It’s no secret that we are in the midst of an international crisis. But as the coronavirus pandemic and economic turmoil rage on, there is no better time for financial firms to take their marketing to the next level. In a recent article published by Financial Executives International, Wealth Matters Consulting President and Chief Brand Strategist Rosemary Denney explains why.
“Some of the most significant questions we can face in a situation where our businesses are up against turbulence is where the greatest value may be for our marketing plan and how best to navigate the crisis until it’s over, taking care of our businesses and our clients along the way,” explains Denney.
As a result, even if financial firms are searching for ways to cut their expenses during this time of economic downturn, marketing, public relations, social media and advertising costs should not be reduced. Cutting or minimizing these services will not help these firms survive, but rather cause their businesses to choke and stifle new growth.
“During the Great Recession, over 400,000 small businesses went bankrupt or completely closed down,” writes Denney. “To avoid a similar fate, firms must maintain a steady track and keep marketing initiatives going.”
If your financial firm missed the opportunity to properly plan ahead for this current crisis situation, ramping up its marketing efforts right now is a close second for success. However, if you are still not convinced, Denney provides a few more reasons why:
- Marketing is the lifeline that keeps your business moving forward.
- Your steady presence demonstrates to your clients that they are your main priority.
- It helps you take stock of client needs and interests.
- In times of trouble, one of the most meaningful actions you can do is to communicate.
- You can put forth a genuine message of solidarity and trust.