One of the biggest challenges we have as professionals in the field is to financial communication is to help the business objectives of private banking entities. A challenge that, after more than 20 years managing the reputation of private banking entities, asset managers, brokers and insurance companies, has proven to be achievable.
Double advantage
Communication is used by companies to channel the information generated by their day-to-day activities for the benefit of their business. In private banking, this translates into a dual objective:
- Assisting in the acquisition of new high net worth clients
- To create an image of solidity and quality that generates pride of belonging among customers, and makes it an aspiration for the best Private Bankers to be able to work in our entity.
The best example of a successful aspirational marketing and communication policy is the case of Ferrari. A brand that has unconditional customers, with a maximum level of pride of belonging, and legions of potential customers who aspire one day to join this select club. So much so that Ferrari doesn't even need to spend money on advertising new products, because orders are placed years in advance and always out of stock. Its product is very exclusive, and only accessible to people with a lot of money, who consider Ferrari an essential part of their culture and personality.
Aspirational and tangible content
Generating the illusion of joining an exclusive club by becoming a customer of our institution is therefore key to our communication strategy. To do this, we will need to build a story of the firm with aspirational and tangible messages, which we will export to the channels and environments where our audiences of interest (customers and bankers) participate and inform themselves.
In practice, we will not only communicate our competitive advantages in terms of profitability, business, size, or solvency. We will also communicate the values for which the customer buys our entity.
Chief among these values is the trustThe mortar that supports the personal relationship between the banker and his or her customer. So, if we manage to identify what convinces customers to join our club, we will have very powerful messages to help solidify a long-term relationship with our institution. Because we will have "prescribers" who will speak well of our entity in their family, friends and professional circles.
Coordination with marketing and other areas
It is key to work in coordination with the marketing teams, who manage the specific positioning of the brand at all times. The marketing department will guide us in the selection of the calendar, the contents, and the areas where we will exercise the communication actions.
Because we must know how to choose when and where to launch press releases, participate as experts in events, collaborate in sector reports, publish posts on our blog and our social media profiles, and carry out other kinds of actions that have an impact on our brand image. And we will only achieve this if we know how to assemble communication and marketing strategies, aligning them with the company's business strategy.
To convey the messages to the outside world and to the inside of the company requires full alignment with senior management's guidelines on how the company should be managed. Therefore, senior management must approve the strategy as a whole, and the actions to be taken, as it must monitor that everything is executed when it should be, and for the intended purposes.
The potential of managing the information produced by the company provides advantages for the other areas involved in the business. Communicating improvements, news, launches, strategies, business figures, appointments, etc., will help to improve the perception of our products, prices, managers, consultants, or any other company asset. In short, it is the best way for the Communication tool to support the objectives of the company as a whole.
Boosting growth
In conclusion, a specialised communication strategy is an essential element for boosting the business of private banking institutions. This is because it brings benefits in the short, medium and long term, reinforces their differential positioning, highlights the strengths of their model and their value chain and achieves greater satisfaction among their customer base, a high pride of belonging among their customers and professionals, and a better corporate reputation among the sector and the media.
Javier Ferrer
Communications consultant specialising in the world of investment.