Words by: Simon Watkins
Tough economic conditions and fast-moving financial markets are an opportunity for marketeers to prove their value to their boards, according to expert panellists at FP Live!.
“This is an opportunity for marketing to have a bigger seat at the table and have a bigger voice,” said Ludivine Evra, partner and global head of marketing at Mercer Investments. “We have seen COVID, we have seen war and conflict. But it’s all about being prepared.”
Research on consumers views carried out exclusively for FP Live! by polling group Opinium found consumers are still concerned about the economy and their own economic prospects, but the mood is showing signs of improvement.
Alexa Nightingale, global research director and partner at Opinium, told the session 64% of consumers felt the state of the economy was “bad” compared with just 10% who felt positive, but that most did expect their own finances would improve over the coming 12 months.
The panel was unanimous this not a time to cut back. “Boom or bust, the process in marketing is not different and should be just as rigorous. But in a downturn, you have to be a lot more nimble and agile,” said Kate Pennell, chief marketing officer at Howden.
Scenario planning is one vital aspect of marketing strategies – being able to respond to a range of possibilities is doubly important in a period of uncertainty and unpredictability.
Offering top tips for financial marketeers, Nightingale said understanding audience research and audience segmentation was vital.
But as well as knowing your customers, the panel agreed it was important to know your own company and board and what made them tick.
“It all comes back to data, especially when you have sceptics on your board,” said Pennell, adding “You have to show, though data, the return on investment – keep demonstrating that every pound you spend has the potential to bring in far more.”
Having data to analyse market conditions and demonstrate the value marketing was delivering was also seen as essential. “You must also have a point of view,” said Evra. “Have something to say and say it – but remain friendly. Remember you are there to advise.”