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Margot Cotter-Melton
Our social campaign for BT - "The people behind Panorama" won Best Social Campaign of the Year at the 2024 Max Awards on Friday night.
The campaign was extremely compelling with so many insightful stories and perspectives from BT team members.
View the full campaign here:
We’re thrilled to have been nominated as finalists in the 2020 MAX Marketing, Advertising & Sales Excellence Awards for Creative Agency of the Year.
Due to current red carpet restrictions, this year’s award ceremony will be a virtual one hosted by TV personality, comedian and author Jean Kittson on 11 June. While the celebrations may be a little different, there’s still lots to get excited about, and we’ll be donning our best ugg boots so we’re ready to toast the winners.
We’ve been a proud recipient of many MAX awards over the years, including Digital Campaign of the Year and Website of the Year in 2019, and Creative Agency of the Year 2018.
If you’d like to help us add to our award stash, we’d be really grateful, so please vote for us here.
To help you navigate the uncertainty of the COVID-19 pandemic and its impact on financial businesses here in Australia, we've researched and created an update of what’s been happening in financial markets, what other brands are doing and strategies you may want to consider during this time.
Financial market summary
The number of COVID-19 cases globally is now approaching 1 million and increasing exponentially. It is a frightening time for all as we head into a global recession, not knowing what is going to happen or what long-lasting damage it will leave behind. The financial markets have fallen at an extremely fast rate, leaving investors feeling shocked and anxious. Many have been refinancing their loans, trying to get more credit or switching their investment types. As a result, call centres have been inundated, customers have to wait hours before being able to speak to someone and technology is buckling under the pressure – sparking further anxiety.
Businesses are just as anxious, with many trying to make sure they have cash on hand or can access more credit to make it through the next few months. Many employees have been laid off and leave without pay is on the increase so companies can stay afloat during this time.
The demand for liquidity is strong, and cash is certainly king in this environment. In an effort to avoid a repeat of the global financial crisis, central banks are throwing everything they’ve got at this, flooding credit markets with liquidity to ensure they continue to function and companies have access to funding. In addition, the RBA cash rate has been dropped to 0.25%, providing some comfort and strong forward guidance, but this is not without ramifications.
Working to calm investor sentiment
Investors’ fear of losing money could be extremely detrimental in the long term, as many will be tempted to switch between investments, leading to even more losses. The effect of market volatility on superannuation means retirees are very concerned about their future and how much more money they are going to lose. Therefore, communication is key during this time. Financial organisations need to present the facts based on what we currently know – even when this includes elements of uncertainty – so clients can make educated decisions about their investments at every step. In short, the most important message is that investors should not be doing too much before we have a better understanding of the situation and its impact on investments in the long term. And admitting that there are still so many unknowns, as this is not something we have experienced before.
A review of financial organisations’ responses
Looking at responses to the pandemic shows there is a small group of superannuation, investment management and financial planning providers who are at the forefront of communicating to their clients in a timely, understanding and informative way. These responses highlight the importance of communicating with clients as soon as possible to show you understand their concern, are checking in to see if they’re OK and seeing what you can to help them during this time. Financial services providers can help customers understand that they shouldn’t make any rash decisions, as none of us knows what the financial impact of COVID-19 will be. So it’s prudent to wait until we understand the situation more fully and can make more informed decisions.
While we may not have all the answers, it is clear that many companies across the financial sector are way behind in communicating meaningfully with their members. They may have addressed the issue in a piecemeal fashion – for example on their homepage – but have had no direct correspondence with their base, which can understandably make investors feel frustrated.
At times like this, it is imperative to communicate in a whole new way. The social and economic impacts of COVID-19 mean people are taking it very personally. It’s a very different situation to the GFC, when Australia was in a good financial position and unemployment was not greatly affected. Whereas the impacts of the current pandemic will last a very long time and recovery will be slow. Many jobs will be lost, many businesses will close, property prices will drop and a large percentage will be wiped off super fund balances.
For the younger generation up to the baby boomers, we have never experienced anything like this in our lives. We don’t know what’s going to happen – and the thing is nobody does – as this an unprecedented event in modern times.
That’s why this is the perfect time to put customer interest first – to show understanding, compassion and leadership, and engage meaningfully with your customers. Companies that care about building a better relationship with customers and keeping them informed will make a difference to their lives during this time. And these brands will come off very favourably.
An issue I’m very concerned about is people dipping into their super fund based on the government plans to allow people to withdraw their money, which could have a significant impact on their long-term security.
I am surprised that many super funds have not said more or taken a position on this, especially when the average super balance is under 50K. More leadership is definitely needed in this industry. Super funds have been charged with looking after large sums of money and many people could lose a considerable proportion of their lifetime savings.
Marketing recommendations for financial services providers
As uncertainty escalates and even governments struggle with their strategies, this is your brand’s chance to show compassion and understanding during a very difficult time. Honesty and integrity is key – it is OK to admit you don’t know the answers and that losses have occurred, but make sure you show flexibility, adaptability and an understanding of your customers’ concerns. This is a time to position your thought leadership as a business – whether it’s via your CEO, key investment manager or other expert opinions. It’s essential that the leaders of your organisation are visible.
Rather than a one-off announcement of your how your business will be operating from now on, ongoing engagement is essential. You need to keep investors, borrowers, members, partners and other stakeholders engaged and informed of the relevant facts. An effective way to do this is by developing a content plan to engage customers across a variety of channels, mixing written content such as eDMs, DM and online content with things like videos and webinars.
We need to show that we are all in this together.
Advertising by major brands
In the past few weeks, many brands have shelved campaigns if the content would seem insensitive or inappropriate for the current times. While the business losses this could cause may not compare to the personal risks individuals are facing, it’s still not ideal. But with so much uncertainty, brands are questioning whether they should even advertise at all. And if so, what should they advertise and what should they avoid? Do consumers want them to address the coronavirus? Do brands have a role in the fight to flatten the curve?
Let’s look at some big brands around the world.
Guinness
In one of the first coronavirus-related ads to be aired, the Guinness St Patrick’s Day ad promotes unity, resilience and the strength of the human spirit while highlighting the company’s initiative to give back to the community. The ad acknowledged the unusual circumstances surrounding this year’s St. Patrick’s Day (while never actually mentioning coronavirus), and encouraged people to raise each other up.
Research conducted by Ace Metrix, which is among the first to explore consumers' emotional reactions to coronavirus-related ads, showed the ad scored very positively for likeability, relatability and information delivered. Seven out of every ten beer drinkers surveyed showed increased intent to purchase and many said it was their favourite beer ad of all time.
The research shows that brands can make a connection with messages that are understanding and supportive. According to survey responses, 75% of consumers also said brands should step up and help out during the pandemic. It also found that ads addressing the situation should demonstrate actions, not just words, and that good storytelling worked wonders. Some brands have already pivoted their strategies to show more empathy with their customers and communicate their concern about the situation, while others are trying to figure out if and how to advertise at a time when the country has come to a standstill and people are going into isolation.
Hyundai and Toyota
Hyundai and Toyota quickly updated their planned ads to show support for their employees and customers. Like Ford, Hyundai is promoting a financial relief program that lets customers who become unemployed or sick from the pandemic miss up to six months of payments on new car purchases.
Other brands mobilising to help with the crisis
When ingenuity, adaptability and shared effort means everything, many global fashion, beauty and car companies are turning their efforts to provide hands-on help with the big issues, and earning some well-deserved publicity in the process. For example, Saint Laurent, Balenciaga, Gucci and other fashion brands are developing face masks for healthcare workers.
Similarly, companies like L’Oreal and LVMH (the Louis Vuitton group) are using their production factories to manufacture much-needed hand sanitiser for hospitals, nursing homes and pharmacies across Europe. While Ford is working with 3M and GE to make ventilators and respirators.
The common theme across all of these initiatives is that when brands show that they understand what’s important and take action (rather than just talking about the issues), the goodwill they inspire is priceless. Every one of these communications is supported by positive action on the organisation’s behalf to benefit their customers, their employees or the broader community. As with any business, your brand would be nothing without your customers. Your customers have supported you for many years, and now it’s your turn to support them – and others in the community – in their time of need.
Making your marketing decisions easier in hard times
I hope you have found this article helpful, and that it gives you some ideas on how to support your customers more effectively during this incredibly difficult time. The role you play as a business in the coming weeks and months will make a big difference in the long run.
If your marketing team needs support or you’d like to chat to me about your communications strategy during this critical time, please don’t hesitate to give Margot at Pure a call on 0418 421 043.
The COVID-19 pandemic has thrown the community into an unknown and fast-moving situation that will keep changing as the situation evolves and governments and health authorities update their advice. I’m sure your business, like ours, is working hard to manage the situation calmly and positively.
While the coming months will not feel like business as usual for any of us, we are fortunate to be weathering the pandemic in these technologically advanced times. In fact, this could actually be our chance to use technology for connecting in the most important way yet – literally helping businesses, and individuals, come together and carry on.
It’s all hands on deck at the Pure Agency
At the Pure Agency, we are doing everything we can to mitigate risk and manage our business through this uncertain time. We’re determined to face the challenges in a smart, flexible and nimble way, working agilely to make sure we are able to look after ourselves, our families, our clients and the community.
Our whole team is working well together remotely and ready to bring your communication needs to the forefront. The steps we have put in place now will help us continue to deliver the best communication solutions to our clients and avoid problems later.
What does coronavirus mean for you as a business?
The current situation is a rapidly unfolding emergency on many levels – health, humanitarian, economic and corporate. Companies that can innovate and adapt quickly, and find ways to make things easier for clients and customers will be best positioned for recovery.
It is precisely during times such as these that effective, meaningful communication is key to keeping your employees, customers and partners informed and connected to your business.
Key communication opportunities to consider
The following are some things your business may want to think about to manage or even make the most of the current situation we find ourselves in:
To help you navigate the uncertainty, we will also be sending out a weekly newsletter that provides you with an update of what’s happening in marketing, and what you can be doing to stay on top of things during this time.
Part of your team in good times and bad
For insights into your communications, marketing strategy or if there’s anything else you’d like to talk about, please feel free to call Margot Cotter-Melton on 0418421043 or email. We look forward to working with you to help bring you, your clients and partners closer together. Finally, on a personal note, our thoughts are with all our clients and partners, and we hope that you and those close to you are safe and well.
The reality is that many organisations – especially C-suite executives – don’t give marketing the respect it deserves, viewing it as a cost centre rather than a crucial part of the business.
For the most part, the marketing department is allocated a budget which allows you to produce a cool-looking ad or brochure that gets your message across and elicits a positive response from your staff and marketing contemporaries.
When times are good, you get some dollars to rub together to create the kind of marketing campaigns that are often perceived as “nice-to-haves” in a business.
But if times are tough and profits are down, the solution is to reduce expenses. And the number one target for cost-cutting will always be marketing. Why, you may ask, when the marketing team is the one bringing home the bacon – looking after the customers you already have while generating new leads to help grow revenue?
The reason is because the true value of marketing, and what it brings to the business, is all too often misunderstood.
Marketing as a revenue generator, not a cost centre
Many companies have lost sight of the fact that marketing is a proactive growth driver that produces real results.
The marketing team often doesn’t have a seat at the table with the executive team, and can be bundled together with other functions. Marketing is often viewed separately to sales, and the heavy lifting that marketing does for the sales team is often not attributed back to the source. In the absence of an advocate in high places, there’s no one to keep promoting marketing’s undeniable worth.
But the fact is that if you have a solid, strategic marketing plan that is geared towards driving revenue, you can not only earn a seat at the managerial table, but you can end up being given more budget in tough times in order to help fill the revenue gap.
If your marketing plans are robust, you should be able to turn that lead generation tap on a little or a lot, to become the revenue generator, not the revenue guzzler.
Using results to prove marketing’s worth
Ensuring that all your activity is measurable, tracked against your goals and reported on is the best way to change the perception of anyone who needs to be convinced of marketing’s effectiveness.
As marketers, we know that we drive revenue, so it’s time to prove this and take greater ownership of our skills, insights and expertise. This includes reminding the right people of the essential role marketing plays in so many key areas of your business, such as:
• The company website that your existing customers visit regularly, and prospective customers check before they choose your services
• The sales tools, presentations, reports and collateral that help the sales team spruik your services, and get new customers and business partners to trust you
• The events, roadshows and trade shows that drive awareness and consideration of your offering
• The advertising, direct and digital marketing that promotes your brand, products and services, and gets customers to respond in the way you want.
In short, you need to make sure all the ways marketing contributes to your business revenue are reported on and acknowledged.
How we can help marketers reclaim their role
At the Pure Agency, we’re passionate about working with marketing teams to help them deliver highly targeted and effective strategies, plans and ultimately campaigns to get the results they’re after.
We’ve helped many clients boost their marketing budgets, grow their marketing teams and improve the perception of their achievements within their company.
To put it another way, we can take you from the team that takes orders to the team that delivers solutions.
For more on how the Pure Agency can partner with you to overcome your marketing challenges, call Margot Cotter-Melton on 8042 6980.
Most brands in the financial services industry play it safe when it comes to their advertising. For marketers, this is both your challenge and your opportunity.
While it may be tempting to toe the line and present your brand in the same way as everyone else, the homogenous state of financial marketing also makes it an easier space to stand out in.
**The temptation to follow the crowd **
When thinking about financial services marketing, the crowd scene in Life of Brian comes to mind.
Brian: “You don’t need to follow anybody. You’ve got to think for yourselves. You’re all individuals.”
Crowd: Yes, we’re all individuals.”
Brian: “You’re all different.”
Crowd: “Yes, we are all different.”
Lone voice: “I’m not!”
The take-out? While financial brands may think they’re different, look through any industry magazine or click on an email from your bank or super fund, and they all look much the same.
Navy blue and corporate colours abound, coupled with clichéd imagery of handshakes, globes, suited financial professionals or lifestyle shots of grey-haired retirees living it up in convertibles or on the beach. Headlines are just variations on a theme, copy is often wordy and technical, disclaimers abound, and messages are written from the perspective of companies’ own credentials rather than really connecting with customers and letting them know what’s in it for them.
No wonder our audiences’ eyes glaze over.
Added to this is the fallout from the Royal Commission and the growing disconnect between Australians and their financial services institutions. The self-serving claims and platitudes are no longer enough.
**The importance of cut-through in a cluttered market **
It goes without saying that all communications need to be noticed, but as audiences are bombarded with information at every turn (giving new meaning to the phrase “ad nauseam”), achieving real cut-through is becoming more elusive than ever.
Getting noticed can be even more difficult when it comes to financial services marketing, with the Australian market being an extremely cluttered one.
A quick tally shows there are around 53 Australian licenced banks, 221 major super funds, 3,642 registered managed investment schemes and 81 general insurance providers. All of whom are vying for their customers’ attention.
To make things worse, with many brands assuming their advertising needs to look a certain way to be taken seriously, it can be hard to tell one player from another.
However by not creating communications that stand out, you’re probably not getting the attention of your audience in the first place, let alone holding it for long enough to achieve the response you’re after.
So, how do you ensure your advertising not only gets noticed, but gets results?
**Creating difference (even where there’s none) **
Presenting your brand in a new way is obviously easier when you have something different to say. So defining your brand, what differentiates you from your competitors and giving your customers a tangible reason to engage with your campaign, is key.
Even if the products and services you’re offering are on par with other providers, your marketing can still provide the differentiation you need to set you apart. There is always room to find fresh insights, explore innovative ways of telling the same story or uncover new truths that present a different perspective.
In other words, taking a fresh approach that strikes a chord with your audience – even if it’s just on an emotional level – can work wonders. And this is where intelligent, thoughtful marketing can make all the difference.
**How we can help you achieve Pure stand-out **
At Pure, we believe that creating cut-through is paramount.
As a highly experienced team that specialises purely in financial services marketing, we love creating beautifully differentiated campaigns for our clients – either to refresh and enhance their existing brand or take them somewhere completely new.
At every step of your campaign – from insightful strategic thinking to creative that pushes the boundaries – we have the expertise to help bring out your differences. Not just for the sake of it, but in a way that shows your customers that you’re human, you get them, you value their time and what you’re offering is worthy of their consideration.
We’ve already helped many clients differentiate themselves a myriad of ways – whether it’s by coming up with original 3D-rendered imagery to bring an innovative investment offering to life, designing a cutting-edge website that promotes a market leader in a more sophisticated way or creating ads that speak to a savvy audience in a whole new way.
For today’s bank-wary, information-weary audience, it can be a decision that makes all the difference.
For more on how the Pure Agency can help your brand stand out from the crowd, call Margot Cotter-Melton on 02 8042 6980.
We had a wonderful night celebrating the past year with our clients. So many were up for awards and it was an honour to see nominations in so many categories.
We won twice with Digital Campaign of the Year for Allan Gray, and Website of the Year for the new Qualitas site. Congratulations to Chris Inifer from Allan Gray winning Executive of the Year - Distribution too.
It's been a bumper year for Pure and thanks to all the team who worked so hard to make us so successful.
What a fantastic evening and an excellent opportunity for us all to have a drink or three and catch up with clients new and old. Cheers.
Congratulations to our PURE Creative Gingerbread decorating champions. We have had an avalanche of entries in our Pure Creative gingerbread decorating comp. The most hilarious and imaginative entries were made by Stephanie Antonis from Financial Standard, Belinda White from Qualitas and Justine DeMestre from First State Super and they are our wonderful winners. The elves are rushing giant gingerbread men to them lickity split! The Pure Anticipation Christmas countdown ends today, see you in the New Year.
Merry Christmas from the Pure Elves
Last night at the 2018 MAX Awards, we were absolutely thrilled to win ‘Creative Agency of the Year’.
We are very proud of our Pure team - this is a fantastic endorsement from the financial services industry and demonstrates our commitment and passion to produce quality work.
We would like to thank our fabulous clients and suppliers who make our work possible. And we congratulate all the other winners and finalists.
Nigel is the Executive Chairman of VGW and we have been working closely with him since his move to Australia in February 2018.
As a well-known and highly respected figure, with over 30 years of success governing some of the worlds largest and most sucessful gaming companies.
Nigel made a name for himself as Chair of GVC; the world’s largest gaming company. GVC listed on the London AIM Stock Market in 2004 and is now valued at approx. €8 billion. Perhaps his greatest success however was the listing of gaming giant William Hill on the London Stock Exchange in 2002.
Now, all eyes are on Nigel since taking on the role at VGW in Australia and the imminent IPO for the company on the ASX coming this September.
Easter’s just around the corner. So here’s a little fun from us to egg you on. Our bunny’s basket is bursting and he’s hiding eggs all over our site for new and current clients. Jump on, hop to it and hunt for the treasure. Click on one before they disappear and an eggstravagant gift will soon be in your hot little paws. Happy hunting. From all the good eggs at The Pure Agency
Global finance was on the menu this morning as Margot and Justine attended the annual Chief Economists Forum in Sydney, where an impressive line-up of economists and strategists shared their insights on what we can expect for the year ahead.
In short, the global outlook may be more positive than previously thought.
With lots of change going on in the world – from the economic ramifications of Brexit to a burgeoning Chinese economy, increased volatility is a given. As a result, 2018 could be a year to stick to key fundamentals.
A recurring theme was the strong growth continuing in China, which many experts refer to as “the 4th Industrial Revolution” or “China 2.0”. With this growth comes higher earnings, which are driving consumption and domestic savings. These in turn are being invested back into the economy – meaning that while there’s significant debt being created, much of this debt is tied up in infrastructure and other tangible investments, making it more secure than debt that’s not asset-based.
So while (as usual) change is the only constant, shifting paradigms and new challenges mean more opportunities in the market for those who are ready to embrace them.
71% of millennials would rather visit their dentist than listen to their bank.1 Which is quite a big problem, seeing that by 2030, millennials will account for 53% of the population.
This generation are clearly disconnected with many of the old-school institutions and products they come across. They are not brand loyal, they think that all banks are the same, and most are open to switching banks depending on what’s on offer.
Riding the wave of changing attitudes is a range of new players – entering the market and shaking it up in a way that’s threatening traditional banking models. These include retailers, telcos, fintechs and technology giants.
Their approach is to disrupt what has long been a very conservative industry by taking cues from other digital innovators such as Uber, Amazon and Airbnb. These brands understand their customers, speak their language and give them what they want – all built around a seamless and satisfying digital experience that delivers new levels of service, speed and convenience.
33% of millennials believe they won’t even need a bank within the next five years.1 This is a pretty alarming statistic and shows that banks need to act quickly to retain and acquire further millennials.
Connecting with the always-on generation
For millennials, technology isn’t just a part of life, it’s how they experience life. Never without their phone, they use mobile banking nearly three times more than other generations.2
Like all of us, millennials value their time and want to make every moment count. They want every task to be as simple as possible. Because of the brands they choose to interact with, millennials are used to a flawless customer experience and their digital expectations are high.
69% of millennials expect to see an application approved within an hour, 90% thought a response on the same day was acceptable and only 6% would be satisfied if approval took 3 days.3 When millennials communicate with their bank, 30% want to receive SMS alerts while 28% prefer push notifications through their app.3
Not surprisingly, financial institutions are realising they need to change the way banking is done, and not a minute too soon. Having an app that lets customers manage their money with just a few taps any time, anywhere is a given for everyday banking. But what banks really need to do is look at their overall offering and develop a unified and seamless experience that lets customers do as much as they can online in a few simple steps.
Adopting a millennial mindset to money
To show they really “get” millennials, financial institutions need to go much further than personalised communications. They need to understand this market, tap into their mindset and see what matters to them most when it comes to their money.
This generation is more financially insecure than other generations due to things like an increasingly part-time job market, student debt and rising property prices, coupled with an entrepreneurial approach to creating wealth. This in itself provides an opportunity to develop uniquely personalised experiences that will empower millennials to manage their money and save – whether it’s to walk the Great Wall of China or create a fulfilling future.
One area where millennial-centric marketing is making waves is in the Super space – with a new breed of tech-focused companies making headlines such as Spaceship, which attracted over 12,000 people in its first month and boasts a sign-up process that takes just 5 minutes. While Spaceship has differentiated itself well, this behaviour is still eye-opening, especially when the company has no track record as a super provider – something which would normally demand high levels of expertise and trust.
Other Super initiatives that have been developed to align more with millennial values include the launch of Future Super, which is Australia’s first fossil-free Super fund and Human Super, aimed just at women.
The “meh” generation will save us all
As millennials gradually take over the workforce, and the world, addressing their expectations and needs should be a priority for all financial institutions. This won’t only enhance the overall customer experience, increase retention and overall profitability, but make the way we engage with money better for us all. So what is your organisation doing to speak to millennials?
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Sources
Written by: Margot Cotter-Melton I Managing Partner For further information please contact I 0418 421 043 I margot@thepureagency.com.au
There are only a few agencies that have held big financial services accounts for long periods of time. Other agencies who are known for FMCG, automotive and retail dip in and out of the finance category. We felt there was a gap in the market and that clients could truly benefit from an agency that has proven credentials in the financial services industry.
Australia's financial services marketers have learned a lot from our US and UK colleagues. With bigger markets and therefore bigger budgets, they have the ability to experiment more. Now that marketers have come to terms with the need to invest in big data and the real-time learnings gleaned from the digital channel, we are in a position to be smarter, giving us greater efficiencies with our spend.
Since the economic downturn, financial firms are demanding accountability and demonstrable return on their marketing spend. Direct marketing has always made this possible, but greater data capability and digital solutions now allow marketers to react quickly and dynamically to customer actions and market conditions.
Of course data continues to be a key driver of customer retention. It does this by demonstrating to customers that a brand understands their needs and can provide relevant, timely and often helpful information.
Every campaign we work on is underpinned by a robust strategy. We identify any business issues along with barriers for consumers to gain the insights needed to find solutions to these barriers. This then determines our strategic approach and what tools will be required to achieve the desired outcomes. We not only interrogate current customer and behavioural data, we also look at what purchased data is available to enrich our insights and opportunities. We also assess if segmentation will drive a better outcome for our communications. Above all, we need to test and learn, so that we are always building knowledge while achieving our clients' desired outcomes and reducing wastage.
The financial services industry has for the most part been very conservative with their marketing. However appetite is increasing for braver marketing strategies that really differentiate brands and make them more accessible to customers. The competition will only continue to grow, especially among superannuation brands, so marketers know they need to maintain growth to stay alive. Many of the logos and messages we see today are monotone. The lack of differentiation can make it harder for customers to connect with your brand. Brands that reach out and make a connection with consumers will always achieve results regardless of the spend put behind it.
The Pure Agency is about finding ways to work with legal departments to keep the copy edgy; to not compromise the ideas as so often happens through lack of category understanding. We see this frequently among asset and wealth management brands that have meaningless and generic positioning that give the impression the brand doesn't stand for anything. Brands that are articulated with strong ideas do well. However the majority of marketers are preoccupied with tactical plays and lose sight of their longer-term goals.
Minimising wastage of resources, both internally and externally, is the first step for many firms. A straightforward way to do this is by developing smarter partnerships with appropriately skilled agencies and streamlining internal processes to minimise double handling.
Another issue that needs to be addressed is failing to cross-sell on the one hand or approaching customers in an undisciplined manner on the other. Brands don't just need style guidelines, they also need customer contact frameworks that put discipline around what messages are appropriate for different types of customers, how often they communicate and the manner in which they reach out to customers. Putting parameters around marketing touch-points and clearly prioritising messages can reduce costs and better target audiences. It also allows brands to build on a story rather than tactically shooting from the hip just because targets are not being met in a particular portfolio.
Lastly, in many instances brands have limited budgets yet still feel the need to advertise across all media platforms. This is destined to fail because each platform requires a properly targeted strategy. Clients should feel confident in picking a few platforms to focus on to maximise their acquisition and cross-sell tactics as part of a cohesive strategy that drives brands forward, helping them to differentiate.
Interview with Margot Cotter-Melton, Managing Partner of The Pure Agency. Conducted by Leonie Phillips, Director at Thought Broker.
