What is Financial Services PR?
Financial Services PR is public relations focused on the financial sector. Money is a topic that can be confusing and feel inaccessible to most people. It is also a topic that most people want to learn about. That is where Financial Services PR comes it. This type of PR aims to explain and educate, while building trust and a positive brand image in a certain company.
How Financial Services PR works
At its very core, Financial services PR aims to educate a consumer, or would-be consumer, about what a Financial Services company is doing and why it matters. This includes explaining the product and services, the way the company functions as a whole, it's underlying purpose and how this is all helpful to an average person. Educating a consumer gives them an understanding of a industry they didn't have before, and gives you the chance to explain to them why you are the one doing it best.
It builds trust
As a Public Relations company in this sector, the goal should be to explain the value of the product while building trust and goodwill. One way to do this is offering nuggets of helpful information for free. Or, offering quick and amiable responses to customer inquiries. This builds trust, which keeps consumers invested and loyal. It is mutually beneficial to a person who needs the financial help, and the company who is looking to build their brand.
It builds awareness
Financial Services can seem boring and inaccessible. But the reality is that most people can benefit from some sort of financial service. While building trust (Step 2) the company can also be building awareness. A Public Relations firm should be spreading the company's name and gaining positive media exposure. Take whatever the company is doing, and explain to an average consumer why it is worth their time.
Financial Services PR Best Practices
Finances are hard. That's how a good Financial Services PR company looks at it. No matter what level the company is operating on, from basic budgeting to complicated investments and mergers, the goal should be to create understanding. That's where the PR company can stand out. If you can do a good job of turning finance speak into something an average person can understand -- and explain to them why they should care about it -- you're making a difference.
It's driven by change
Financial Services PR is fast-moving, just like the industry. New regulations, technology and products are coming to the industry every day. A great Financial Services PR Team isn't just reacting to these changes -- they are looking forward to them. Staying on the forefront of industry changes will keep PR communications feeling relevant and give a company credibility in the industry.
It goes through the right outlets
It's important to that Financial Services PR disseminates through the right outlets. As we have discussed, it can be an inaccessible topic for many people, and boring to many others. That's why it's important that the information gets to people who are stakeholders in the industry. This is best done through targeted marketing and industry papers. For content that is simplified and marketed for a more generic audience, social media campaigns, newsletters and other marketing tools are sufficient.