Advisor | January 2023
The man who stops advertising to save money is like the man who stops a clock to save time. This quote, attributed to Henry Ford, is very timely even for financial networks and banks.
FINER’s annual monitoring on over 6.000 financial professionals (financial advisors, private bankers, and bank managers) brought to light an unequivocal fact.
The level of satisfaction with the support provided to financial professionals by banks and financial networks in terms of external communication, first and foremost advertising and marketing, has decreased compared to the past.
The decrease in the level of satisfaction ranges from – 34% among financial advisors and private bankers and – 17% among bank managers.
The reasons include less advertising, while the existing advertising is judged by financial professionals as ineffective both in conveying contents supporting commercial activities and in strengthening the brand.
It is not merely a matter of perception: in fact, investments in communication in the financial, banking and insurance sectors have been languishing for years.
The point being that, in times of great uncertainty and complexity as today, the role of communication is key and could benefit the confidence pact with stakeholders.
In fact, well-made advertising, as any other form of communication, is decisive in building a bridge between creators and recipients.
Advertising campaigns can be aimed at promoting a product, at raising awareness on a particular issue, or at promoting the values of one’s business.
Consequently, financial networks and banks investing effectively in communication have strengthened their image as well as the economic value of the company.
In fact, communicating well and consistently strengthens brand equity and, ultimately, the ability to attract clients and professionals.
After all, financial advisors strongly advocate for investments in communication in support of their activity.
In times of uncertainty and volatility, communication works, metaphorically, as aviation troops supporting soldiers fighting every day on the battlefield.
Moreover, the feelings generated by good communication serve as a bonding agent which strengthens the sense of belonging as well as the pride of being part of the team, both fundamental factors within companies made of individuals.
In this regard, some campaigns come to mind, which have made the fortune of banks able to materialize and give a name and an identity even to a bank account, enriching it with additional services.
A few memorable campaigns were able to enhance the role of financial professionals – in a lighthearted manner in the case of bankers or in a more epical or heroic manner when financial advisors still had to conquer the heart of the Italians.
Maybe the new year will bring something new to the table. Much depends on the ability of advertising agencies and media centres to become the promoters of ventures aimed at breaking this thunderous silence.
There is a (desperate) need of exceptional creators as well as brave businesses resuming forms of communication which leave an indelible mark in the market.