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While content marketing and social media are the stand-out stand growth areas in corporate communication, there is still a place for traditional media relations – especially in financial services. And not least because clients still value it.
At the end of the day, many clients just want to get their story (and maybe their picture) in the paper. And that’s a sound aim – earned media can be extremely influential. People still trust editorials over advertising and in most industries – but particularly in financial services – the importance and value of trust should never be underestimated.
So what are some ways you can gain media coverage for your business? First, bear in mind that there is no exact science to successful media relations. Unlike advertising, dollars can’t buy you page space. But there are a few ‘must haves’ if you want to achieve success – as follows.
- Willing clients: that means, you as a client need to be on board with the program, commit the time to plan well, work on and agree the key messages and – perhaps most of all, be willing to talk to media when they show an interest.
- Effective partners: your communication consultancy should play a collaborative role and help you plan and roll-out your strategy and support you via media relationship management and effective execution.
- Proven approach: use tactics that work to leverage your company’s IP and deep sector expertise, for example in media round tables, whitepapers and other thought leadership content and events. And be ready to comment on relevant news of the day and selected issues that affect your business or industry.
- Learn and innovate: be sure to review what has worked in terms of topics, tactics and spokespeople, then refine your angles and plans accordingly. And remember: persistence pays off.
If you have a good story to tell, combining these four steps can lead to great media results.
But there is one tactic in particular that falls under the ‘proven approach’ that is often overlooked, particularly in the wealth management space. That is, the use of international spokespeople.
Tapping global connections for local resonance
Tapping into the insights and expertise from offshore experts can resonate strongly with financial services audiences, in particular in a globalised investment environment. And because this approach has particular appeal to financial services media, I wanted to explore the ‘how-tos’ in a little more detail.
A growing number of leading global financial services businesses are represented in Australia. Within these businesses, a number of which are BlueChip clients, we have found what should be a compellingly newsworthy combination: a wealth of local expertise and knowledge coupled with a steady stream of international experience and insight.
In terms of marketable content, this sounds great. However, often Australian media – and arguably, Australian audiences – want content that is relevant to them and the markets they live in. For this reason, we often discuss with clients ways to ‘localise’ their international content. Before it’s likely to hit the headlines, you need to ask yourself, and be satisfied with the answer, ‘What is the Australian angle?’
At the same time, the international flavour and expertise can be a huge driver of coverage. Don’t forget, Aussies still suffer from cultural cringe and often find it easier to stomach praise or to believe insights when it comes from elsewhere – say, one of the ‘more sophisticated’ countries/economies/leaders.
So on the one hand I am advocating for local content for media and then on the other I am saying wealth management firms should be leveraging their international visitors more. It might sound contradictory but the keys to success here are:
- use international spokespeople to talk about Australia in the context of the rest of world
- have spokespeople tell media how and why the Australian markets and economy is different or similar to those overseas
- bring the Australian macro story to life by putting it into the broader global piece.
- ask: what can our international execs tell media about the business objectives for the company and its customers and how is the Australian arm helping to achieve this?
The final tip? Make sure your spokespeople are engaging and have a good story to tell. Without those attributes, you won’t get very far with media, no matter how appealing the accent.
