pr asia 2015 presentation singapore
TRANSCRIPT
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RADICAL TRANSPARENCY AND OPAQUE BUSINESSES
Dominic Gamble CEO & Co-Founder
PR Asia Conference
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WHO AM I?
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AND BY 32 I WAS HERE….ZZZZZZZZ
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SO I FOUNDED THIS…
And now I’m:
But…
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MY TALK TODAY
My experience in an opaque industry: Wealth Management
1. Operating effectively in an environment that demands transparency
2. Balancing the need for transparency with legal restraints
3. Using PR to effectively articulate opaque brands to customers
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Part 1/3Operating effectively
in an environment that demands transparency
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WEALTH MANAGEMENT IS NOTORIOUSLY OPAQUE
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WHICH WAS FINE UNTIL THIS CAME ALONG…
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BUT TIMES ARE CHANGING...
- 76% of Elderly people (55+) use internet for research, and 62% use smartphones- Our Average age of our users is 51 years old -
30% over 65- 88% go to the internet
first when they need info
- Only 1% of Singaporeans research only offline vs 74% research do a mix of both online and offline
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MY INDUSTRY IS REACTING…SLOWLY
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SPOT THE DIFFERENCE…
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MORE SEXY THAN WE THINK
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SO WHAT?
- The opaque industry is reacting = some good news to report at last!
- Opaque industry = new opportunities = eg robo-advisors, accelerators, entrepreneurs
- Opaque industries have older clients = not everyone is 25! – Social Media impact
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Part 2/3Balancing the need for transparency with legal
restraints
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LEGAL AND COMPLIANCE
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HOW DID WE GET TO THIS STAGE?
- Boom & Bust
- 9/11 - 2008 crisis
- AML, KYC, RDR, FAIR, WTF?!
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THE INDUSTRY’S REPUTATION
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GOES FROM BAD…
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…AND MORE BAD…
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…TO WORSE…
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…AND THE HITS KEEP COMING!
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THE DAILY CHALLENGES DOING BUSINESS
- Promoting brand vs financial promotions
- Creativity vs caution
- Nimble vs slow process
THE VIRTUOUS CIRCLE OF INERTIA:Afraid of positive pr in case of negative pr!
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Part 3/3:Using PR to effectively
articulate opaque brands to customers
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ARE THERE ANY OPPORTUNITIES?
- When industries are this bashed and marketing is so bad….
- Asia
- Find the excitement….eg. Fintech
- Find the powerful messaging hooks whilst staying compliant
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UNDERSTAND THE CLIENT TOUCH POINTS
Example: Wealth Management
- Seize on the sexy, drop the dull
- Identify triggers to act – wishy washy messaging has negative impact with younger client set
- Age of clients – still read newspapers
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PR WORKS FOR US
Sunday Times, Nov 2015 Business Times, June 2015
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GOOD COMMUNICATION: ROBO-ADVISORS
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FINTECH
Homepage of FWM pls
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WEALTH MANAGERS: CLEAR MESSAGE
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WEALTH MANAGERS: GREAT DESIGN
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BAD EXAMPLES: WHAT ARE THEY TRYING TO SAY?
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SOLUTIONS FOR PR IN OPAQUE MARKETS
These are a given:- Patience- Persist
These are your USP vs the industry:- Understand backdrop vs consumer trends- Articulating messages clearly
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FINAL WORD
- Opaque industries, esp. those with regulatory considerations, are tough
- But massive need for communicating clearly, concisely and effectively, even more so…
- ….because the market is rapidly evolving and transparency is demanded by consumers
They need third party professional help, that’s where you come in!