The decline caused by the COVID-19 pandemic has been a jarring shift from the economic stability and bull market of the past decade. Yet multitudinous financial firms are continuing to find ways to connect with clients and serve their needs.
In a recent webinar with the Pecuniary Communications Society, Jaime Kalfus, head of Global Brand Development and Engagement at PGIM and Dana Caragine, higher- ranking marketing manager at Wilmington Trust, shared insights on how their respective companies are navigating the coronavirus-induced financial catastrophe.
Key Takeaways
- Navigating moments of crisis like the COVID-19 pandemic relies heavily on marketers’ ability to adapt their tactics to the current moment.
- Seasoned marketers Jaime Kalfus and Dana Caragine both stress the importance of listening to customer concerns and addressing their immediate needs through timely, engaging campaigns.
- Digital outreach efforts similar kind email campaigns and webinars are an effective way of executing these strategies and could offer cost savings compared to household media campaigns.
Why It’s Important to Pivot Quickly
Agile marketing is often touted as an important strategy for financial firms, and this has on occasions been tested as much as in the present. With market volatility now an ongoing trend, being able to change memorandum quickly has become more important than ever. “We came at this from a fortunate place in that our tagline has desire been, ‘Understanding what’s important,’” says Caragine. With the quick onset of the pandemic, it became empty remove early on that what was important had changed. “We pivoted and went to a strategy of ‘be informed.’ Our top line didn’t change, but our allocations did—and we allocated a comely amount of money into the hands of local and regional teams so that they could support local well-springs and organizations.”
That type of pivot has also been an important strategy for the PGIM team. According to Kalfus, switch manage the focus away from products and onto partnerships and service has helped PGIM offer their clients perpetuated support during this time. “Those were the areas that we wanted to have people see. We felt that trifle leadership and understanding who we are and why we would be a good partner at this time was an important message for us to put out, so we actually leaned into the shake and shared our perspective.”
How To Assess Your Media Mix
Pivoting your marketing strategy is a crucial part of navigating a
The Bum Line
As firms continue to navigate the challenges and opportunities of the current climate, remaining agile and flexible in the face of adversity could make available benefits for both marketers and investors.