HIGHLIGHTS: Crisis Response 2020: Financial Marketing In Uncertain Times

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Gramercy Institute is pleased to present these highlights to its members, partners and industry colleagues. 

In late March 2020, Gramercy Institute surveyed 135 marketers at financial firms, 83% reported their positions as “Senior” or “Very Senior.” 104 completed the entire survey. 

Findings have suggested that “this is not your grandfather’s crisis!” Unlike previous financial crises, the financial services industry is not to blame. In fact, financial firms are being viewed as victims, along with other industries and individuals. What’s more, despite the fact that we are currently in a financial crisis, the financial services industry is being looked upon with respect by the U.S. and vital to the recovery from the current financial crisis.

As such, “trust” in the financial sector does not need to be reinstated. It is already here. Audiences are receptive and seek communication, clarity and empathy.

DEMAND FOR FINANCIAL PRODUCTS & SERVICES IS HIGH: 

85% of financial brands say that their financial clients have “several more” or “many more" financial needs than they did pre-crisis. No one is blaming the financial services industry for THIS crisis. Financial marketing needs to help make sure that the world understands that, this time around, financial services is part of the solution—not the problem.

FINANCIAL MARKETERS ARE READY FOR ACTION:

We got this. 86% of financial marketers report that not only do they have crisis communications plan in place—but they are using them right now. Marketers at financial firms agree that we are in a crisis—they are ready for it.

NOT GOING DARK: 

Further, marketers at financial firms are looking at this crisis in a highly strategic way.  There is concern—but there is no panic. 0% (that means not one marketer of the 135 from 80 firms we surveyed) reported that their plan was to “go dark” from advertising and marketing during this crisis.

FINANCIAL MARKETERS REFOCUS BUDGETS:

To the point that financial marketers are not panicking, 72.34% of respondents said they are planning to “refocus strategies and budgets” based on the pandemic crisis situation.  

DEMAND FOR AGENCY SERVICES: 

Current agency relationships remain secure. That’s a good sign that no one is panicking.  Most (74%) financial brands report "adequate" current coverage from financial partners and agencies. There is some new demand for new agency services as 8% of respondents reported that they do not have enough coverage from external marketing partners and agencies to meet their current needs. I suspect that as time marches on, even more needs will surface for new agency partners.  

AGENCY SERVICES MOST NEEDED

The agency services that financial brands deem most valuable right now are “media” agencies. “Digital” agencies and “strategy” agencies are also among the most valuable now to financial brands. It makes sense. These are all addressing complex strategic needs for the financial brand.

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CRISIS? WHAT CRISIS?

Marketers are not pretending that this isn’t happening. More importantly, financial brands are not overreacting during this pandemic crisis. The pandemic is not taboo. As far as topics go, it is a problem to solve. At financial brands 73.96% of respondents say that a majority of their outbound messaging is “characterized as crisis specific."

MESSAGING IN FINANCIAL

So what value message are financial brands rallying around? From a list of nine potential themes, an overwhelming number of respondents believe that "safe and secure" is the phrase that pays at the moment, when communicating with clients and customers.

WHAT MEDIA WORKS BEST

People are home and media is being absorbed now more than ever by financial audiences.  From a media perspective, financial marketers believe that “content marketing is of critical importance” today (right now) during this crisis. Social media works well too right now report financial brands.   

WHEN DO WE RETURN TO NORMAL?

While no one—or no group—can predict the future, there is wisdom in the masses—the trick is tapping it. Gramercy Institute notes that 72% of financial markers believe that this crisis will endure for between six months and one year.  

EMPLOYMENT OUTLOOK IN FINANCIAL MARKETERS

Our industry will scale down by 8.25% within the first three months of this crisis, believe marketers at financial brands. There will be belt-tightening and a need to think critically about staffing needs. Still, there is more than enough need for hard-working and dedicated financial marketers. They key, is to keep your eye on your own clients (and their adapting needs!)

ACTION STEP RECOMMENDATIONS

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• MARKETERS AT FINANCIAL BRANDS: Remember that your customers and clients have a very specific set of needs right now. Keep communicating. Keep marketing to these unique needs. Keep new ideas flowing.  Be empathetic. Answer your clients’ questions. Listen. Respond thoughtfully. 

• LEADERS AT FINANCIAL AGENCIES: Consider this: Your clients are figuring all this out on the fly. Help them. Be patient.  Be inventive (but not crazy). Be there for them. Offer them advice. Consider their (brand new) tactical challenges. Help them communicate with their clients in a thoughtful and sensitive way.

• MARKETING & MEDIA PARTNERS: Come shout about it! Share your value with your agency and financial marketer colleagues. Respect their time and be patient—schedules are very tight right now. Express your value and how it can particularly solve their current (brand new) marketing issues. Understand that at the end of the day, your clients are figuring this out in real time. They are counting on you to help them figure out this “new normal.”