Many financial services firms remain conservative in their corporate spending, particular on marketing, even as the markets have improved this year, and for many, revenues are once again on the rise as part of their continuing post-financial crisis recoveries.
A recent study of asset managers, for example, found that most planned small increases in their marketing budgets even as revenue growth rebounds. The study covered firms of all sizes, ranging from $5 billion under management to +$100 billion.
Interestingly, however, the respondents in the same study also recognized the importance of branding and messaging, as they rated this the highest priority of any marketing-related category to invest in.
Why is branding and messaging so important? Because one thing that you must always do is promote the integrity of your firm. Especially during tough market times, and in today’s political environment where banks and financial services firms continue to get beat up in the press, reminding clients and prospects alike of your value proposition and why they do business with you must remain a top priority.
At the end of the day, all you or your firm has is its reputation. Protect it, promote it – always. Even if you are reducing your marketing budget, or your advertising budget, ensure that the money that you do spend helps your branding and messaging. It doesn’t have to be expensive – e-mail marketing systems and social media has made getting information to your target audience(s) a quicker and cheaper proposition.
Perhaps you need to think not so much about how much you spend in this area, but how wisely you are spending it!
