Now dubbed The Great Lockdown, the COVID-19 pandemic has sent economies around the world into recession.
In the March quarter, Australia’s GDP fell for the first time in nine years, decreasing by 0.3%, while the United States’ GDP decreased by 5%. Meanwhile, in early July, the European Commission forecast the UK’s economy would shrink by 9.75% in 2020 and the European Union’s by 8.3%.
What do times of recession mean for finance content marketers?
Despite the grim outlook, a recession is an opportunity for finance content marketers to demonstrate courage, empathy, and leadership—all informed by realism—at a time when their customers are facing uncertainty, stress, and anguish. Here, we take a look at how finance brands in the UK, the US, and Australia are getting it right.
Facing the recession problem: with honest, direct, targeted education
A recession is a reminder of the highest purpose of finance content marketing: education. In the current context, the millions of people put out of work overnight by the COVID-19 pandemic are millions of people who need financial help—and quickly.
A recession is a reminder of the highest purpose of finance content marketing: education.
One brand that jumped straight to the challenge is Monzo, an online bank based in the UK—via a series of direct, honest, practically useful blog posts. These posts address a range of timely issues, from borrowing money and making repayments during coronavirus, to managing Universal Credit payments.
In addition, Monzo provides advice for groups facing unique challenges, such as ‘how to get support if you’re a refugee or asylum seeker during coronavirus’ (published in Polish, Romanian, Vietnamese, Arabic, Tigrinya, and Amharic).
Demonstrating empathy: with sensitive, broad-thinking content
The uncertainty created by a recession may have a severe impact on the mental health and wellbeing of your customers—whether they’ve suffered actual financial losses or are struggling to cope with the fear of the possibility. That’s why it’s so important to offer support and build trust through finance content that displays empathy and brings comfort.
Australian insurance company TAL has done just that, in turning its habitually compassionate approach up a notch during the past few months. Recent finance content includes an exploration of the impact of financial stress on mental health, an explanation of resources available to those facing redundancy, tips for changing jobs, and more—all delivered via TAL’s Slice of Life blog. Full disclosure, TAL is one of our clients.
Looking ahead: with brave, bold thought leadership
Every recession comes to an end, and, in its wake, the market often looks and behaves differently. This is especially true of the recession triggered by the COVID-19 pandemic as we’ve seen such major changes in activity, from the grounding of airlines to a massive growth in remote workplaces.
In response, Franklin Templeton, a US-based global asset management company, is leading the way with forward-thinking finance content created by their in-house experts. For example, Stephen Dover, head of equities, delves into the implications of the shift to working from home for three relevant groups—namely workers, small businesses, and global oil producers.
Meanwhile, Chetan Sehgal, senior managing director, and Andrew Ness, portfolio manager, analyse South Korea as a ‘shining example of emerging market leadership’.
How will your finance content marketing strategy respond to The Great Lockdown? Need some inspiration? Get in touch.