the biggest challenge for them this year was the economic environment. For many, budgets were cut and the ability to attract quality resources to marketing teams remains difficult. Another challenge identified was balancing increasing regulatory scrutiny as well as the challenges of more trade media publications moving to sponsored content versus earned media coverage.
In the 2021 survey, none of the respondents were relying on their PR firms for social media management or content, with these services sourced from other service providers or internally from the company’s own marketing teams (or not being utilised in the overall marketing strategy at all).
However, social media today is an extension of public relations, and its role is to amplify the corporate messaging and reinforce other media and PR activities. By centralising public relations and social media, companies can have their news “live longer” and be able to reach a larger target audience.
It will be interesting to see the results of future marketing surveys, as there is no doubt that centralising social media and public relations activity will ensure consistent messaging, well-executed timing for campaigns, and a greater audience reach.
Overall, most marketing executives are satisfied with their public relations consultancy, with 92 per cent of respondents indicating they are very satisfied with their relationship, while the other 8 per cent indicated they are ‘generally satisfied’. This is further reinforced with 83 per cent stating they plan to continue their business arrangement with the same consultancy.
However, there is some scope for improvement. A third of marketers would like their consultancy to be more proactive and to go to them with ideas. Having a good understanding of the industry could also be improved (20 per cent), as well as needing less direction (13 per cent) and being more on the team (at 13 per cent). A desire for the consultancy to be creative and proactive is a trend that has continued from 2021 into 2022.
The most prized aspect of a public relations consultancy continues to be “easy to work with” at 15 per cent, followed by being reliable and trustworthy at 14 per cent. This has not changed since last year’s survey with these two traits beings the most valued by marketing executives. Confidence in dealing with competent professionals and success in placement and gaining exposure were also in the top four aspects, both at 12 per cent.
Overall it is clear that marketing executives, and companies as a whole see the value and importance of public relations in a business, and it is expected this trend will continue to increase in 2023.
