In financial services, many firms are focused on providing bottom-line value to their clients. What most of them forget is how to properly communicate that value.
A good PR strategy has a greater impact on the bottom line than most firms realise. This book shows how to put in place an effective PR program in the financial services industry, and how great communications can add significant value to a firm.
Between them, Claudia Pritchitt and Leeanne Bland have over 50 years’ experience in public relations, communications, and marketing. Here, they explain the key tools needed in an effective communications strategy as well as why plain English is imperative in the jargon-heavy world of financial services.
Cut-through to be the main focus for marketing and comms strategies in 2025
A crowded marketplace and the potential of AI were hot topics in the latest PritchittBland Communications financial services marketing executive survey. The survey’s respondents are comprised of marketing executives within our network including clients and other industry contacts.
For many respondents, achieving cut-through in an overcrowded market was named as the biggest challenge they will face in 2025. Respondents noted that there is a lot of content creating noise in the marketplace, and they are finding it more difficult to remain relevant and reach their target audience.
Artificial intelligence (AI) also came up as an opportunity that marketing teams are looking to utilise and capitalise on.
So, will AI take over marketing and public relations activities in the not-so-distant future? For the first time we asked respondents whether they are using AI in their marketing and communications activities, with 76 per cent of respondents confirming they are.
The majority of respondents believe that they will use AI mainly to streamline processes (30 per cent). In close second was using AI to create content and analyse data to predict trends (both tied at 25 per cent). It will be interesting to watch how AI application evolves in 2025.
When it comes to public relations spend, in 2024, 24 per cent of respondents increased their spend, with 76 per cent noting their budgets stayed the same. No respondents noted decreasing spend in 2024. However since 2022 the number of respondents forecasting an increase in public relations spending for the year ahead has dropped year-to-year: 50 per cent in 2022, 33 per cent in 2023, and 29 per cent in 2024.
The most important service in 2024 for marketing executives, under the public relations umbrella, is media relations (27 per cent) followed by content development and coordinating events and media briefings (respectively 15 per cent). The importance of social media decreased with only 4 per cent of respondents finding it important in 2024 compared with 9 per cent in 2023.
Looking ahead, marketers continue to believe media relations will be the top priority for 2025. This is followed by building media relationships (19 per cent) and content development (15 per cent). Building relationships with journalists in particular is expected to grow in importance in 2025, jumping from 13 per cent in 2024 to 19 per cent in 2025.
In terms of satisfaction with their current public relations consultancy, 59 per cent said they were ‘very satisfied’, and 41 per cent being ‘generally satisfied’. In all, 82 per cent of respondents plan to continue their business arrangement with the same consultancy, with 18 per cent of respondents unsure about their plans for 2025.
Looking at what respondents felt public relations consultancies could improve on, 58 per cent note they are happy with the work produced and have no areas for improvement.
However, 21 per cent of marketers indicate they would like their consultancy to be more proactive and to communicate ideas to them, followed by 11 per cent that would like their consultancy to have a better understanding of the industry. 5 per cent of respondents also noted that would like their consultancy to provide better value for money, and to be more professional in their approach.
The most prized aspects for 17 per cent of respondents was a consultancy that is “easy to work with” and that inspires confidence that they are competent professionals. A total of 12 per cent want their PR firms to be reliable and trustworthy, and “make things happen”, and another 11 per cent are looking for a consultancy that feels like an extension of their team.
