The sweet spot remains (online) for financial services PR

After a lively discussion today with a group of senior corporate affairs people in financial services I thought I should check back to a few things Paul Cheal and I said in our first financial services social media seminar in 2009.

Re-reading this post it's interesting to see just how much is still the same...and fortunately a lot of what we said then held true, or still applies. Take this snapshot for example:

- choice of information channels & sales channels will proliferate…
- at the same time the rise and rise of social media means choice of marketing tools can be overwhelming.

 

Where to start?

By taking the same principles we learned in traditional PR, communication and marketing online – and playing by the new rules of the social media world.

The sweet spot for financial services is online PR.

By online PR we mean:

1. Quality and quantity content that earns you search engine superiority and viewer attention

2. Communication direct to clients in both institutional and retail marketing

3. All linked back to an effective website AND

4. Engaging your audiences with the next “P” in financial services marketing – philosophy.

Because in the new digital democracy it will be what you stand for, what you do and how interesting you can make it, that earns you the attention of the people who matter most to your business.

Download BlueChip Communication's ten steps to online PR for financial services here.

Women in banking and finance: some progress but far to go

Some 600 financial services folk gathered tonight in the Westin ballroom to hear from Penny Wong, Federal Minister for Finance and Deregulation and a stellar panel, including company director Carolyn Hewson and Adam Spencer, ABC702 host and panel moderator.

The Deutsche-sponsored event heard from one of the bank's senior executives who readily conceded the bank's own gender outcomes remain disappointing, cited recent better results on ASX boards as an example of what can be achieved and called out 69 of the top 200 ASX listed companies who still do not have a single female director.

Keynote speaker Penny Wong, a self-described supporter of women in banking and finance, talked of bringing together women and men to achieve equality.

A simple idea, said Wong, and one that we'd not have thought was an issue in 2011. Improvements have been made said the Minister, but the job remains largely unsolved.

The statistics are depressing, including the fact that in finance and banking (Australia) less than four percrent of CEOs are female.

It's one thing to talk about it, and another to make it happen, says Wong. And yet it's essential to our nation.

With a backdrop of economic change, and an aging population, there is a real need to increase workforce participation - and to encourage more women into the workforce, said the Minister.

This is a nation with a long standing commitment to equality...and yet there must be reasons women are not getting through the ranks. How do we say to young women "gender will not be an impediment?" asks Wong.

Particularly when implicit norms make it hard for women to participate equally.

In the face of 13 per cent female board membership, how can we continue to say merit is the issue?

Government can also help, perhaps via the right forms of assistance. Board appointments are particularly key, says Wong. So how can government help? Perhaps by providing qualified women with their first board position. With opportunity, women will develop the skills needed to progress up the ranks.

Carolyn Hewson cited her personal experiences of struggling with childcare and work commitments, and her belief that we are finally, and slowly, doing better.

"I used to make excuses. Now with over 55 per cent of graduates being women - for over a decade - there are no excuses left" said Hewson.

So globally who is winning? Norway because they mandated 40 per cent minimum of any gender on boards. From a CEO point of view the US probably does the best. Former communist nations can be the surprising winners, thanks in part to state-sponsored childcare said Deutsche's head of diversity.

What of the business case? Companies with a greater number of women on their executive committee have, according to one study, a 40% greater return on equity said Hewson.

So to some answers...

- Male role models who take parental leave

- Flexible childcare..perhaps a nanny culture similar to Europe or Asia

- Don't internalise the risk, says Wong - sometimes women don't put themselves forward because the environment has taught them not to

And simply focus on how women are hired, promoted and retained says the Deutsche global head of diversity.

In concluding her opening address Wong shared a comment her younger sister made about their father. Taken to heart in more Australian homes it would perhaps result in better outcomes for the next generation of capable Australian women.

"He never wanted less for me than he did of his sons." And so it should be for all women.

I attended the 2011 Women in Banking and Finance Annual Forum as a guest of independent corporate advisory firm Pottinger.

Know thy consultant...and yes, the earth did move

PAICR wrapped up today with the traditional conference closer: a panel of asset consultants and a question and answer session.

It was an intense session...made slightly more so as the earth, or at least the building literally moved, during the final part of the session.

There was no more powerful example of the permanency and ubiquitous nature of social media as immediately post-tremor ("Are we safe here?") everyone hit the iPhone or Blackberry to find out what happened.

At the time of writing I still don't know whether it was just a very big train, a minor earth tremor or a collective moment of shared excitement about what the consultants had to say to the audience of asset management marketers.

Here are some highlights of the discussion between the PAICR audience and consultants Cynthia Steer (Russell Investments) and Bryan Decker (Clearbrook).

Q: So what of the (almost dreaded white paper)?
Maybe it's dead suggests one senior consultant. Give me, instead, they ask, short briefs. And your view on the implications of market movements - not more commentary on the movement itself. In other words, the condensed and value-added version, of your thought leadership.
Even better, be in the news. You need, says one consultant, to be in the FT. We want to see you, in these uncharted times, in the dialogue between the economists and the fund managers. There may not be a real pathway in this market but the conversation is important.

Q: What do you use manager websites for?
Not as much as we should, came the answer. Webcasts...and some other stuff. In uncertain times make sure your webcasts can deal with a higher number of attendees.

Q: What's your expectation on timing eg the US downgrade?
Bond managers better be fast with their guidance...even if it's not perfect. Same day is good. Two weeks later is probably useless. We don't mind if you get it a bit wrong, according to one panelist. But if it's cogent and clear, get it out regardless.

Q: What sort of communication works?
Update your PowerPoint book every six months in fast changing times. Show us how you've evolved your thinking.

Q: To what extent do the numbers tell a story?
If the qualitative data (team, organization structure, alignment) doesn't 'jive' the data won't get you there alone say the consultants. In other words, we've heard it all before: every new manager has a great track record. But, as just one example, how's the fit (or chemistry) between the fund and the CEO? And what's the full story behind, for example, the revolving door of new hires? Tell us the truth, not the spin. We've heard all manner of BS, so we're listening for the dissonant chord when something in the story doesn't quite match the rest. So don't bother with the glossy version...we'll take warts and all over that any day.

Q: How technical is too technical?
Well some new consultants might need the dumbed down version but if your consultant audience grew up in the swaps and derivatives market then show them the trades.

Q: Ever hired someone on simulated performance?
No. There's nothing like the taste of real money. Good and bad. As a consultant I remember that I'm there for the guy who may never earn more than 70k a year for life. Or an endowment that needs the money to fund their work.

Q: What should we do as we approach capacity?
For the first time we're at capacity constraints in a number of areas says one consultant. Yes, it's a real issue. And yes, we're open to you starting a new strategy. But give us the down and dirty version - the good reasons why it makes sense and why you think it will work. Because we've seen it go wrong plenty of times.
It's an interesting exercise in firm integrity. How you handle it is key. Particularly given we have our notes from the last ten years we've been meeting with you and hearing about your philosophy and what you've been saying about how you're going to manage money...and how much of it.
There's some beauty in staying exactly where you are today.

Q: If you're a manager with only two or three strategies how do you approach asset consultants?
Carefully!
Know exactly how your offer fits their need. Do your due diligence. Emphasize the advantages of being small. With capacity constraints in the market today you may well have an edge. But know who you are marketing to.

This is the final post from BlueChip Communication at the PAICR conference in New York on 22 and 23 August.

Social media breakout: PAICR 2011

Judging by the audience response in this session, most of us are using social media personally, but many are not there as financial services companies or institutions.

Pretty much the same as Australia. And pretty much, I'd suggest, a fleeting moment in time.

Deborah Well of Harbor Capital Advisors chaired the session that Vanguard's Eric Haberacker and I spoke at.

Newsflash...presentations by fund managers aren't watched a lot on YouTube but the eTrade baby is.

The Vanguard YouTube channel is a great one to learn from.

Here are a few things that make it work: videos are engaging, short and well produced.

Stay true to your brand, says Haberacker. Other guiding principles include being authentic, transparent and candid; one size does not fit all; keep in line with regulations; humanize Vanguard through content; be an investor advocate and "experiment-learn-evolve".

Three key considerations for Vanguard in making social media work are these:
1. Social media content impacts brand reputation - make PR a critical partner because they know and manage the company 'story'
2. Speed is critical - expedited turnarounds are the norm
3. Content classifications - static and interactive content can follow different approval processes

And today's inside tip: Do you have to spend $200k to get your own YouTube channel? No. AT least not if you're already doing business with Google.

I'm also tweeting (when coverage allows!) from the 2011 PAICR conference as 'Carden'.

"I have no idea what I'm doing": the marketers' quandry

Welcome to online marketing in financial services. While the industry, for the most part, hasn't been fast to adopt digital marketing or social media, it's still bewildering territory at times.

"No corporate function has evolved more than marketing" said Razorfish's Ryan Alderman, quoting McKinsey (McKinsey Quarterly 09.2009).

It's no wonder marketers in financial services feel lost.

To do justice to the presentation, which was the best I've seen this year on social media, I'd have to share every slide and my own observations ... and will do so over the next few weeks with many of you.

Here is a taste of the insights shared by Alderman in today's opening session.

Financial advisers
An estimated 46 per cent of financial advisers own iPads (which were launched 18 months ago).

What they expect from their interaction with financial institutions says Alderman, is:

• World class experiences regardless of channel (traditional or virtual)
• "Always on"
• Near real time relationships
• Multi-channel...everything. Communication, service, information. You name it.

Consumers
We are, according to a Harvard Business Review study, consuming 12 hours of media in a nine hour period - thanks to multi-channel simultaneous consumption.

The way our customers want to engage with us is different - and it's more likely to be about the conversation than the content on the website.

At the same time our norms around financial services are changing...consumers, says Alderman, are morel likely to share previously personal information about finance, including our choices, experiences and, critically, recommendations.

What does that really mean?

It means that thanks to our ownership of multiple devices, and the increasing availability of multiple media across devices we are splitting our attention across devices and using multiple technologies or devices at once. Maybe you're running a phone with email and browser at the same time as watching a webinar...and our customers are doing the same. Think here browsing the Internet or Twitter updates while watching TV.

The cost of attention just went up - massively.

Against this backdrop it's even more important for marketers to understand "context" as well as content.

Why "conversation" trumps broadcast...and paid
Some other numbers thrown out today spell the death, or at least decline, of paid media. I've yet to source these numbers so offer them with a health warning...

• 75 per cent of people believe companies lie in ads
• 77 per cent trust financial institutions less than they did last year
• 38 per cent believe companies will do what's right
• 15 per cent of people enjoy the ads as much as the program - guessing that's TV only

What hasn't changed?
All that is well and good. But the fundamental goals of marketing haven't changed. How we go about achieving the goals has changed. And will do so, ever faster. So get learning.

And remember this says Alderman: advertising in not marketing - stop confusing them.

Marketing is now about creating brand engagement across media. So find an audience (don't create another destination or website), bring creative and technology together, learn from integrated analytics. And from those who've been before us.

Ones to watch?
At least in the United States, Alderman cites American Express (particularly for their small business digital marketing), Fidelity, Vanguard and Pimco.

How did they get there? Trial and error.

BlueChip Communication , Australia's leading financial services communication firm, is attending the PAICR conference (twitter #PAICR2011)

Earthquake, social media and financial services

Boring picture, interesting moment.

This (uninteresting) picture is of just before a minor earth tremor hit New York today.

PAICR delegates reacted with complete calm. The "after" picture would have looked the same with one big difference - everyone had their phones in ther hand checking twitter for what the hell just happened.

According to nearby tweets some New Yorkers evacuated their buildings.

Maybe so, but we sat tight. There were few native New Yorkers in the room, meaning most had plenty of personal experience from elsewhere in the U.S. of earthquakes.

Regardless, no one was really sure what the trembling tables, clinking glasses and shuddering floor actually meant, in the moment.

Personally I was eyeing the doorways, wondering how many conference goers might fit in each. Not many, the simple mental math suggested.

And then it crossed my mind, as I suspect it did others, for just a moment, that perhaps this wasn't an earthquake but something more frightening.

And at about that point everyone reacted. Some headed for the doorways, others reached for their iPhones or Backberries and some, like me, turned to the person next to them to see if they were thinking the same thing: minor earthquake.

Yes, the earthquake-experienced said, that sure felt like one. But no-one, least of all the conference organisers or asset consultant panel, actually knew. It clearly wasn't a subway-scale shake we'd just felt.

So where did everyone go for the actual answer? Twitter. Email. Google.

And in that lies the answer to an earlier question in the panel session I and others presented on social media.

The question was this: what possible use is twitter for an institutional asset management audience?

And the answer? As an immediate response to news events. With markets making headlines, and news media not alwways able to report the whole story, we're increasingly looking to information (such as twitter) that is direct from the source - and actually bypasses traditional media.

Just as the first reports about today's eathquake did. The Mashable coverage below is a good example of how citizen journalism, or direct reports leave traditional media for dead, in the moment.

The implications for brands are clear: social media gives you a golden opportunity to speak direct to audiences who matter most, WHEN it matters most. In the moment.

Here's how Pete Cashmore saw it on twitter.

Deborah Well, PAICR Social Media Chair

I'm currently attending the PAICR Conference in New York, and today I had the pleasure of interviewing Deborah Well, PAICR Social Media Chair, about the state of social media in US asset management.

In this four minute video she shares:
1. A summary of where social media use is at in the Unite States (early adopters, fast followers and, yes, plenty of laggards)
2. The opportunites for asset managers in using social media (hint: better broadcast of messages!)
3. Major issues for those seeking to use social media in financial services - with regulation taking the number one spot.