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Marketing Through a Recession - Part 2 – What financial services marketing teams need to consider during a recession

06 May 2020 Andrew Ludwig, [email protected]

The summary of Part 2 suggests that brands must truly understand their (exact) audience and be empathetic to their target audiences’ emotions. Differentiation should be carried out by concentrating your sales efforts and improving your communications to both existing and new clients. 

The 5 strategies for selling during a recession: 

  1. Don’t Devalue Your Product
  2. Stay Calm and Focus on Solutions
  3. Concentrate on Fewer Leads, but Contact Them More
  4. Don’t Neglect Your Base
  5. Upgrade Your Sales Force 

The challenge many firms will face is a reduced sales force and marketing budget, as is typically the first response. To overcome this and support the remaining salespeople, automating your message is imperative, using videos to describe your services. These can be hosted across multiple web platforms and social media to drive your message out there, leave it out there and eventually attracting qualified leads for you to then manage personally. 

Click HERE for Part 2 (5-minute read) and look out for Part 3 – Reasons to invest in digital marketing strategies

Don’t want to wait …  click HERE for the full article

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QUESTION

Is the commission procurement rule introduced via clause 5.14 of the Amended Financial Services Sector Code (AFSSC) an important piece of the transformation puzzle?

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The clause’s implementation coincides with an increase in the minimum spend targets, which further complicates matters
Many FSPs still view the AFSSC as a matter of choice and consequence rather than compliance
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