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Communicating ESG: What do marketeers really think?

By Chris Bowman, Energy and Industrials

Aspectus Group has conducted new research to discover what communications and marketing professionals really think about ESG. In this blog, we offer a taste of the key findings. Download the full whitepaper here.

ESG: love it or loathe it, the three little letters are firmly embedded in the alphabet soup that is the business communications lexicon.

However, while most discussion of the topic (rightly) focuses on the real-world, operational applications and implications of business’ environmental, social and governance practices, it can pose as particularly thorny challenges for communications and marketing professionals.

After all, if criticism is often levelled at companies for the gap between what they say they’re doing and what they’re actually doing with regards to ESG, then surely those people tasked with doing the saying shoulder a key part of that risk.

Of course, companies must first and foremost walk the walk with respect to ESG performance, but they then have the challenge of appropriately communicating that performance in such a way as to avoid greenhushing or greenwashing (see our previous whitepaper for more on how [1]).

With this in mind, it occurred to us that these voices were largely absent from the conversation around ESG, and that this ought to be rectified. Do marketeers see ESG as more of a risk or opportunity? Do they have the resources they need to communicate effectively on the topic? And, at the end of the day, do they really believe in it?

These were some of the key questions we wanted to answer with our new whitepaper: Marketing ESG in 2024: Risks, Rewards & Riddles.  To do so, we surveyed 418 senior marketing decision makers across our core sectors (energy, financial services and technology) and regions (APAC, Middle East, UK and US).

Here’s a taste of what they had to say.

ESG marketing: Risk or opportunity?

Brass tacks: is ESG more of a risk or opportunity for marketeers? The case can be made either way. On the one hand, companies that are percieved as high-performing on ESG metrics can reap great rewards. A 2023 joint McKinsey/NielsenIQ study [2] found that products in the consumer packaged goods sector making ESG-related claims “averaged 28 percent cumulative growth over the past five-year period, versus 20 percent for products that made no such claims” – and as our own Ellie Jackson would tell you [3], what holds true in consumer marketing generally applies to B2B, too.

On the other hand, the risks of getting it wrong are obvious, and Clarity AI found [4] that ESG contoversies lead to a 2 to 5 percent stock underpeformance after six months. Needless to say, no marketeer wants that to come up in their annual review.

So which view is predominant? Does excitement outweigh trepidation, or do the risks overshadow the rewards? In truth, the two are finely poised: 33 percent see ESG as more of an opportunity, and 32 percent as more of a risk. The devil, of course and as always, is in the detail, with differences emerging between sectors and regions – you’ll have to read the whitepaper to learn more.

The real risks of greenwashing

Though the ‘G’ in ESG stands for governance, the G-word for the topic – the one that looms large and casts a shadow over everything – is ‘greenwashing’.

Greenwashing is defined by Investopedia [5] as “the act of providing the public or investors with misleading or outright false information about the environmental impact of a company’s products and operations”. More colloquially, it is used to refer to any overclaim with regards to ESG performance, whether environmental, social or governance related.

No marketeer wants to catch a case for greenwashing, so it is concerning that 39 percent of our respondents said there had been ocassions where they have had to communicate around ESG for their organization (or on behalf of their clients) when they have not felt that the message was fully justified or appropriate.

Let’s be clear: we did not ask respondents whether they had engaged in greenwashing, and we are not accusing anyone of willfully misleading their audiences – we have a higher opinion of our peers than that! However, what this does show is that marketeers are routinely put in positions where there is a real risk of inadvertant greenwashing, and other findings support the view that these professionals are not always given adequate support or resources to communicate on these topics with confidence.

Is ESG here to stay?

At the end of the day, is ESG a passing trend or a change to the way we do (and communicate about) business?

Marketeers are clearly bought-in on a personal level, with more than 60 percent caring about ESG factors. However, that doesn’t mean they see the concept as the finished article– 47 percent think it will either subside or disappear, and only 9 percent believe it will become a permanent fixture in how businesses operate.

However, 28 percent think ESG is more likely to evolve than disappear altogether, and this is amplified by respondents’ views when asked about the specific term ‘ESG’, and whether it is fit for purpose. While only 18 percent think the term works well, 22 percent thinks ESG marketing needs clearer messaging, and 23 percent think it needs a new name.

There are clearly challenges for marketeers ahead.

The bottom line

Communications and marketing professionals as a whole seem bought into ESG, but they are not naïve. They understand the opportunities and the risks alongside the subtleties of the concept that require careful and constantly evolving communications strategies. However, despite operating at the frontline with regard to organizations’ reputational risk, they are not always supported in a way commensurate with the delicacy and difficulty of the task.

At Aspectus, we hope to change that. Read more about our ESG communications services here.

Key takeaways

Q1: Do marketeers see ESG more as a source of opportunity or risk?

A1: Overall, the answer is finely poised, but differences emerge across sectors and regions.

Q2: Are marketeers properly supported in communicating around ESG?

A2: Not always, it appears. And many have felt pressure to communicate messages they are not confident are fully justified.

Q3: Does this mean marketeers are greenwashing?

A3: It means there is a risk of inadvertently doing so. We don’t believe the data shows widespread or intentional bad practice, but more needs to be done to reduce the risk.

Q4: Is ESG just a passing trend?

A4: It appears not, but that there is plenty of room (and need) for it to evolve.

Q5: Where can I learn more?

A5: So glad you asked – download the full whitepaper for the results or get in touch and we’d be happy to discuss.

About the author

Chris co-leads Aspectus’ ESG practice and is an associate director responsible primarily for client strategy and content. He has worked across Aspectus’ energy and financial services teams for over a decade, and is duly immersed and well-versed in everything from ESG to the energy transition.

Bibliography

More from us on ESG

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Rebranding regrets: a deep dive of Abrdn and why it absltly bombed

By Roshika Perera, Capital Markets

Rebrandings have become so common that many of us hardly notice one has happened. But you can be certain the public, and indeed the press, will notice when one goes wrong – and the consequences (especially for B2B firms) can be ghastly.

It was this costly lesson that Abrdn has come to learn in the years following its widely mocked rebrand that hastened its downfall from being Europe’s second largest fund manager to falling into the FTSE 250.[1]

In the following blog, we will perform a postmortem on the branding blunder that recently saw the company’s former CEO, Stephen Bird, take flight.

The Abrdn rebrand: a case study

In April 2021, Standard Life Aberdeen rebranded as “Abrdn” to reflect its evolution as a company and its focus on the future.[1] With its rebrand, the company was keen to simplify its name, modernise its image, improve its digital presence with a unique and easily searchable name, and most importantly, unify its various businesses under a single, cohesive brand.

This effort backfired. The rebrand was widely mocked by the media and the public, with the firm’s chief investment officer Peter Branner going so far as to call the response ‘corporate bullying’.[2]

And yet, there’s no evading the fact that much of the criticism is well-warranted. There were several reasons why the rebrand never took off, chief among them being the confusion around its vowelless name. The unconventional spelling, intended as a modern statement, is awkward to pronounce and remember, appearing more like a typographical error than a deliberate choice.

Ultimately, the rebrand only served to deplete the brand’s equity. Before its £11bn merger in 2017, Standard Life and Aberdeen Asset Management were established names with significant brand equity. In moving away from these names, the company lost the immediate recognition and trust that came with them. While it followed in the footsteps of successful technology startups like Tumblr and Flickr, Abrdn did not quite resonate in the same way within financial circles.

And as is the case with all ill-thought-out rebrands, it appeared to be a distraction from the firm’s more pressing business challenges. After all, it’s no secret that the merger was a disastrous experiment, clearly reflected in the firm’s sharp decline of assets under management from £505bn in 2018 to £366bn by the start of the year.[3]

Indeed, there certainly isn’t much to smile about at Abrdn right now. But at least the company can take some comfort in the fact that it is far from the only notable company to fail so dismally at rebranding itself.

Other infamous rebranding fails

There are countless examples over the years of failed rebranding attempts. Listed below are five prominent examples. Do your best not to add your company’s name to this list of rebranding regrets.

  1. Gap (2010): Known for its classic blue square logo with white text, the fashion retailer introduced a new logo featuring a small blue square and plain black text. The redesign was met with immediate backlash from customers and designers, who felt the new logo was uninspired and generic. Within a week, Gap reverted to its original logo.
  2. Tropicana (2009): Tropicana’s packaging prominently featured a straw in an orange, which was iconic and easily recognisable. The company changed its packaging to a minimalist design, featuring a glass of orange juice and a new, less prominent logo. The new design confused customers and led to a 20% drop in sales within two months, prompting tropicana to quickly revert to its original packaging.
  3. New Coke (1985): Coca-Cola introduced “New Coke,” a sweeter version of the original formula. Despite positive taste test results, loyal customers rejected the new formula, feeling it was a betrayal of the brand’s heritage. Coca-Cola reintroduced the original formula as “Coca-Cola Classic” just 79 days later.
  4. Royal Mail (2001): Royal Mail, the UK’s national postal service, rebranded as Consignia, aiming to reflect its diversified services beyond mail delivery. The new name was widely ridiculed, and the rebrand failed to resonate with both employees and the public. Just over a year later, the company reverted to Royal Mail, having spent millions on the failed rebranding effort.
  5. RadioShack (2009): RadioShack, a well-known electronics retailer, tried to modernise its image by shortening its name to “The Shack.” The rebrand did not address the core issues facing the company, such as competition from online retailers and outdated store concepts. As a result, the company eventually filed for bankruptcy in 2015.

These examples illustrate how critical it is for companies to thoroughly understand their brand identity and customer base before undertaking a rebranding initiative. So, what steps should firms take to prevent a rebranding failure?

Five key steps to take before rebranding

1. Conduct thorough market research: understand the current market conditions, industry trends, and competitive landscape. Gather feedback from current and potential customers to understand their perceptions, needs, and preferences.

2. Define clear objectives: things will go wrong with a rebrand if the reasons behind it are not properly defined and purposeful. So, whether it be reaching new markets, differentiating from competitors, or updating the brand image, be sure to clarify the reasons behind your rebrand.

3. Develop a rebranding strategy: redefine the brand’s positioning statement, which includes the brand’s mission, vision, values, and unique selling proposition (USP). Identify and refine the target audience to ensure the rebrand resonates with the right demographic.

4. Engage stakeholders: Ensure all employees and internal stakeholders are informed, involved, and supportive of the rebrand. Communicate with key partners, investors, and other external stakeholders to maintain their support and understanding.

5. Listen to the experts: at the company’s AGM in 2022, Abrdn chair Douglas Flint boasted that the firm’s rebrand was an internal creation: “We had it benchmarked by one of the world’s leading brand advisory agencies and they introduced alternatives that certainly were not as good.”[1] In hindsight, it may have served the company better to listen to experts with specialised knowledge in executing successful rebrands.

While Abrdn’s rebrand is a cautionary tale, it should not put firms off from embarking on rebranding themselves when it’s truly needed. With a well-thought-out strategy, a rebrand can be the right move to increasing a company’s fortunes.  

Key Takeaways

Q: Why did Abrdn’s rebranding attempt fail?

A: Abrdn’s rebrand failed due to its confusing name, loss of brand equity, and misalignment with market expectations.

Q: What are some other notable rebranding failures?

A: Notable failures include Gap’s 2010 logo change, Tropicana’s 2009 packaging redesign, Coca Cola’s introduction of New Coke in 1985, Royal Mail’s rebrand to Consignia, and RadioShack’s rebranding to The Shack.

Q: What steps can companies take to ensure a successful rebrand?

A: Companies should conduct thorough market research, define clear objectives, develop a comprehensive rebranding strategy, engage stakeholders, and seek expert advice.

More From the Industry

Why do companies rebrand? Find out who did it right and who missed the mark

The 10 Most Successful Rebranding Campaigns Ever

The lessons you can learn from these rebranding fails

Bibliography

[1] https://www.investmentweek.co.uk/analysis/4326472/abrdn-journey-europes-largest-fund-manager-ftse-250

[1] https://www.abrdn.com/en-gb/corporate/news/all-news/sla-to-become-abrdn

[2] https://www.fnlondon.com/articles/abrdn-name-change-corporate-bullying-stephen-bird-20240408

[3] https://www.investmentweek.co.uk/analysis/4326472/abrdn-journey-europes-largest-fund-manager-ftse-250

[1] https://www.investmentweek.co.uk/analysis/4326472/abrdn-journey-europes-largest-fund-manager-ftse-250

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Cutting through a crowded room: The power of thought leadership in the Middle East

By Astrid French, Head of Middle East

In rapid-growth markets, effective B2B communication is crucial. This blog explores the role of thought leadership in cutting through the noise, engaging prospects and integrating it with marcomms strategies to build brand trust and drive sales.

In rapid-growth Middle East markets, more brands than ever are vying for a limited number of communications slots.

But wait, aren’t we beyond the limitations of traditional print media, where you are literally competing for column inches? Don’t digital channels (be it online publications, a LinkedIn feed or email marketing) mean space isn’t limited in the same way?

Both of those statements are correct. However, it would be a mistake to conflate the limitless possibilities of digital platforms with limitless interest from prospects in business-to-business (B2B) communications. Though digital channels don’t have a slot restriction, your prospects do. The amount of information they are willing to consume, and more importantly show interest in, has a cap. And that cap is being encroached upon by your competitors.

Consider these regional examples: In Abu Dhabi, the number of AI companies registered grew at a compound annual rate of 67% between 2021 and 2023. In Dubai, the DIFC broke records in 2023, with a new registrations growth rate of 34%. The Kingdom of Saudi Arabia saw a 78% uplift of new commercial registrations in the second quarter of 2024 compared to the same period of the previous year.

If you think about all of these firms, plus the vast number already present in region, the room you are trying to command attention in is suddenly a lot more crowded. To compete effectively, avoid information overload and capture attention, you need to give people a clear reason to listen and engage. That brings us to the art of conversation.

The art of conversation

To effectively engage prospects, talking at them and hoping they’ll listen is unlikely to have the desired effect. Rather than ‘talking at’, it is important to ‘engage with’. This is where thought leadership becomes one of the most valuable assets in the communications toolbox. It allows us to think about their challenges – what keeps them up at night? And their opportunities – what makes them excited about the future? Putting your audience’s reality at the heart of your communications transitions your brand message from inward-looking to partnership-oriented. This is critical to building trust and preference as it creates opportunity for stand-out while developing a reason to believe and buy.

Thought leadership also humanises communications, platforming leaders and experts in a relationship-oriented market that is deeply influenced by the vision and ambition of leaders in respective fields.

But I need sales, please.

There is a common misconception that thought leadership is a nice-to-have that doesn’t contribute directly to sales. However, with many B2B industries’ sales cycles evolving, it simply couldn’t be more important. The journey from awareness to consideration to conversion is longer than ever before and a one size fits all funnel has been replaced by complex routes back and forth from each stage.

Longer consideration phases, expanded buying committees (all of whom need to be influenced), and at times, extended phases of ‘dormant’ prospect behaviour present a challenge for brands. Waiting to put all efforts behind a single push to a group of prospects over a three month period will at best, miss vital awareness and consideration building, and at worst, miss-time the sales cycle and be left out in the cold until the next arises.

This is why consistent and interesting thought leadership is so essential. We need to engage prospects in both ‘buy’ (where you have the opportunity to sell) and ‘non-buy’ (where the opportunity is to build brand awareness, understanding and reputation to put you top of the RFP list) modes. It is crucial to authentically build the perception and reputation of a brand, ensuring when you build the sales house, you have foundations in place to keep it steady.

Integrated efforts

Thought leadership, of course, is one tool in the marcomms toolbox. Its magic lies in the ability to inject it across all types of communication, from a by-line in a leading publication, to a visionary annual report, or an email blast spotlighting your experts.

The best thought leadership is done as part of an integrated marcomms programme. Delivering powerful expertise in combination with tactics such as news announcements, effective product marketing and sales activity, to name a few.

Want to discover your thought leadership potential? Get in touch.

Key takeaways

Q1: Why is thought leadership essential in the Middle East?

A1: Thought leadership helps brands stand out in a crowded marketplace – which we see in rapidly emerging Middle Eastern markets, engaging prospects and building trust by addressing their challenges and opportunities.

Q2: How does thought leadership contribute to sales?

A2: Thought leadership influences long and complex sales cycles by maintaining consistent engagement, building brand reputation, and preparing prospects for conversion.

Q3: What is the role of thought leadership in integrated marcomms?

A3: Integrating thought leadership with other marketing communications tactics enhances its effectiveness, ensuring a cohesive and powerful brand message across various channels.

About the author

Astrid French, based in our Dubai office, leads Aspectus Middle East, and is responsible for overseeing its direction, fostering its growth, and cultivating strong client relationships. Her experience spearheading global, integrated communications programmes is layered with a deep understanding of strategic nuances in the region. Astrid has worked with a range of clients, from energy supermajors and early-stage tech investors, to prestigious private banks.

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Bringing Data to Life

By Matt Walpole, Head of Design

Having worked through the age of Big Data, I’ve seen the impact this explosion of information has had on both B2B and B2C brands. With such a wealth of customer and industry data in our hands and at a deeper level than ever before, one common challenge our clients face is, “I’ve collected all this information, but I don’t know how to show it off…Please help.” We’ve all sat through bland presentations with repetitive graphs that become meaningless as your eyes begin to gloss over, we know using this data in an engaging way is not as simple as exporting bloated spreadsheets.

What we look to do at Aspectus is embrace this world of data and ensure its brought to life in a way that is useful for clients and engaging for their audience. As I mentioned before, we aren’t in the world of just taking clients’ data, applying some brand colors and then spitting out generic bar charts. There are some core methodology processes that we look to implement to ensure we’re showing the right information in the best way possible.

Breaking Down the Science

Eye-tracking

We’ve all become accustomed how supermarkets stack their shelves; we know they place the items they want us to purchase at eye level as that is what ‘eye-tracking’ systems have told them. Well, the same techniques apply to data visualization. When creating data graphics, we ensure that there are minimal eye movements required. Sounds simple but can often be overlooked. It’s common to see keys and legends sitting far away from the output data that relies on your audience having to consistently scan across layouts to understand the information. We look to minimize the effect of negative eye-tracking in order help absorb data effectively and without fatigue.

Cognitive load

This really embraces the ability of your audience to extrapolate insights from your data visuals. Once we have established what the most important piece of information is, we look to use our brand tools such as color, type and scale to aid the reader, ensuring they don’t suffer from cognitive overload. Even if a graphic shows multiple data insights, it should still be visually easy to understand and draw out the data’s conclusions.  

Audience anticipation

We are looking to engross audiences with our data in both a visual and informative way. But that shouldn’t mean we are trying to challenge the reader’s ability to digest data. We look to balance intrigue with understanding ‘audience anticipation’, i.e. what are they expecting to look at and takeaway. We can usually think about this as a ‘journey’ through data, what is the most logical steps someone might take through looking at a data graphic. This methodology really comes into effect when considering visuals that contain multiple points of data and how we create visual hierarchy that works with audience preconceptions.

There is always a creative balance when bringing data to life. Sometimes it calls for beautiful visuals to entice the audience in, other times it’s about restrained graphics that leave no room for doubt on what the information should be telling you. We always look to take critical thinking to your data to see it become more than numbers in a spreadsheet, we analyze where the information will be seen, and what the audience expects in different channels. So, no matter if it’s a LinkedIn campaign or a hefty annual report we ensure your data is actually brought to life.

If you feel like you’re a bit stuck when it comes to visualizing your data then why not contact us and we can explore how to best bring it to life for you and your audience.

Key takeaways

1. What is essential for effective data visualization?

Effective data visualization requires thoughtful design. Instead of merely applying brand colors to bar charts, the design process should ensure that the data is presented in an engaging and useful manner for the audience. This involves a methodological approach to data visualization rather than just exporting and displaying information from the source material.

2. How can eye-tracking principles be applied to data visualization?

Eye-tracking principles can be applied to data visualization by minimizing the need for excessive eye movements. This helps viewers absorb data effectively without fatigue. Strategic placement of supportive information is important to avoid constant scanning across layouts.

3. What role does managing cognitive load play in data visualization?

Managing cognitive load is crucial in data visualization. The design should aid the audience in easily extrapolating insights without suffering from cognitive overload. By using brand tools such as color, type, and scale, data visualizations can highlight the most important information while remaining visually intuitive, even when presenting multiple data points.

4. How does understanding audience anticipation enhance data visualization?

Understanding audience anticipation enhances data visualization by creating a logical journey through the data. By considering what the audience expects and balancing intrigue with comprehension, visual hierarchy can be established. This ensures that data is both visually appealing and easy to digest, whether it’s for a LinkedIn campaign or an annual report, catering to the specific channel and audience expectations.

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The importance of crisis communications in a general election

By Victoria Chilton, Energy & Industrials

Crisis communications are crucial in general elections, involving swift responses that  maintain public trust, control narratives, leverage digital platforms, and learn from past crises. Effective strategies in these areas can significantly impact a campaign’s success. 

In the high-stakes arena of a general election, crisis communications play a pivotal role in shaping public perception and maintaining voter confidence. The ability to swiftly and effectively manage a crisis can determine a campaign’s success or failure. A well-executed strategy can mean the difference between a campaign that falters and one that prevails, particularly in the digital age where information and misinformation spreads rapidly.  

Campaigns must be prepared to address issues ranging from candidate missteps to external events that could impact voter sentiment. By anticipating potential crises and crafting clear, consistent messages, campaigns can navigate challenges, protect their reputations, and maintain the trust of the electorate. 

Swift responses to emerging issues

In a general election, crises can emerge suddenly and from unexpected quarters. These might range from personal scandals involving candidates to policy gaffes, security threats, or external events such as natural disasters. The ability to respond swiftly and effectively is crucial. An immediate and measured response helps to control the narrative, preventing opponents from capitalising on the situation and mitigating damage to the campaign’s image. 

For instance, when a candidate faces allegations of misconduct, such as in the case of Dominic Raab who was found to have intimidated civil servants after an inquiry into bullying allegations, the response must be prompt and transparent. Denial without evidence or delays in addressing the issue can lead to a loss of credibility. A well-prepared crisis communications team can quickly gather facts, craft a coherent response, and disseminate it across multiple channels to ensure the public receives accurate information promptly. 

Maintaining public trust

Trust is a foundational element of any political campaign. Once broken, it is incredibly challenging to restore. Effective crisis communications aim to maintain and even build trust during turbulent times by addressing the immediate crisis  and demonstrating accountability, transparency, and empathy. 

The expense scandal of 2009 was a significant crisis that shook public trust in UK politicians. Many MPs were found to have claimed excessive or inappropriate expenses. The response involved full transparency, with detailed expense reports being published and several MPs facing legal consequences. The swift actions, including resignations and repayments, were critical in beginning the process of rebuilding public trust. 

Acknowledging concerns and showing a willingness to listen and adapt can turn a potential crisis into an opportunity for positive engagement. This approach helps to reinforce the candidate’s commitment to serving the public and addressing their needs. 

Controlling the narrative

In an election, controlling the narrative is essential. The media and public opinion can be swayed by how well a campaign manages its communications during a crisis. By providing clear, consistent, and accurate information, a campaign can shape the story rather than being overwhelmed by it. Demonstrated in the 2016 Brexit referendum with the Leave campaign who controlled the narrative by focusing on the message of “Take Back Control“, which resonated strongly with voters. Despite numerous challenges, their consistent and clear messaging helped sway public opinion in their favour. 

Effective crisis communications also involve anticipating potential issues and preparing responses in advance. This proactive approach allows campaigns to act quickly and decisively, reducing the likelihood of being caught off guard. Pre-prepared statements, media training for key spokespersons, and a clear chain of command for decision-making are all vital components of this strategy. 

Leveraging digital platforms

The rise of social media and digital news platforms has transformed the landscape of crisis communications. Information spreads rapidly, and public opinion can shift in an instant. Campaigns must be adept at using these platforms to their advantage, engaging directly with voters, and countering misinformation swiftly.  

In the 2017 general election, the Labour Party effectively used digital platforms to engage with younger voters. Their campaign leveraged social media to disseminate their message, counter negative press, and mobilise supporters. This digital strategy contributed to a significant surge in support, particularly among young people, leading to a much stronger performance than initially anticipated. 

During a crisis, social media can be a double-edged sword. On one hand, it allows for immediate communication with the electorate. On the other, it can amplify negative news and misinformation. A robust digital strategy involves monitoring social media trends, engaging with followers in real-time, and using data analytics to gauge public sentiment and adjust strategies accordingly. 

Learning from past crises

Finally, learning from past crises is an invaluable aspect of crisis communications. Every election cycle provides lessons on what works and what doesn’t. Campaigns that analyse past crises, whether their own or those of others, can develop better strategies and avoid repeating mistakes. 

For instance, analysing how previous campaigns handled data breaches, negative press, or candidate health issues can provide valuable insights. Incorporating these lessons into crisis management plans ensures that a campaign is better prepared for any eventuality. 

The importance of communication

Crisis communications are a vital component of any campaign. Swift response, maintaining public trust, controlling the narrative, leveraging digital platforms, and learning from past crises are all essential strategies. As elections continue to evolve in the digital age, the importance of effective crisis communications will only grow, making it a critical area of focus for any campaign aiming for success. 

Navigating the complex world of communications requires expertise and experience. To learn how Aspectus can support your organisation in developing robust communication strategies, contact our team here. 

Key Takeaways:

Q1: Why is a swift response important in crisis communications during a general election? 
A1: Swift responses help control the narrative, prevent opponents from capitalising on the situation, and mitigate damage to the campaign’s image. 

Q2: How can a campaign maintain public trust during a crisis? 
A2: By being transparent, accountable, and empathetic, and by addressing the crisis promptly and effectively, a campaign can maintain and even build public trust. 

Q3: What role do digital platforms play in crisis communications for political campaigns? 
A3: Digital platforms allow immediate communication with the electorate, enable real-time engagement, and help counter misinformation swiftly, though they can also amplify negative news. 

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Six key takeaways from EBAday 2024

By Arthur Instone, Financial Services

When will we have a digital euro – if ever? How is AI impacting capital markets? Are banks ready for instant payments? And are fintechs out to replace banks, or work alongside them? These are all questions that attendees grappled with at this year’s EBAday in Lisbon, the Euro Banking Association’s annual summit for leading payments and transaction banking executives.

This year’s theme, ‘Orchestrating the dialogue on payments’, was chosen specifically to reflect the fact that now is the time to turn plans into practices that reflect the new payments era. Here are six of my key takeaways from the conference:

1. Collaboration is increasingly critical

Banks share the same pain points, and with so many new or updated regulations coming into force in the next 3-5 years, panelists were keen to emphasise that joining forces with other industry players can help them navigate this uncertain landscape.

Combatting fraud was one area that was identified where collaboration will be especially important. Simone Löfgen, global head of payment platforms and managing director at Commerzbank, said, “It is absolutely crucial that we are connected, and that we’ve defined common ways of combating this industry challenge, so there shouldn’t be any competition on fraud because it’s a joint attack that we’re all facing.”

This ‘joint attack’ approach is particularly important, since fraudsters are always finding new and increasingly sophisticated ways to extract funds. Cross-company, and critically, cross-industry collaboration will help banks detect these patterns and be more agile in their approach to fraud.

2. AI: a question of what, not how

Panelists highlighted that AI is no longer just a shiny buzzword but is very much a technology of the here and now, having a real impact on banking operations.

 It was interesting to see the range of applications for which AI is being used. In an audience poll during a session on ‘AI in capital markets and payments’, 31% responded that streamlining operations is the main use case, 29% voted for improving customer service, and 25% voted for enhanced risk assessment and fraud management.

There’s no doubt that AI is having a transformative impact on banking operations, but the challenge facing banks is how to adopt AI at scale rather than for individual use-cases. The question they’re grappling with is: should we build our own in-house solution or buy a ready-made model? Christian Sarafidis, chief executive EMEA financial services at Microsoft, argued the latter is more suitable.

This is because the technology is evolving so rapidly, and banks are unlikely to have the in-house skills, resources and expertise to create a solution that is better than what is available in the market, where solutions have already been designed to meet specific needs of the banking sector.

3. Divergence on CBDCs

CBDCs – a solution looking for a problem or a genuine monetary innovation? In a session on ‘The future of payments’, moderator Joy Macknight put the question to the audience, asking Do we need a digital euro, whether wholesale or retail? Interestingly, a majority of 62% said no, compared to 38% who voted yes.

Panelists were quick to point out, however, that the question was slightly misleading by grouping the wholesale and retail use-case together. They agreed that the wholesale CBDC development is at a far more advanced stage of development than retail, a hypothesis supported by the Bank of International Settlement (BIS). A survey by the BIS in late 2023 found that the likelihood that central banks will issue a wholesale CBDC within the next six years now exceeds the likelihood that they will issue a retail CBDC.

There was positivity about the role of blockchain in capital markets more broadly. Michael Reinwald, Head of Sales for JP Morgan Germany and Austria, was “convinced” that tokenisation will be central to driving capital market innovation, helping to increase market liquidity, reduce the risk of fraud, lower transaction fees and improve transparency and visibility across the trading cycle.

4. The road to instant payments is easier said than done

Instant payments are a massive priority for banks, especially given that SEPA Instant – set to apply from January 2025 onwards – will require Eurozone banks to offer instant credit transfers at any time of day and year. In an audience poll during a session on ‘The Instant Payments Revolution’, the overwhelming majority (75%) put instant payments regulation as their number one priority, followed by ISO 20022 migration at 58%.

Enabling instant payments is the aspiration for all banks, but it was clear that achieving this won’t happen overnight and there are still barriers that the industry needs to overcome, none bigger than fraud prevention. In a second audience poll, attendees cited Know Your Customer (KYC) and Anti Money Laundering (AML) as the single most overwhelming challenge in instant payment adoption. Although reimbursement schemes can compensate victims, faster payments mean there is less time to stop fraudulent transactions from being processed and settled.

Panelists also spoke about how the success of instant payments depend on more than  having the right technology infrastructure in place. Simon Eacott, Head of Payments at Natwest, said, “It’s not just about the technology, it’s about the whole end to end user experience.” Consumers value security, trust, speed and convenience, and having these building blocks in place will be key to instant payment adoption.

5. Fintechs and Banks… the special relationship

Banks and fintechs have a unique relationship. Once viewed as a disruptive force aiming to upend traditional banking, bank-fintech partnerships have become increasingly common and highly effective.

In a panel discussion on ‘Prioritising innovation in embedded finance’, panelists agreed that while fintechs can’t solve all the long-standing challenges that banks face, they can provide specific, targeted solutions to pain-points. For banks, this has made partnering with fintechs increasingly appealing.

Pietro Fragnito, senior innovation strategy and market outlook at Italian banking group Intesa Sanpaolo, explained how they partnered with a fintech to simplify transfer paperwork. He said, “We made a partnership with the fintech that solves compliance problems for our customers. They do a lot of work when moving from one utility provider to another. We integrated their services in a seamless way in our application and our customer can complete the journey without going out to switch context and then come back.”

These partnerships are seen as a win-win. Banks, with their established customer bases and regulatory expertise, provide a foundation for fintechs to apply their offerings at scale. On the other hand, fintechs can help banks stay competitive through their agility and customer-centric approach to financial services.

6. Women in Banking: building on progress

As the payments industry becomes more and more specialised, further opportunities for women are opening up in various areas such as technology, Open Banking, ESG or regulation.

In a lunchtime roundtable on ‘Women in banking and payments’, Katja Lehr, Managing Director of the EMEA Payments and Commerce Solutions Team at JP Morgan said, “I see lots of great women in the room today… ten or fifteen years ago it would have a different picture.” Over the past two decades, there was agreement that there has been a positive improvement in the representation of women in the sector.

However, it is still much harder for women to ascend the career ladder than men. McKinsey’s 2022 report on women in the workplace show fairly equal numbers of men and women at entry level, but far fewer women than men at the higher echelons of the banking hierarchy. Despite some hard-fought gains, women’s representation still lags behind at the manager and director levels.

Panelists agreed that cross-industry and cross-company support for women is needed to bridge this gap at all levels of the hierarchy and keep women in top positions.

Adeus Lisbon, bonjour Paris

The overwhelming feeling was one of resilience. After a global pandemic, high inflation and geopolitical uncertainty, global payments revenue grew by double digits in 2023 while the industry continues to attract top talent and skills. Regulatory reform will put banks under more compliance pressure, but this also presents an opportunity to innovate.

Wolfgang Ehrmann, chairman of the board at the Euro Banking Association, concluded the event with a fitting football analogy: “There is a golden rule from German football: After the game is before the game. So, after EBAday is before EBAday.” As we look ahead to next year’s event in Paris, we can be optimistic about the future of transaction banking.

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How to write a research report

By Alex Knight, Financial Services

This blog outlines a 12-step guide to writing an effective research report, focusing on survey-based methodologies. It covers three core phases that take you from concept to launch, providing practical tips and insights to help businesses produce reports that will boost brand awareness and support lead generation.

Building a brand doesn’t happen overnight. Unless you have an explosive stunt in your back pocket, it requires a clever and consistent communications programme across years.

However, there is a way to give your brand a perfect platform for success: a research-based report. Not only does a report provide you with original data and insights that can fuel marketing activity for months, but they’re usually more meaningful than that.

Reports take a deep dive into a topic that a business wants to be associated with and will often draw attention to the very challenges that a business is trying to solve. As such, the launch of a report is usually a major milestone – and one which shapes the future of the brand.

There are many ways to do research and I would encourage you to explore what options might work best for what you have in mind, whether it’s digging into publicly available data sets, aggregating recent news and case studies, examining existing literature – or better yet – using data from your own business. That said, the default for many is a survey, which is a fast and reliable way to gather some useful data.

Whichever methodology you decide to go with, creating a research report can be a large and intimidating project. Fortunately, this article breaks down the process into 12 key steps (specific to a survey-based report) that will take you from idea to launch, with some top tips along the way.  

Phase one: Ideation

Step 1: Establish a clear concept

You probably already have some rough ideas, but it’s important to start by working out the story you want to tell and the topics you want to investigate. Ideally, what do you want the research to uncover? Who do you want to read it? Are you looking for a punchy 1,000 words or something more in-depth at 10,000? Key things to think about here are budgets, word count, and scope for the survey, including job titles, sectors, and regions.

Step 2: Put a plan (and timeline) in place

From experience, we know that reports require tight project management and a clear step-by-step process. Before beginning, you should assign a project manager and develop a timeline with clear ownership of actions and deadlines. The length of the project will depend on the research, but a shorter report will take a couple of months whereas a longer piece of research can take six months or more.

Step 3: Finalise research methodology and scope

Here you need to balance budget with credibility. For B2B research, you need a minimum of 100 respondents whereas it’s 1,000 for consumers for the research to be seen as credible – and therefore newsworthy in the eyes of the media. However, the higher the number of respondents, the more credible. It is possible to run the survey yourself through the likes of SurveyMonkey, but it can be a real challenge to gain a decent number of responses.

When it comes to research agencies, as tempting as it is to simply go for cheapest option, they all have pros and cons, with some providing much less consultancy throughout the process. As part of those conversations, don’t forget to ask how the data will be presented back to you. Is it on Excel or do you get access to an interactive platform?

Step 4: Gather inspiration and ideas

At this point, you should build on the initial ideas by doing extensive desk research into the areas you are investigating. What does your audience care about? What are the biggest news stories? It’s important to do some digging to see if there is any rival research out there, both for inspiration and to avoid creating something similar. This all informs the direction of the research.

If possible, it is well worth speaking to a few journalists to ask what research they would like to see. That usually gives a good steer. After that, you should have calls with your subject matter experts to catch their thoughts on what you have found and to hear what they think is missing.

Phase two: Development

Step 5: Create an exceptional survey

This is arguably the most important step. The questions can really make or break the report, and require careful thought to provide you with data people will care about. It can be helpful to work backwards by thinking about some of the headlines you want and writing the question to deliver that outcome.

Try not to overcomplicate questions. Simple and short questions will provide clearer cut data. In addition, it’s important to make the most out of screening questions – think beyond the standard gender, age, job role, sector, and region. What else could be useful to find out that is specific to your sector? On a similar note, you can extract extra value by adding some questions at the end of the survey that can help inform your brand or business strategy – have they heard of you? What does your audience want from suppliers like you?

Step 6: Wait patiently for your data

This will usually take a few days but can take over a week depending on the panel. Use this time to put a plan in place for when the data is due back. Who’s doing the analysis? Can they block out a couple of days to dive into it? It’s also worth being very clear with the research agency how you want the data presented.

Step 7: Examine the results

This is where you take a deep dive into the data, plucking out key stats and looking at how the different demographics compare to each other. There’s bound to be a heap of exciting stories in there so don’t just scratch the surface here. The best stories are often buried a little.

Throughout this process, use the research agency to help you to come up new stats by working out averages, creating net totals, or combining responses that can be grouped together. That will help create some eye-catching statistics. It can also work well to create a framework / structure of the report at this point.

Step 8: Chat with your experts

While the data is the foundation, the best research reports have insights and commentary alongside the data so this is the time to have some longer discussions with your spokespeople to hear their thoughts on the findings. What is surprising? How do they explain it?

If possible, try to have a mix of voices and pull in spokespeople from relevant companies or organisations. Industry bodies and trade associations are perfect if you can bring them in.

Ahead of all interviews, you should circulate a document containing what you’re looking to discuss (and mock questions). That said, you don’t want the spokesperson to be over-prepared as it tends to be more robotic. You’re looking to have a relatively free-flowing conversation as this tends to generate the best insights and lead to some more personal quotes and anecdotes.

Phase three: Creation

Step 9: Write the report

This is where you finally pull all this information together. Start by creating a structure, with all the key points and data in an order that makes most sense. It’s important to consider the narrative carefully. Try not to just write up the data question by question. Think about how the findings can be grouped together thematically.

It may sound obvious, but do not pepper the report with sales messages. It acts as a turn off for the reader and undermines trust in what you have written because it suggests your interpretation is skewed. Instead, try to give an honest and impartial read on the data. After all, the quality of the report is what will create engagement and support lead generation, not sales messages.

The length of the write up will vary, but it should include different sections as well as a foreword, a methodology, and an executive summary, which is best done in bullet points. Then, be strict with yourself on editing and cutting. Remember that the report is not the only way for you to use interesting data!

Step 10: Manage editing and sign off

Once you have a first draft, you’ll need to go through edits and approvals, which often involves different stakeholders. This phase requires really tight management and communication to make sure everyone is aligned and sticking to timelines. Be clear on who is reviewing what and when the deadline is. It can be matter of ‘too many cooks’ when it comes to long form content, so be selective with who feeds in at this point to avoid excessive rounds of edits. And beware of version control, especially when working with external parties.  

Step 11: Design the report

Fairly self-explanatory, but the design will have a massive impact on how people engage with the report. A well-designed report with the right visual signposting will bring the data to life and make certain messages pop, making it is easier to read and more likely to capture the attention of the reader. The graphs need careful thought – some data is best presented as a pie chart whereas some will work best as a bar chart.

In addition, it can work well to include ‘pop-out’ quotes and stats that really stand out. Infographics and graphs can also be used for promotional activity and can be included in other assets, such as videos.

Step 12: Give it a final, thorough proof

Before launching, give the report a final proof. Be thorough here. For example, I’d recommend checking that every single statistic is accurate. Beyond that, you should check all the copy matches the final version, that all the graphs look right, and that the formatting and grammar is consistent throughout e.g. “%” vs “percent”.

Shaping your brand

While each report is unique, these twelve steps will help to guide you through the process. Major pieces of content like this (such as those we have written for Ayming Group) act as a stake in the ground for a company, establishing authority and building recognition in a particular field. In that way, they embody the essence of a company and shape the identity of its brand and it’s therefore absolutely critical that the reader – which is often a potential customer – is impressed by what they read.

At Aspectus, we specialise in creating award-winning research reports and are always happy to have a conversation on how we might be able to help.

Part two with tips for launching a report to follow…

About the author

Alex is an award-winning content and creative strategist. In his 7 years at Aspectus, he has written and managed dozens of research reports and is an expert at using data to create news stories that will capture the attention of journalists.

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Aspectus Group expands into Middle East with Dubai office opening

Appointment comes as the agency expands its global professional services offering.

Dubai, UAE, 4th June 2024: Aspectus Group, a global brand, marketing and communications agency, has announced its latest expansion, opening its first office in the Middle East, appointing Astrid French to lead.

Located in Dubai, UAE, the move affirms the agency’s global growth plans and long-term commitment to the region, having supported clients in the market for over a decade. The UAE office will drive activity across strategic locations in the Middle East, for local firms seeking global support and global firms pursuing local impact. Aspectus will continue its focus on specialist B2B expertise in energy, marine and industrials; technology; financial and professional services; and capital markets.

Astrid French, who joined Aspectus in 2021 following tenure at Weber Shandwick and Edelman, and who has since led the Energy & Industrials Practice, is expanding her role, appointed as Head of Middle East. Astrid commented: “The opportunity in this region cannot be overstated. Attractive business conditions and an appetite for innovation and investment is fueling economic growth in a way we simply aren’t seeing in other markets.

“It’s particularly evident in our core sectors, with initiatives like the $500M UAE AI & emerging tech R&D programme, consistent double-digit growth in DIFC company registrations, and new CCUS and green hydrogen projects on the horizon.

“This creates opportunities for both established heritage brands and vibrant emerging start-ups. But, it also significantly raises competition on the local and global stage. Storytelling always matters – but in this context, and in sectors where messaging must be handled with care, having a voice that is heard, remembered and advocated for, for the right reasons, becomes a non-negotiable.”

Astrid will be responsible for overseeing the strategic direction of Aspectus’ activity in the Middle East across brand strategy, digital and media relations, as well as retaining her current lead role on a number of flagship global clients. The news follows Aspectus’ highly successful office opening in Singapore in January 2023, which has experienced impressive growth since launch.

Alastair Turner, Global CEO of Aspectus Group, continued, “As an agency, we have lived by a commitment to unparalleled service for our clients; where they need us, that’s where we go. For a long time, we have supported in this region, but it has become increasingly clear the need to pivot from executional to strategic on-the-ground leadership. It will elevate our work not only in the Middle East, but across the world as we grow our network of offices that form a nexus of global support for our clients. We couldn’t have a better person representing the agency in Astrid. She is brilliant with clients from both a strategic and tactical point of view as well as being a fearless new business operator. She is endearingly geeky about our specialist sectors and passionate about people development. We are lucky to have her driving the business forward in the region.”

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