PR Asia 2015 Presentation Singapore
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Presentation from recent PR Asia 2015 conference in Singapore tackling a tricky subject "Radical transparency and opaque businesses". From a PR perspective opaque industries, especially those with regulatory considerations, are tough to work with but there is a massive need for communicating clearly, concisely and effectively. The market is rapidly evolving and transparency is increasingly demanded by consumers. The businesses that have existed in these opaque environments, such as private banking and wealth management need to adapt. They need experts to help them navigate the changing landscape and position their business for the future. This provides PR and communication agencies with real opportunities.
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PR Asia 2015 Presentation Singapore
- 1. RADICAL TRANSPARENCY AND OPAQUE BUSINESSES Dominic Gamble CEO & Co-Founder PR Asia Conference
- 2. WHO AM I?
- 3. AND BY 32 I WAS HERE….ZZZZZZZZ
- 4. SO I FOUNDED THIS… And now I’m: But…
- 5. MY TALK TODAY My experience in an opaque industry: Wealth Management 1. Operating effectively in an environment that demands transparency 2. Balancing the need for transparency with legal restraints 3. Using PR to effectively articulate opaque brands to customers
- 6. Part 1/3 Operating effectively in an environment that demands transparency
- 7. WEALTH MANAGEMENT IS NOTORIOUSLY OPAQUE
- 8. WHICH WAS FINE UNTIL THIS CAME ALONG…
- 9. BUT TIMES ARE CHANGING... - 76% of Elderly people (55+) use internet for research, and 62% use smartphones - Our Average age of our users is 51 years old - 30% over 65 - 88% go to the internet first when they need info - Only 1% of Singaporeans research only offline vs 74% research do a mix of both online and offline
- 10. MY INDUSTRY IS REACTING…SLOWLY
- 12. MORE SEXY THAN WE THINK
- 13. SO WHAT? - The opaque industry is reacting = some good news to report at last! - Opaque industry = new opportunities = eg robo- advisors, accelerators, entrepreneurs - Opaque industries have older clients = not everyone is 25! – Social Media impact
- 14. Part 2/3 Balancing the need for transparency with legal restraints
- 16. HOW DID WE GET TO THIS STAGE? - Boom & Bust - 9/11 - 2008 crisis - AML, KYC, RDR, FAIR, WTF?!
- 18. GOES FROM BAD…
- 19. …AND MORE BAD…
- 20. …TO WORSE…
- 21. …AND THE HITS KEEP COMING!
- 22. THE DAILY CHALLENGES DOING BUSINESS - Promoting brand vs financial promotions - Creativity vs caution - Nimble vs slow process THE VIRTUOUS CIRCLE OF INERTIA: Afraid of positive pr in case of negative pr!
- 23. Part 3/3: Using PR to effectively articulate opaque brands to customers
- 24. ARE THERE ANY OPPORTUNITIES? - When industries are this bashed and marketing is so bad…. - Asia - Find the excitement….eg. Fintech - Find the powerful messaging hooks whilst staying compliant
- 25. UNDERSTAND THE CLIENT TOUCH POINTS Example: Wealth Management - Seize on the sexy, drop the dull - Identify triggers to act – wishy washy messaging has negative impact with younger client set - Age of clients – still read newspapers
- 26. PR WORKS FOR US Sunday Times, Nov 2015 Business Times, June 2015
- 28. FINTECH Homepage of FWM pls
- 29. WEALTH MANAGERS: CLEAR MESSAGE
- 30. WEALTH MANAGERS: GREAT DESIGN
- 31. BAD EXAMPLES: WHAT ARE THEY TRYING TO SAY?
- 32. SOLUTIONS FOR PR IN OPAQUE MARKETS These are a given: - Patience - Persist These are your USP vs the industry: - Understand backdrop vs consumer trends - Articulating messages clearly
- 33. FINAL WORD - Opaque industries, esp. those with regulatory considerations, are tough - But massive need for communicating clearly, concisely and effectively, even more so… - ….because the market is rapidly evolving and transparency is demanded by consumers They need third party professional help, that’s where you come in!
- 34. HOW TO REACH US CONTACT: Dominic Gamble CEO & Co-founder dominic@findawealthmanager.com
Editor's Notes
- What on earth does this mean? There are industries out there that are opaque. But consumers are demanding transparency more and more. How is this tug of war going to play out? You are going help it play out so I’m hear to give you some insight from one opaque industry – private banking
- This was me when I started
- How as PR do you work in this kind of industry fitting between consumers wanting transparecy and industry opacity
- Wealth management – the art of looking after wealth individuals money. Investing it, Inheritantly confidential, private by nature That really served the industry well – same for many professional services, health too. There are some industries that just do not want transparency because it will damage their business models They hide behind client confidentiality but a big problem has emerged…
- The internet Now I can find out pretty much anything at much finger tips That’s not just about online shopping, music, holidays, or tinder It’s about the traditional industries too – law, accounting, health, wealth Traditional industries can’t hide
- Source: Google Consumer Barometer, Deloitte’s Global Technology, Media and Telecommunications survey Elderly:? – 66% sgp, 72% uk use daily How do people receive information today? Before it was word of mouth, stories, and print…but today… When I need information the first place I look is the Internet – 88% Sources of info – Search Engine – 91% Everyone is using online for everything BIG STAT: Viewed / read / listened to offline media to make purchasing decisions – 21% Offline vs Online research 60%
- Wealth management is boring right? Well these stories are interesting and draw in readers from all areas This is also an important future channel - whilst a 30 year old is likely not a UBS client today – they may be in 10 years time and they want a brand that is forward looking and doing innovative things…
- Here are some sexy, high end brand
- 1. This is big opportunity for all of us – this is creating some really interesting angles on how these industries are transforming …and having to transfrom due to pressure from start-up Everyone wants to start everything, using with a digital angle, and that’s really exciting 2. In my industry that’s the dawn of robo-advisers – this is really exciting 3. Don’t alienate traditional press
- I am going to dive here in to a finance related problem – it also translates in to other industries too
- The elephant in the room – legal and compliance. To put this in to the context of other industries 5 years ago one of the largest private banks had 8 people in legal compliance and 120 bankers. Now they have 55 people in legal and compliance and 60 bankers Ignore at your peril In finance industry if you cant get familiarise yourself with L&C, forget it
- Important for us to take a quick step back and think about how we got here so we can frame some of the sensitivities The regulator – the body that is effectively government controlled to police the financial industry gets more powerful as every crisis and scandal emerges. But it’s post 2000 that it has really picked up 9/11 – money laundering, free flow of capital, KYC Now let’s have some fun
- This is what need to navigate - 1. Financial promotions – heavily regulated My bank is the best and we’re going to make you 10% a year Any statement, strapline needs to be approved by legal and compliance The good news is that the boutiques are much more nimble and have a lot more flexibility on what to say 2. Cautious – the knock-on effect is that revolutionary marketing and campaigns often fall by the way side Not only are the legal and compliance depts are very cautious how brand is portrayed You’re nimble they’re slow! Lots of people involved, no sense of urgency, lots of responsibility delegation The people you work with will likely not be marketing savvy – even those in the marketing teams…if they were they wouldn’t be working in those industries The biggest underlying issue – the irony is they are afraid of positive marketing in case of a negative backlash. The virtuous cycle of inertia!
- So how do we reach HNWs?
- There are PR opportunities here When an industry is under siege like banking and finance there are opportunities – why there is a growing sentiment inside that they need to improve their marketing and messaging if they are going to win new business, Especially here in the Asia where the emergence of the middle class is the fastest globally. It’s not always easy here but the consumption of media is huge – this is a great poart of the world to be in your industry and it’s where the opque industries are needing to open up the fastest Identify the excitement – go there! Think wealth, entrepreneurs, technology, finance – these are hugely read sections and very in vogue Creativity – there are ways to promote a brand in traditionally and digital media if you understand the audience and have the industry imitations in the back of your mind
- 1. In our businesses we’re trying to communicate with the consumers. Drop the dull – seize on the sexy : FINTECH 2. Retirement, tax planning, investment portfolio, inheritance, wills etc give precise advantages to what the brand does - wishy washy messaging doesn’t hold, and can damage brands – examples 3. Do you understand the age of the consumer – eg for us print is still really important FWM example Here is why?
- We see big rises in traffic when we have PR
- Change header to Be different??? Or Stand out
- TWO MAIN USPS – this is why they need you badly Consumer trends – if you can use your know how in the consumer trend space and apply that to the industry this is powerful – you are experts in this – not them Articute – the industry can not articulate itslef as some examples are above – but look in the papers and magazines and general comms. You can add huge value there
- Opaque Industry Legal and Compliance – it’s a monster that can not be ignored. Undestatnding it gives you a competitve edge and allows you to effectively frame your creativity Leveraging digital tools in parallel with print is key Radical Transparency Digital wave is enabling radical transparency across industries PR is there to facilitate that transparency However, the challenge to PR is being timely, relevant, and visible amongst target readers Professional industries are ripe for disruption – that means more business from new start-ups, more business from the incumbents