COVID is not the largest concern for advertising and marketing and communication execs within the monetary providers sector, in response to a survey from Financial Narrative, a community of economic entrepreneurs, and strategic perception company Opinium.
The on-line survey discovered that for 30 p.c of respondents, “altering the imaging/positioning of our firm” was a significant driver of marcom efforts this yr (down two p.c from final yr’s survey). But the significance of “pivoting methods as a result of COVID” slid a lot additional as a prime concern, going from 37 p.c in 2020’s research to twenty-eight p.c in 2021.
The shift away from focusing primarily on COVID is a part of what the survey refers to as “business-as-usual plus”—a time period that provides speaking about such areas as model function, social impression and ESG to the combination.
Marketing budgets and crew sizes are persevering with on an upward path, the survey respondents say. More than 4 in ten (41 p.c) mentioned that 2021 advertising and marketing budgets elevated from 2020, with 63 p.c reporting that head rely on advertising and marketing groups had elevated.
Things had been barely much less bullish for communications groups, with 23 p.c reporting a hike in budgets and 35 p.c including members.
Adding to advertising and marketing and communications groups, nevertheless, has gotten extra sophisticated. One chief advertising and marketing officer reported a “scarcity of expert and skilled expertise out there,” an opinion shared by greater than half (55 p.c) of survey respondents.
Holding on to current crew members can also be a problem. Nearly a 3rd (29 p.c) say they’re struggling to retain workers, with 26 p.c presently attempting to rent replacements for those that have left.
The most in-demand job expertise are digital advertising and marketing (cited by 39 p.c of respondents), quantitative analytics (26 p.c), exterior communications and advertising and marketing technique (each at 11 p.c).
When it involves what’s going to usher in new workers and maintain these already there, versatile work schedules and development alternatives are huge attracts. But there was a gender divide as regards the attraction of every. More than 9 in 10 (91 p.c) ladies mentioned versatile working was essential, a quantity that dipped to 63 p.c for males. Men had been extra more likely to cite development alternatives, with 81 p.c noting their significance, whereas solely 68 p.c of girls did.
As regards the place communicators want to put their focus sooner or later, a number of key areas stood out. Trustworthiness, selling an organization’s worth proposition, social picture initiatives and ESG are seen as more likely to enhance in significance.
“A brand new advertising and marketing communications framework is evolving the place monetary providers manufacturers are braver about not simply figuring out and speaking about function, however constructing audience-led campaigns on that function that drive actual change,” mentioned Vested UK CEO Elspeth Rockwell, a member of the Financial Narrative board.
The Financial Marketers’ Index surveyed 105 monetary serices advertising and marketing and communications CMOs, CCOs, division heads, VPs and administrators between July 16 and September 1.