WREAKS: Bob, thank you. And you mentioned earlier that there was also a second reason that you see for this shift.

 

VERRICO: Of course. Secondly, this industry move to crisis-related messaging is significant because it signals a true awareness by the financial services industry that (unlike how things were during other past crises) financial services is being looked up to as a solution—not down to as a source of the problem. To the contrary, financial services is being looked at by the world as “the way out.” This said, not only is it OK for us to talk about the crisis in our outbound messaging, it is also a real and transparent way for financial services marketers to demonstrate both empathy and leadership during this difficult time.

 

I believe that people look to the financial and health sectors for expert guidance during times of crisis, particularly this type. There is a large responsibility for all of us in these two sectors to do the right thing and look outward, which I see us doing quite well. 

 

WREAKS: Bob, thank you. OK, panel, please take a look at the next question responses. Here is a rank order of potential financial message attributes that, historically, financial marketers have used to connect with customers. You will notice that “It’s More Safe/Secure” was deemed by financial marketers to be the MOST appropriate promotional attribute (by a fairly wide margin)? So, the question is, why do you think that “It's More Safe/Secure” scored so high as a promotional attribute today?  

 

MCCARTHY: Bill, I’ll go first here. 

 

WREAKS: Please do.

 

MCCARTHY: When we have been looking at trends across all different industries (financial included), one thing that has stood out is a humanity first type of message/tone. It’s human to be anxious right now as none of us have experienced anything quite like this in our lifetimes. Consumers right now are looking for three main things: 

 

• First, consumers want a sense of belonging. During scary/riskier times, people tend to unite to a community in which they can gain advice, ask questions, have a trustworthy and dependable source, and ensure they are not alone with their thoughts. 

• Second, consumers want to create safety by removing risk. They have enough to worry about with their job, family, health, etc. They do not want to have to worry about anything related to their financial institutions or products. They want to create a safety net in this world to have this be alleviated from their minds here. Therefore I think the “It's More Safe/Secure” message ties in strong here.  

• Third, consumers want a feeling of both emotional and physical safety. Consumers want to have a sense of being calm, being hopeful, and being secure during this time.

 

This all said, when looking at the current state it is not completely surprising that the majority of financial marketers have scored “It’s More Secure/Safe” as their main message attribute. Just like what consumers are looking for today during this pandemic; we have learned over time that anything relating to money has been a mechanism that has allowed consumers to meet all of Maslow’s hierarchy of needs. Consumers crave security and safety on financial matters, as this tends to cause higher stress levels.  

 

WREAKS: Thank you, Meghan. Kristie, do you agree with Meghan? Or are you surprised by how financial marketers responded to this message attribute ranking?

 

TILLINGHAST: My take is a little bit different from Meghan’s. To answer your question, Bill, that ranking actually *does* surprise me. I assume the intent is for financial brands to deliver a message that provides a sense of normalcy and control. Consumers are definitely feeling anxious now, so brands are tweaking their efforts to become more humble, practical and relatable in these turbulent times. But let’s not forget it goes well beyond messaging. It’s also in how flexible firms can be to better service their clients, given the current restrictions in place. Companies that are better positioned with technology and communications that continue to add value for clients will more than likely leave a positive and genuine impression on them, which will ultimately help to benefit their brand reputation and perception.

 

WREAKS: So, Kristie, your point is that it’s important for financial brands to be sensitive in these times, but financial customers still have needs and still crave value.

 

TILLINGHAST: Yes. So I am simply surprised that the ranking you’ve shared is so definitively pointing to “It’s More Secure/Safe.”

 

WREAKS: How about you, Bob? Where are your feelings on this ranking of potential product attributes by financial marketers?

 

VERRICO: This is in line with my first answer, Bill, as your question relates to “sensitive versus self-promoting” messaging. Given the choices on the list, the ranking seems appropriate and, of course, we must be aware of the market needs. Still, it is important to remember that we are not living in a “one size fits all” environment. We never are—but particularly now. Financial customer needs are not all the same and their differences span geographic, demographic and product need circumstances. So it is important that we bear this in mind as we assess this ranking. 

 

WREAKS: Bob, expand on this a little if you would. Put this sentiment into context of messaging attributes.

 

VERRICO: If this pandemic has taught us anything, Bill, it has taught us that various groups of people will differ, based on where they live, work and congregate. Likewise, their financial needs will differ. And, correspondingly, the best way to market financial services (or to convey brand value) will differ among various groups. For example, a person in dense urban areas like New York City or Chicago might relate to different attribute messaging and have different priorities, such as safety, security and health. This person may have different priorities than someone in Colorado or Texas, for example, an area with less density and less unavoidable interaction. Those with varying health issues or of different ages or at different life stages or of different economic levels will each require different financial and insurance products, guidance, support and education. And, they would likely require very different positioning now. This is true for estate planning, investment vehicles, investment horizons, motivation, etc. Each requires different messaging to be real and relevant to specific audiences. Data once again becomes important to understand audiences and the right message. This is best practice content marketing at work.

 

WREAKS: Thank you, Bob. If I may now ask the panel to, again, consider that same second set of survey results—the ranking of potential message attributes. Does the overall rank order of these financial “attributes” make sense to you? Is there anything about the order of this list that surprises you? Why?

 

VERRICO: Well, for starters, I am happy “It Offers Prestige” is dead last—and had zero votes!  

 

WREAKS: Yes, I was relieved to see that financial marketers have enough faith in financial audiences to entirely back off from use of this message attribute during these sensitive times. 

 

VERRICO: All kidding aside, I do think that the overwhelming and unanimous rejection of “It Offers Prestige” does clarify the sentiment among marketers that this is no time for trivial messaging. This pandemic is real. Financial marketers know it because their financial customers know it. 

 

WREAKS: Yes, Bob. Agreed. It is rare to get this level of consensus from a group of 141 financial marketers, representing a wide range of products and product categories. Not one marketer felt that this message attribute was the MOST appropriate and 80% agreed that it is the LEAST appropriate. That serves as a sign post to us all. Meghan, what’s your take. What else does this ranking tell us? 

 

MCCARTHY: Yes, as I mentioned before, the overall rank order does make sense to me, based on the three things consumers are wanting right now. The second most effective attribute in the ranking is “It Offers More Sound Advice”.

 

WREAKS: Yes, with 42% of marketers selecting this option. 

 

MCCARTHY: Yes, exactly. This attribute ties into the sense that, intrinsically, people share a sense of belonging. They want to be able to turn to brands that they have trusted to obtain this advice. 

 

WREAKS: So, the brand and branding does matter? 

 

MCCARTHY: Yes. I would certainly say so. Also, with the third attribute being “It Saves More Money,” marketers are looking to create that safety that financial consumers are craving by removing some of the risk. Consumers want to cut costs and save during this time of uncertainty.  

 

WREAKS: Yes. I agree.

 

MCCARTHY: As you continue down the list, you can fit each of these attributes into each category. To Bob’s earlier point, it isn’t surprising that no one scored “Prestige” high as this kind of message would be perceived to be tone-deaf during these times. With regard to the overall order of the list, it does not necessarily surprise me on each of the rankings.

 

WREAKS: Are there any suggestions for Gramercy Institute as we continue to survey financial marketers on this overarching subject in the future? 

 

MCCARTHY: Yes, I think it would be interesting to evaluate  survey participants, on which financial niche they are marketing toward. I do think that some of these attributes might have different order rankings based on which financial niche, you are marketing in. For example, if you are marketing toward a foreign exchange brokerage account, that order might be different compared to an Institutional Investor within equities.  

 

WREAKS: That’s a good point and a good suggestion, Meghan. Thank you. Kristie, how about you? Any additional thoughts or suggestions about the overall ranking of messaging attributes?

 

TILLINGHAST: Thanks, Bill. I think now is the time—more than ever—for the marketers of financial products and services to think differently about these products and offerings. So I might suggest a different, or alternate, list of attributes. It’s less about being opportunistic and more about being genuine, caring and responsive.

 

WREAKS: Kristie, thank you for that. Bob, how about you? Any additional thoughts about the overall rankings?

 

VERRICO: Bill, for me, as I look at these product attributes in rank order, I see two distinct camps emerge.  The top three (“It’s More Secure/Safe,” “It Offers More Sound Advice,” and “It Saves More Money” are what I will call more “value centric” in what they describe. The second grouping  (bottom half of the ranked list) are more product or company focused. Those ranked higher are intended for those dealing with certain “value” issues and the guidance they require. The others are more focused on the product and the brand.

 

WREAKS: So what does this tell us?

 

VERRICO: It tells us that, at the end of the day, the value that financial consumers extract from financial product is what really matters. Yes, the circumstances may change. What they value—or the order in which they value them—might change, but what really matters to financial audiences is value.

 

WREAKS: Bob, thank you for that. Makes total sense. Panel, I wish to thank you all for this enlightening analysis of messaging and tonality today in financial marketing. These are most unusual times and making sense of how to address financial customers and the industry at large is not a science. It is an art. There is no text book that can tell us exactly how to do this right. Rather, the only way for us all to get a better understanding of the most effective messaging today is by talking it through—with experts such as yourselves. That we have done. And I thank you all.