A fresh perspective can be helpful in seeking new and compelling ways to craft marketing messages. However, hiring from outside of the financial industry can entail certain pitfalls that firms should consider when sifting through resumes.
The topic, of course, is more than just academic. After all, marketing collateral is one of the few, if only things, that many investors will see from financial services providers. With that in mind, it’s important that collateral is high quality and reflects a positive message.
At the same time, many investors are deluged with junk mail and emails from a variety of firms, including credit card companies, insurers, real estate agents, local stores and other business, so it is important that marketing materials are distinct and capable of capturing a reader’s attention.
Clearly, firms that hire industry outsiders must deal with a variety of challenges. Newcomers to the industry, for example, typically lack a historical perspective on product offerings and services, so they may be less likely to discern the novel aspect of new services or be able to assess what characteristics may differentiate a financial services firm from competitors.
As such, they may be more inclined to develop collateral for the sake of developing new materials rather than promoting a novel product or unique capability that a firm may possess. Newcomers may also struggle with deciphering jargon and using plain English to describe concepts. For example, rather than using the term value-added, a skilled communicator will focus on emphasizing the aspects of a product or service that provides value.
Industry veterans can also help keep product messages focused. Indeed, over time, writers may bring more to the table than just their writing skills. Indeed, seasoned writers may have been involved with countless product launches and marketing campaigns, so they can reflect upon the success of past projects and help marketing teams stay focused on what matters.
It may be tempting for marketing teams to focus on things that their company culture values, such as the background of their chief executive officer, investment research capabilities, company heritage, and popular buzz words that dominate meetings and other internal discussions. In doing so, marketers may miss out on the important aspect of pitching financial services, such as how products or services will help customers reach their goals.
While emphasizing a strong performance track record seems like an obvious marketing strategy, it is not unheard of for marketers to become overly focused on things held near and dear to their company’s executives or to focus on a novel aspect of an investment strategy while burying an impressive performance track record within collateral.
From a graphics perspective, newcomers to the industry may overlook regulatory constraints, such as limits on the use of images of hard currency to convey that a product’s investment performance can help generate wealth. In doing so, they may also lose sight of the notion that wealth in and of itself isn’t the only goal of investing. Rather, for most individuals, investing is a means for paying for college tuition for children, purchasing a home, enjoying leisure pursuits and achieving a secure retirement.