Economic growth has slowed in recent times, and talk of an impending recession is prevalent. According to the International Monetary Fund (IMF), global growth has decreased from 6% in 2021 to 3.2% in 2022 and will likely reach 2.7% in 2023. Recessions are an inevitable part of the economic cycle, however, they are scary for businesses and clients in all industries, and the finance industry is not immune.
For finance brands, particularly in the B2B sphere, it might be tempting to cut budgets or opt for a stripped-back performance-based marketing approach. However, according to Josh Frith, Managing Director at The Dubs, “Right now, we’ve seen that investor audiences are seeking reassurance, loyalty and empathy. And content marketing is the ideal way to deliver that”.
“A robust content programme allows asset managers and other finance brands to share their own research and views on the investment landscape. There’s no better way to build trust with audiences,” Frith says.
So, how can your finance brand continue to create valuable content during this period of global uncertainty?
Leading with empathy during a recession
“ There’s no need to cut the marketing budget, instead shifting focus and rethinking your marketing objectives is critical to building trust and loyalty.”
Expert brand marketer and advertising professional, Peter Field, advises that “humanity and generosity” should lead brands’ content marketing strategy moving forward. Creating content that’s empathetic and sensitive to what individuals and businesses are going through is paramount to creating strong connections with clients. Constantly asking yourself, ‘how can we help?’ will ensure your content aligns with what clients are looking for during this period.
A recession can have a large impact on the wellbeing of your clients. Keep this understanding at the front and centre of your content marketing strategy. This is important, as sharing content that leads with empathy can help you to continue to build trust and foster loyalty.
Offer transparent and educational materials
During times of uncertainty, transparent communication goes a long way in maintaining trust, building confidence and fostering loyalty. Be open and honest with your client communications and regularly update them on changes in the market or your finance brand’s everyday dealings. This steady presence online and in communication materials will build strong brand awareness and create meaningful connections with clients.
At the end of the day, great financial content marketing is focused on education. Adopting an always-on content marketing strategy that prioritises educational resources is key to maintaining trust with your clients. Create strong thought leadership, easy-to-understand infographics, short-form videos and engaging editorial content in order to continue to provide value to clients.
Keep your ear to the ground
During periods of recession and economic downturn, the social climate can change rapidly. It’s critical your finance brand continues to monitor the global mood and recognise the style and type of content people are responding to best. One of the worst things that can happen is for a piece of your content to be viewed as out of touch or not reflective of what your current audience needs.
Utilise your monitoring tools to see which content is working and what’s not working. Always maintain active communication with your current target audience and actively engage with them by starting conversations.
Final points for marketing during a recession
Your content marketing shouldn’t stop because of a recession. Instead, your finance brand should shift its focus and rethink its marketing strategy. Here are a few final points to consider when creating content during a recession:
- Don’t panic and stop marketing, instead, rethink your strategy and identify new marketing objectives
- Maintain an empathetic approach to all your marketing materials
- Monitor the mood of your audience to ensure your content is still hitting the mark and not turning clients away
- Actively engage your audience and communicate with them – find out what content they want and need at this time
- Share your acts of goodwill and charitable initiatives during this time to improve brand awareness, maintain trust and foster loyalty
- Be active during periods of high uncertainty by sharing educational resources that are easy to understand, timely and present accurate information
