bylined to Matt Ryan, Chief Transformation Officer of Reef, powered by Totem
It appears that 2024 could be hailed as ‘democracy’s defining year,’ with more than half of the world’s population – totalling 4billion individuals – will be eligible to cast their votes. Citizens in in more than 40 nations, including the US and UK, will be tasked with making decisions that will contribute to the trajectory of our global societies.
Yet, in a profound sense, we all engage in similar decision-making processes each day. As consumers we are effectively ‘voting’ to shape the world around us continually, and over the past decade this has spanned from the adoption of Buy Now Pay Later (BNPL) payment schemes to the phenomenon that is Taylor Swift’s Eras tour. While these daily acts of choice may seem trivial on an individual level, collectively, they serve as the building blocks of our communities.
As a result, modern politics no longer revolves solely around speeches, leaflets, or TV advertisements. It has transitioned into a predominantly digital realm characterised by sophisticated data utilisation, profiling techniques, and influencer marketing. The omnipresence of the internet has democratised activism, enabling virtually anyone to become an advocate, while political entities are increasingly adopting the trappings of digital brands.
Their overarching objective, both online and offline, is to cultivate trust among the populace – to garner investments, metaphorically speaking. As the proportion of UK adults owning stocks reaches record levels alongside the swelling ranks of eligible voters, the financial and wealth management sectors stand to glean invaluable insights from political parties on how to establish a brand that inspires trust with regard to the most crucial facets of individuals’ lives.
Consistency of messaging
In the realm of politics, one of the gravest transgressions is flip-flopping on issues. While individuals in everyday life comprehend that circumstances evolve, rendering it challenging to uphold a firm commitment made today tomorrow, voters exhibit little tolerance for candidates who publicly alter their policies. While investors should understand that market dynamics are beyond your control (and stringent regulations prohibit overpromising), it is imperative that all communications, from your marketing collateral to personal interactions, are consistent and therefore trustworthy.
Keeping people informed
President Joe Biden’s team ensures he maintains a prolific presence on platforms such as Twitter, disseminating updates to his thirty-four million followers multiple times daily. Additionally, he conducts frequent press conferences, ensuring that citizens receive timely information directly from him. Individuals who entrust you with their finances require regular reassurance too. Digital channels serve as a valuable tool to reach all clients simultaneously and keep them abreast of relevant events, such as fluctuations in interest rates. This enables you to demonstrate your understanding of the situation and convey proactive measures aimed at safeguarding their investments.
Fostering community engagement
While traditional canvassing remains a component of contemporary politics, the advent of digital media has expanded avenues for engagement that cater to individual preferences. Today, activism takes on myriad forms, from posting comments on videos to sharing memes within family WhatsApp groups. Similarly, in the finance sector, fostering community engagement involves reducing barriers to access information. Rather than confining market analysis to journals, consider disseminating insights through your digital community, thereby facilitating greater participation and collaboration among stakeholders.
Understanding your audience
Just as polling and focus groups play a pivotal role in modern politics, they are essential in finance. While you may have engaged in discussions with clients regarding their investment objectives, have you delved beyond surface-level aspirations? In today’s digital landscape, firms have access to rich datasets that offer a nuanced understanding of individuals’ preferences and interests, without the need for traditional lunch meetings. It is imperative that efforts to comprehend your clients be both reactive and proactive. You can proactively solicit feedback from clients, but it is equally crucial to ensure accessibility, allowing clients to reach out to you through various channels beyond phones and email. Consider avenues that enhance client engagement and foster a deeper connection.
Create a blue-chip experience
In politics, the crux often lies in exclusive dinners and meet-the-press gatherings, where politicians garner support from media and business circles, bolstering their resources to fund the digital strategies outlined above. Similarly, financial deals were often struck by treating clients to dinners or rounds of golf, but such personalised outreach is challenging to scale. While Zoom calls can accommodate thousands of participants for market updates or insights delivery, they may fall short of delivering a high-touch experience. Hosting events for investors, both current and prospective, on modern technology platforms bridges the gap between the luxurious experiences’ clients anticipate and the scalability inherent in digital offerings.
A pivotal year ahead
This year has the potential to emerge as a pivotal year for global politics, with reverberations felt across financial markets. For anyone working in the financial sector, it is imperative to reassure clients that their finances will navigate any ensuing turbulence, while also delivering the professional service they anticipate. Modern engagement tools facilitate this, enabling the creation of interactive two-way communication channels that not only foster trust among clients but also provide invaluable insights for your business.
To learn more, visit: https://wearetotem.io/financial-services/
About the author:
Matt Ryan is Chief Transformation Officer at Reef, Powered by Totem. Matt has more than 15 years of experience working with and alongside world famous brands to deliver transformation at every level. After a highly successful exit as an entrepreneur, he has since set about elevating companies ranging from long-standing NASDAQ behemoths to exciting start and scale-up businesses. His industry-agnostic success is founded on a demonstrable and innate ability to identify and understand a marketplace and its customers, often in very different and nuanced ways. This results in a strategy, a construct and a narrative that consistently deliver unprecedented results.
