New York and London, 6th December 2023: Aspectus, the global brand, marketing and communications agency, today announces the expansion of its professional services practice with the appointment of Kirsten Scott as Professional Services Lead.
Aspectus already has a strong track record in this sector, and now as it continues its global expansion, it is time to bolster its expertise in the space. In doing so, Aspectus will be better positioned to support professional services clients meet their business and marketing goals.
Kirsten Scott, who joined the Aspectus team two years ago, has extensive experience working with professional services clients including leading international law firms, accounting firms, consultancies and world-known financial, risk and advisory specialists. To date, she has played a crucial role in securing flagship clients for Aspectus and has contributed significantly to the agency’s growth. In her new position, she will be tasked with driving expansion while ensuring that Aspectus capitalizes on its existing experience.
By combining deep sector-knowledge – across the financial services, energy & industrials, capital markets and technology sectors – with extensive professional services experience, Aspectus has unrivalled insight into how businesses can engage audiences on all sides. This when compounded with its on the ground presence in key professional services hubs around the world means it can deliver fully integrated global campaigns with local insight and is perfectly poised to deliver client success.
Alastair Turner, Global CEO, emphasises the importance of this strategic development, stating: “As Aspectus continues to grow globally, our focus on the professional services underscores our commitment to providing tailored solutions to our clients. Professional services communications requires deep knowledge of complex subject matter but also a genuine understanding of the nuances of businesses operating within the space – from consultancies and accountancy firms to legal or compliance specialists.”
In the past 12 months, Aspectus has experienced remarkable growth, achieving global revenues of over $15m (£12m) — a 25% increase compared to the previous year. This growth has been fuelled by heightened client demand, the introduction of new services including the agency’s ESG offering, and the agency’s strategic expansion into Asia complimenting the agency’s full-service, fully integrated offering.
Kirsten Scott, Professional Services Lead adds: “I am delighted to be leading the charge for Aspectus in professional services. Communicating effectively and confidently to stakeholders that span multiple geographies and different industries is becoming increasingly difficult for professional services firms. In-depth, on the ground support and guidance is needed to navigate this landscape with certainty and – crucially, to do so in a way that meaningfully engages and inspires their audiences to take action.”
“Aspectus’ unique positioning across our core sectors enables us to provide unparalleled insights and strategic guidance to our clients, wherever they are in the world. This when coupled with our track record of delivery in the sector, means we know how to make clients stand out for all the right reasons, and tell their multi-channel stories in a way that ensures maximum impact.”
As marketeers, we have access to more data than ever before. Data on audiences, data on reach, data on engagement. I love it. I believe firmly in data-backed strategy, data-informed testing and data-led measurement and refinement. Data is our critical guide when it comes to seeking out and diagnosing problems and marketing solutions. It helps us gently remind CEOs and founders that they are not the audience. And it enables us to refine campaigns mid-flight so they perform better.
But marketing is an art as well as a science. And when it comes to human behaviour, science doesn’t always have all the answers. A recent episode of the ‘On Strategy’ podcast with Fergus O’Carroll was a timely reminder that data should never be followed blindly. The podcast followed the story of Replens, a vaginal moisturiser. Bear with me. This may be a million miles away from most of our specialist sectors (with the exception of HealthTech) but the lessons apply across the board.
Replens approached The Gate following a drop in sales during the Covid-19 pandemic. The full story is well worth a listen on the link above, but in short, the agency had access to a selection of quantitative and qualitative data. They built the first creative, logically enough, on a key piece of quantitative data that ranked the top two purchase triggers as dryness and itching. It was only later, when they realised that the first creative wasn’t doing enough for them that they went back to the data – and the drawing board – and instead built a much more powerful, emotionally-driven campaign disregarding the top two factors and looking instead at what was placed a lowly third: intimacy. There were elements in the qualitative data that helped nudge them in this direction too – but it took the team stepping away from the obvious, data-led angle to get there.
And of course, there are all sorts of iconic adverts that would never have been made if the teams behind them had trusted solely in the data and let that ride roughshod over their own instincts. Perhaps the most famous of these is the Guiness surfer ad, but there are plenty to choose from.
We see that lesson closer to home too. Take brand architecture projects, where we advise clients how to present the organisational structure of their various brands or sub-brands for maximum value. These exercises are typically built on a lot of data from financials, to internal attitudes, competitive reviews, client concerns and broader purchase factors. And while we couldn’t make these decisions with confidence any other way, one of the most useful considerations in amongst all those spreadsheets upon spreadsheets of cold hard facts is simply what structure the internal marketing team is going to be best able to manage in the future, since the success or otherwise of the future picture will hinge on that.
This is no rallying cry to ditch data. I meant what I said at the start. Get the data. Use the data. But use it wisely. And if it doesn’t feel right, challenge it. Most importantly, don’t disregard your instincts – they’re there for a reason.
In a densely saturated market for media attention, it can seem an uphill struggle for cybersecurity sellers to carve out a name for themselves. A company news drought can be frustrating, especially in those periods when you have no new funding rounds, high profile hires, or marquee client partnerships to announce. But cybersecurity companies are treasure troves of internal threat data which can form the glue between your company and journalists writing their next story.
Banking on your data
Many companies in the cybersecurity space have access to vast repositories of data, which can be enhanced to tell new and compelling stories about current trends in the market in which you operate. In other words, what are the current patterns your product is experiencing, and what can this tell us about the broader cybersecurity landscape? What modes of cyberattacks are most prevalent for your users? What security tools are most in demand from customers and prospects? What kinds of companies need your product and services? Internal data could reveal interesting data security trends in whatever verticals you serve. Suddenly, an array of internal performance data becomes an insightful take on the wider industry and reinforces why businesses should invest in cybersecurity, and your product in particular.
Data-driven journalism
Journalists love data. Data offers hard evidentiary proof points in an inherently opinion-driven media world. When creating and pitching stories to journalists, you need to consider why it’s important to readers and what value you can add. A great way of doing this is by providing data, since this grants credibility to stories and gives real-world context. Media pitches backed up by data in the form of numbers, charts, graphs, tables, or interactive infographics offer a clear story map that makes a journalist’s life easier. Nowhere is this more important than the cybersecurity trade media like Beta News, Security Boulevard, and ZDNet – in the evolving landscape of cybersecurity threats, readers are concerned about the measurable risk that current and future trends pose to themselves and their businesses. Thankfully, with new technologies at the hands of cyber criminals, no subsector is too niche for journalists, whether it be hardware security, Kubernetes, identity and access management, and many others. This presents an opportunity for you to become an industry data leader by offering market research that can’t be sourced from anywhere else.
Become a market research go-to source
The goal is to ultimately become the go-to data bank for journalists when they are writing their next stories. For instance, this could be commissioned yearly as an annual report, meaning over time, you can become known for something. For example, longtime Aspectus client and award-winning anti-malware solution provider Malwarebytes produces an annual and quarterly Ransomware Report, detailing ransomware attack trends. Cybersecurity trade outlets including InfoSecurity Magazine published articles on Malwarebytes’ 2023 spring report, noting that the UK’s education sector was the most targeted industry in 2022-23.
However, a conglomeration of internal data and a cutting-edge market report are two very different things. Getting there requires knowing exactly what your end goal is and how this can be rolled out to maximise your return on investment.
Data-driven PR builds credibility and good media relations
Survey research reports present robust opportunities for PR and marketing campaigns and content. Cybersecurity companies that conduct periodic surveys of industry participants or target audiences can generate data-driven storylines that not only can attract media attention but also can be repurposed into valuable content for blog posts, LinkedIn campaigns, white papers, and conference presentations. This can elevate a company’s voice of authority in its space, positioning executives as credible thought leaders and attracting new business. For some tips on conducting PR survey campaigns, see this earlier post.
As communications professionals, we have our fingers on the pulse of the cybersecurity news cycle. We also have longstanding and very personal relationships with the journalists who would be interested in your products. Moreover, our cybersecurity sector expertise means not only that we grasp the technical details of the industry, but we also are keyed in to the latest trends and news in the cybersecurity mediascape. We can therefore connect the dots between your business and their next article, which results in building media relations that pays dividends again and again.
Most importantly, we can work with you to create a creative, but relevant report topic that customers, prospects, and media can look forward to.
There is a lot to digest starting out in this process, so if you want to know how to make the most of your internal data, get in touch.
Samwise Gamgee. Hermione Granger and Ron Weasley. Bat-girl. Most heroes have a trusty sidekick. It’s a well-understood trope of fiction: the dashing, if occasionally volatile, hero/ine needs a steady counterpart. The one who can be relied upon. They might not take center stage, but without them, the whole house of cards would come crashing down.
That’s how I think of campaigns vs. always-on. Naturally as marketers, we tend to think in campaign cycles. When it comes to new business pitches, our big focus will be the exciting campaign idea. At the end of our careers, it will be the big campaigns that we remember. But that mustn’t lead us to downplay the importance of always-on.
Always-on is our protection against what I call the triple threat of memory decay, competitor noise and competing priorities. Let me break that down a bit…
Memory decay
It’s the nature of memory to decay from the moment something is no longer in front of us – that’s just how the brain works. The speed of that decay will vary based on the impact the exposure had, the length of time that’s passed since and the other things competing for attention – but in all instances, it’s something we marketers are up against.
Competitor activity
If we accept the general premise that people have a certain capacity of mental availability for different aspects of their working life, we accept that we have to share our space with our direct and indirect competitors. And that means any activity from our competitors could hasten the memory decay for us.
Competing priorities
Related to the above, are simply the other priorities that will pull the focus from our product or service – especially if we straddle the line between ‘business-critical’ and ‘nice-to-have’, or where we’re trying to displace an existing supplier.
This ‘triple threat’ is especially damaging in our specialist sectors. We’re not in the business of FMCG: the majority of our clients’ prospects are actively in-market relatively infrequently. And because we know that – even for high mental involvement purchases like our clients’ products and services – top-of-mind awareness plays a high part in final purchase outcomes, we must prioritize springing to mind at the right moment.
Campaigns alone cannot deliver this. Sure – done successfully they’ll deliver the peaks of attention that should hold some degree of retention. But this is where we need ‘always-on’ to fill in the gaps – because we don’t know when they’ll suddenly shift into an active buyer state.
As Maria-Angela Sanzone, Head of Paid Social at JPMorgan Chase, said recently at Advertising Week New York: “It comes down to repetition and eliminating dark periods so that you always have a presence. It’s the right place with the right message at their right time, not a right time.”
If you’d like support balancing your campaigns and always-on activity, contact our team.
People who work in marketing and communications tend to be ‘ideas people’. The appeal of the new shiny thing is considerable. But as an industry, this can sometimes cross the boundary from help to hindrance.
Over the last year or so there’s been a growing chorus of voices, suggesting – based on empirical analysis – that the concept of ‘wear-out’ might be having undue influence on campaign planning. ‘Wear-out’ is simply the idea that advertising campaigns lose effectiveness over time, as consumers become bored by them and look for something new.
But we must remember the first rule of marketing: think as your intended audience, not as yourself.
If we put ourselves in the shoes of our clients and prospects, we’ll see two things. First, that we are rather more obsessed with the shiny new thing than they are, particularly in the industries we focus on here at Aspectus, where trust is fundamental as the stakes are typically high. Second – and perhaps more fundamentally, we’ll realize that we are much more likely to feel bored by long-running campaigns that we have been living and breathing for some time, compared to the intended audience who will engage with them only periodically, and with a lower intensity than we do.
This analysis (particular h/t to Kantar, System1 and Analytic Partners, and recent commentary from Mark Ritson in Marketing Week) has been focused on the advertising industry – where some of the best effectiveness analysis takes place because that’s where the money is. But it’s worth thinking about how that could be applied more broadly across the marketing mix.
Of course, when it comes to media relations, there is a requirement for activity to move with the news agenda. But while the specifics of a piece of content might change, it’s critical that there is consistency of message and theme over a longer period – otherwise you’ll never really get to be known for anything. Too often we see clients jump from one topic to another, or even one segment or broader strategy to another, without giving the campaigns a chance to take root.
We must retain that audience lens – our clients and prospects are typically juggling a lot of competing priorities, they may not actively be in market for our services right now, and therefore we can only grasp a relatively small slice of their attention, and there is more noise coming at them than ever before. That pushes us to stick with themes for longer, but make them work and stretch harder, across multiple channels in creatively varying ways to catch attention.
The added bonus to that, of course, is that you get more value from a single idea or flagship piece of content. And given the effort that goes into getting these things right, it’s critical to extract maximum value from them. So, invest more in marketing the idea, rather than constantly having a new one.
If you’d like to talk about how to get messages to take root, or how to extract more value from your marketing content, then contact us.
Aberdeen, UK, 26th September 2023: Aspectus, the global brand, marketing and communications agency, reported rapid growth in the last 12 months, achieving global revenues of £12m – a 25% increase on the previous year – driven by a combination of increasing client demand, the introduction of new services and the agency’s formal expansion in Asia.
Scotland has been an area of bumper growth. Earlier this year, the agency doubled its capacity by relocating to larger office in the heart of Aberdeen city and expanded its footprint with hires in Edinburgh and Glasgow. Aspectus now employs 12 people throughout Scotland, serving clients across the energy and industrials, financial services and tech sectors.
In the last 12 months Aspectus, which recently rebranded, appointed a new Head of Southeast Asia to lead its expansion in the region. The company also launched its formal ESG offering to help guide companies’ communications on environmental, social and governance issues as the operating environment for global business evolves.
Laura Iley, who opened the agency’s Aberdeen office in 2016 and is now Chief Commercial Officer at Aspectus, comments: “Having established our presence in Aberdeen seven years ago, Scotland continues to play a vital role in the agency’s success, where we see huge opportunity across all our core sectors.
“Aberdeen has always been a gateway to international markets. Excitingly, our recent expansion in Asia means we now have a foothold in three continents – offering Scottish clients a truly global service, grounded in local knowledge.”
Megain Buchan, Head of Energy and Industrials, says: “In addition to our financial services, capital markets and technology specialists, we have a dedicated team of energy experts here in Scotland, with ambitions to grow alongside the businesses transforming the sector. The atmosphere and attendance at Offshore Europe this month was a superb showcase for the range and diversity of opportunities in our evolving energy sector – and the role Scottish businesses have to play in it. We’re excited about the future and passionate about helping brands tell their energy transition stories in a way that drives real business outcomes.
“The talent pool is crucial too – it was one of the drivers for establishing our Scottish presence in the first place. We pride ourselves on our deep sector expertise, and having access to local talent with hand-on industry experience has been a key driver of our growth.”
Aspectus currently employs 100 people globally and has offices in Aberdeen, London, New York, Singapore, and Lucerne.
There are nuances to nailing a B2B website brief. Here’s our guide to getting it right.
In the dynamic landscape of B2B interactions, a well-structured website is a powerful asset. However, achieving this requires careful planning, user-centric design, and robust development practices (as well as a fair bit of empathy between clients and partners). Here’s our guide to helping you navigate these crucial aspects when creating a B2B website brief.
Planning and Research: Building a Solid Foundation
Understand Your Audience’s Pain Points
While seemingly an obvious point, the nuances of this in the B2B world are not. Gartner reported 77% of B2B customers describe making a purchase as “very complex or difficult” often having to work with 6-10 people to come to a decision. We need to ensure we speak to each one of these stakeholders through your website so they can find it and then understand the value you bring in all its potential complexity.
“Websites are emotional beasts and even the most beautiful might not necessarily perform. To make the process as effective as possible, you need to work with a team that not only understands how to design and develop a website but also understands your industry inside-out so every page has a purpose.”
Lucinda Armitage-Price Head of Digital & Integrated Communications
Clarify Your Unique Value Proposition
Everyone knows it but this is about challenging it and getting it set in concrete. There should be no guesswork and no assumptions. As your website is often the first port of call between a user and your brand, it needs to convey a concise and compelling value proposition that clearly communicates why potential clients should choose your solutions.
A study by The CMO Council highlights that B2B buyers are 47% more likely to engage with a vendor who’s value proposition is easily interpreted. The more we can know about your brand, values, USP’s, messaging and tone of voice, the easier it will be for us to plot the key messages of your proposition across identified user journeys. If your brand identity and value proposition is not yet identified, a website project is the perfect time to address them.
Supporting these key messages should be carefully curated page copy that provides in-depth information about products, services, and solutions. This means enquiring about the copywriting capabilities of your agency and ensuring they have a track record for delivering website copy within your sector, it’s industry-specific jargon and technical details.
Understand how your website fits into the buying journey
B2B sales teams’ direct interactions with prospects are becoming much more succinct. Often now about providing very specific, technical information before closing. Instead, buyers expect digital platforms to provide the bulk of the information they require. In fact, Gartner ‘expects that by 2025, 80% of B2B sales interactions between suppliers and buyers will occur in digital channels’.
This means conventional website design methods tailored for B2C fall short in addressing the requirements of B2B customers. If your customers are businesses, you must treat them as such by implementing good B2B website design techniques, SEO foundations, and knowing how your site should be leveraged to support your wider marketing activity.
Make sure to list all the types of content you would like to include on your site. This is less about page content, and instead about the content we either want to use to bring users into the site, keep them there or download and take away. For example news posts, blogs, videos, tutorials, fact sheets and case studies etc. Give your agency an idea of what you know has worked well in the past or what you’d like to do more of. Even better, if in scope, ask them to include a launch promotion strategy so marketing and your website are aligned from the start.
UX Design: Navigating Complexity with Intuitive Experiences
Simplify Navigation and Structure
In B2B, where time is of the essence, seamless navigation is paramount. While B2B businesses may want to promote intricate products or services, your navigation needs to be intuitive and straightforward. Don’t be afraid to reference examples of site structures and menu designs, within your space or beyond, that you feel serve as helpful food for thought. Your agency should be doing this too, but it’s always helpful to get your thinking to inform initial discussions.
Highlight Credibility and Trust
Build trust through UX design. Incorporate client testimonials, case studies, and certifications. In B2B industries, Team and Board members are often the most viewed pages after Home and Solutions. Make sure to give an idea of how much visibility of your team you’d like to show on the website. For example, should this stay specifically to your management team or include wider expertise? Would you like each to include a full bio or link solely to their LinkedIn profiles?
“There is an inherent balance between functional and emotive experiences online. Great UX design ensures that recognised user habits are juxtaposed with memorable brand experiences. This is vital across B2B sectors to be relevant in ultra competitive markets.”
Matt Walpole Head of Design
Optimize for Mobile Responsiveness
The importance of mobile-friendly design is by no means a new thing. However, we’re always surprised to still see businesses that have yet to get it right. Put simply, mobile optimization is no longer optional. With Statista reporting that mobile devices account for over half of global web traffic, your B2B website must be responsive across various devices. Stress the importance of responsive design, ask how it’s approached and enquire about your agency’s accessibility, browser and device testing methods.
Development and Technical Considerations: Building for Performance
Prioritize Speed and Performance
Page speed is paramount. A Google study found that as page load time increases from 1 to 10 seconds, the probability of a mobile site visitor bouncing increases by 123%. Unlike B2C websites that tend to have a wider target market, the impact of technical issues like page speed are far more problematic if they impede the limited and hugely valuable interactions of your select audience. Your website brief should include a strong emphasis on optimized code, efficient hosting, and overall performance.
Integrate CRM and Marketing Automation
B2B relationships often require effective nurturing. By integrating CRM and marketing automation systems, your website can seamlessly capture leads and facilitate personalized follow-ups.
“Sound development practices lay the foundation for B2B websites, shaping not just user experience, but the credibility and trust that drive lasting business relationships.”
Marko Batarilo Senior Development Lead
Secure Data Handling and Privacy
Data security is a critical concern in B2B transactions. The Cisco 2021 Security Outcomes Study reveals that 85% of security professionals believe improving security can lead to competitive advantage. Your website brief should address the necessity of strong data encryption, GDPR compliance, and secure user authentication.
Search engine optimization
All elements that have been discussed are imperative for search engines to recognize your website as a trusted source and therefore ranking it as high as possible. The design needs to have a clear flow with content that really speaks to its audience and areas such as site speed and responsiveness will feed those algorithms the good stuff and with an ongoing program, you can expect your website to continue to perform.
Rod Stewart famously sang, “It’s late September and I really should be back at school.” The boys (and girls) of summer are indeed gone. If you were lucky enough to have holiday time off in August, you are probably already steeped in an unrelenting race to meet Q3 objectives and end of the year objectives. After a few years of robust revenue and productivity growth, the professional services industries now expect growth to level off considerably under suffocating macroeconomic trends. Both the US and UK economies remain plagued by high interest rates and inflation, and flat growth. Experts project the UK will finish with only 0.4% GDP growth in 2023, while the US will come in around 2%. Further, analysts downgraded their 2024-2025 expectations, noting the interest rates will not drop to pre-pandemic levels anytime soon.
Legal, accounting, consulting, and other professional services leaders now return from summer holidays poised to tackle growth-hampering headwinds like shrinking margins, increased competition, talent shortages, and regulatory changes. We talked to some of the professional services sector experts here at Aspectus to glean some insights into how professional services firms can ensure they stand out in the second half of 2023 and how they should ramp up communications approaches for the rest of the year.
Appraise the competition’s media communications footprint
Communications, marketing, and PR leaders spend so much time focused inward, advancing their firms’ media and messaging strategies, that it is easy to lose a handle on what competitor firms are saying in the mediascape. It’s a challenge to break through the noise in the crowded professional services industry, and with firms being impacted by macroeconomic conditions, everyone needs to work that much harder to increase or maintain market share. Just as in other business functions like product development and client service, professional services firms should assess how competitors are talking to their stakeholders and positioning themselves in the media. And when we say assess what they are doing, we don’t just mean taking a quick scan of their website, recent media hits, or asking industry peers their opinions of the competition. We mean really checking under the bonnet.
PR and marketing managers should dig into which communications channels they are using, how frequently they are using them, what topics and themes are they talking about – and then assess which messaging tactics you should mirror, and where there could be whitespace on which to capitalize. Firms should choose a couple of top competitors and generate a landscape analysis, an assessment of competitors’ media exposure in comparison to their own. They can execute a comparative analysis of website, keywords, and SEO performance. If you can figure out what thought leadership conversations firms are having in the media, you can get a grip on how they are positioning themselves in the market. Effectively, it’s a media SWOT analysis (who said they were only for a firm’s overall business position?), and they are a great way to evaluate your position in the market and make necessary communications strategy adjustments to improve or refine your positioning for Q4.
Reassess and refine your brand messaging
Now that you know where your firm stands against the competition in the media, you can make some tactical changes to retool your approach or upgrade your marketing or PR game, wherever it needs to be. PR, marketing, and communications executives will often revisit their brand’s messaging when a firm goes through a big change like a merger/acquisition, a change in value proposition, a rebranding, or brand refresh. However, they should also periodically revisit their brand messaging platform in accordance with changing market conditions or, as noted above, competitor positioning.
A messaging house is a master comms bible document of sorts in which a company formalizes how it communicates with its target audiences and all stakeholders. This document should be a North Star that any public facing department uses to communicate to stakeholders, from prospects and talent to investors and shareholders. All too often reviewing your firm’s messaging is a task that slips to the bottom of the list. But the last couple of years have seen constant disruptions, whether it’s been the pandemic, rapid digitization, or increased ESG expectations, we have seen a massive shift in what clients value and what they want from their advisers. Communications and marketing leaders should devote time to a refined messaging house document to ensure that their messaging platform is continually consistent, aligned with overall PR objectives, and stands up to scrutiny.
Creativity sparks engagement from key audiences
Whilst trust and relationships are of paramount importance to professional services firms, that doesn’t mean there is no room for creativity in marketing and communications. Especially for marketers who feel stuck in a rut in which their digital communications have grown stale and repetitive, a concentrated effort on considered creativity can help stimulate more compelling content. Our own creative director Daniel George coined the term to crystallize how we strive to deliver elevated campaigns and content by combining our right- and left-brain talents.
Considered creativity means we use our bright creative minds not merely to be creative for creativity’s sake, but combining raw creativity with intelligent insights about both the client’s PR and business objectives and the sector’s most relevant, trending issues. The best way to stand out, grab attention, and demand action from prospects is to ignite a spark in their mind that hasn’t been lit before through bold, attention-grabbing content – whether a social post, an op-ed byline, white paper, press release, video, or other. You want to be talked about for all the right reasons, and getting creative is the best way to control the narrative, start conversations, and engage the right target audiences.
Inspire the right target audiences
As an industry that relies on human capital and expertise, its firms put a premium on optimizing how they talk to their key audiences, how they position themselves in the market, and how they communicate their brands to all stakeholders. A 2023 Mavenlink research report revealed that increased competition was the number one challenge for businesses in the professional services sector, followed by managing changing client expectations at number two. Firms can separate themselves from the competition in Q4 by refreshing their strategic marketing and communications strategies to align with tightening economic conditions, changing consumer expectations, and a noisy mediascape. According to Thomson Reuters Institute’s 2023 State of the U.K. Legal Market report, “Firms need to re-consider how they present and deliver value to their clients. The key lies in understanding and meeting client needs…” Clear communication of a firm’s value proposition requires that all internal and external communications are consistent, compelling, and convincing – it’s the only way to drive change and make a sustained impact.
If any of this has got you interested in what you can elevate your marketing strategy this year, get in touch with our team of global experts.
September 1844, a Bavarian man and his two brothers arrived in New York full of hope and aspirations for a new life in the land of opportunity. September 2008, 164 years later, their legacy – Lehman Brothers – would collapse into bankruptcy, triggering the biggest financial crisis the world had ever seen.
The collapse was largely due to the firm’s involvement in trading complex derivatives, such as mortgage-backed securities, and the subsequent exposure to the subprime mortgage market. When the market turned sour, the value of these securities plummeted. The credit default swaps (CDS) contracts linked to these securities then amplified the losses, leading to the firm’s collapse.
The crisis highlighted the importance of clear and transparent communication as a crucial tool for maintaining financial stability and managing market expectations. One and a half decades later, there have been notable improvements in the way central banks and regulators communicate risks surrounding derivative instruments. Take the issue of forward guidance as a prime case in point. Central banks, including the Bank of England and the Fed, have increasingly used forward guidance as a key communications tool. This involves providing guidance to financial markets and the public around the likely future path of monetary policy – helping to manage expectations and provide greater clarity on the central bank’s intentions.
Central banks have also become more transparent about their policy frameworks, objectives, and decision-making processes. They often publish detailed policy statements, meeting minutes, and economic forecasts to provide insights into their thinking. In fact, the vast majority of major central banks now hold regular press conferences following policy meetings to explain their decisions and answer questions from journalists. This practice allows for real-time communication with the public and the media.
Then there is the social media factor, which has grown in importance considerably since 2008. Central banks and regulators have largely embraced social media platforms as a medium through which to disseminate information and engage with the public. Platforms like X are now used to communicate policy decisions and provide updates on economic conditions. Meanwhile, sites such as LinkedIn play a vital role in sharing information to address global financial stability concerns that emerge in international forums.
These advancements in communication are intended to enhance transparency, build credibility, and manage expectations in financial markets and the broader economy. Clear, timely and effective communication helps reduce uncertainty, foster trust, and allow central banks and regulators to better achieve their policy objectives.
The US regional banking crisis earlier this year (which had a slight whiff of Lehman about it) should reinforce why central banks and watchdogs must maintain their commitment to public communication. And today’s anniversary is a timely reminder. The importance of providing clear guidance on policies, actions, and intentions concerning derivatives cannot be understated.
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