When the clocks went forward, it was that time of year again. Time to adjust my watch, which I wear every day, by an hour. It was then that I realised I had never actually put it back when I should have. Naturally, it sorted itself out.
It’s a task that takes less than a minute, yet somehow, I’ve turned it into a bi-annual tradition. For half the year,
I wear my watch proudly displaying the wrong time, only to smugly glance at it when it’s finally correct—without lifting a finger to make it happen.
Now, while I may not be the best at keeping up with the times, I do believe it’s crucial for financial firms’ marketing strategies to do so.
New technologies and social media platforms are being released at a quick pace. First of all, it’s important to do your due diligence—checking that they’re safe, compliant and align with your broader strategy – but it’s also important to note that no one expects companies to jump on every new tech bandwagon the moment it drops. It’s more important to take the time to really assess these tools and platforms, rather than dismissing them with a “that’s just not how we do things” attitude.
The key is understanding what value they can bring to you, your team, your companies and campaigns.
New social media platforms, like TikTok, might seem daunting. You might not fully understand how they work or think they’re just too different from what you’re used to. But if the next generation of customers are prominent in that space, it’s the perfect chance to connect with them early and turn them into loyal customers for life.
You also don’t have to choose between the old and the new. Keep your traditional channels, but don’t shy away from embracing the new ones too. Get your brand out there, everywhere. Build a strong brand presence and become a name people recognise.
With technology, don’t be too quick to dismiss the idea of using something new, like GenAI. Instead, take a deep dive into how it could enhance your marketing strategy. From automation that cuts down on manual tasks to better data and analytics for sharper measurements, marketers all around are saying technology is offering real benefits for them. But the key is taking the time to explore how these tools can work for you.
Keeping up with the times is especially important for the pension industry. Disengagement remains a persistent issue, but one that is crucial to tackle.
Much like I put off changing the time on my watch, many delay engaging with their pension, thinking it’ll just sort itself out. Often, it’s only as retirement nears that people start paying attention to their pension pot, when it might be too late to make a real difference.
That’s why it’s so important for pension schemes to get people involved with their savings early on. Sure, letters and annual statements might still work for some, but many are now expecting notifications and updates through an app—something they can easily access and engage with. By embracing new technologies and platforms, schemes can ensure they’re communicating with members in the way that’s most effective for them.
Though, embracing the times takes more than just enthusiasm from the marketing team, it requires company-wide recognition of the value it can bring, starting at the top. It’s difficult to push for new technology or experiment with emerging platforms if leadership isn’t open to change. After all, if the CEO hasn’t even set up a personal LinkedIn profile, it sends a clear signal about how ready the business is to embrace something new.
Marketers need to clearly demonstrate the tangible benefits of evolving with the times. And for leaders, it’s worth staying open to new ideas, even if they fall outside the usual playbook. A bit of flexibility can go a long way in unlocking new opportunities.
The financial services industry has a reputation for always being a few years behind when it comes to adopting new technology. It’s time to change that. Do your due diligence and weigh up the pros and cons. But embrace the present because it’s only going to keep moving forward. Stand out, engage your audience, gain a competitive edge and reap the rewards.
Niamh Smith is Editor of Financial Promoter