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The financial services industry is highly competitive, with asset managers and advisors vying for clients’ business in a crowded marketplace. Adding to the challenge, a firm’s capabilities and focus on “putting clients’ needs first,” are often not enough to stand out among competitors with a similar message.
Firms that incorporate public relations into their marketing strategies help to build and maintain client relationships. They do this by enhancing brand image, building a digital profile, and establishing industry credibility, all of which are important assets for making your business stand out.
According to a 2019 Living Ratings report that analyzed the digital intelligence of the top 100 asset managers, a key theme from the analysis revealed many asset managers lack differentiation when it comes to their digital presence. Many don’t state their brand purpose or express their firm’s values, which is a key decision-maker for clients. Just 38% highlight their brand positioning on their firm’s website home page, down from 2018’s 48%.
Here are three ways you can begin to differentiate your firm and contribute to future business growth:
1.Communicate Your Values
Strong relationships are built on shared values. Clients want to know who you are as a company not just your services and capabilities. They want to see the human element, the side of the business that’s relatable and ensures that they will be treated as more than just an invoice.
The first step for letting the public know who you are as a company is to create a compelling brand narrative that highlights your core philosophy and business values. The brand story can include interesting attributes of the business to bring the narrative to life. Is the firm a woman- or minority-owned business? Does it have a unique investment strategy? Give a clear picture of why stakeholders should care about the firm and what makes it stand out in the industry.
One thing for executives and business leaders to always keep in mind: the public will know if you are anything but authentic. Identify true values that the company can stand behind and not what you think people want to hear.
2. Establish a Media Presence
Media relations is an important tool for reaching investors and making them aware of your business. The most well-known financial companies are front and center in the media, promoting their strategies and demonstrating how they’re addressing market performance and challenges.
Media is a great platform for gaining the public’s attention and building a positive reputation through a third-party endorsement. In some cases, the reason why one firm stands out over another is simply because it has the right media visibility contributing to a positive brand image.
When it comes to media relations, quality over quantity will be your best guide. You may want to have visibility anywhere and everywhere, but there are more benefits in focusing time and resources on opportunities that will make the most impact and get you closer to reaching your goals.
3. Use Thought Leadership to Focus on Your Niche
The purpose behind thought leadership goes further than increasing brand awareness. It helps position the business as an industry leader, while establishing deeper relationships with specific audiences.
According to CEG Worldwide research, 70% of top financial advisors (those earning $1 million or more annually) focus on a particular niche. Whether you specialize in serving a specific industry, audience demographic, or type of service, emphasizing your expertise around that specialization within your content will demonstrate the value you can provide to the clients you want to work with.
A recognizable brand that stands out in the marketplace contributes to positive business outcomes. A long-term strategy to raise visibility among target audiences should be a central part of your business growth plan. Click on the link below to learn more about why building a brand matters for asset managers.
Related: 5 Reasons Why Video Content is Important for Financial Firms