The recession caused by the COVID-19 pandemic was a jarring shift from the economic stability of the past decade. Yet many financial fir🔯ms are continuing to find ways to connect with clients and serve their needs.

In a , Jaime Kalfus, head of Global Brand Development and Engagement at PGIM and Dana Caragine, senior marketing manager at Wilmington Trust, shared insights on how their respective companies are navigating the coronavirus-induced financial crisis.

Why It’s Important to Pivot Quickly

Agile marketing is often touted as an 澳洲幸运5官方开奖结果体彩网:impꦰortant strategy for financial firms, and this has rarely bee💞n tested as much as in the present. With market volatility now an ongoing trend, being able to change messaging quickly has become more important than ever. “We came at this from a fortunate place in that our tagline has long been, ‘Understanding what’s important,’” says Caragine.

With the quick onset of the♈ pandemic, it became clear early on that what was important had changed. “We pivoted and went to a strategy of ‘be informed.’ Our top-line didn’t change, but our allocations did—and we allocated a fair amount of money into the hands of local and regi𒉰onal teams so that they could support local causes and organizations.”

That type of pivot has also been an important strategy for the PGIM team. According to Kalfus, shifting the foc🌺us away from products and onto partnerships and services has helped PGIM offer their clients continued support during this time:

Those were the areas that we wanted to have people see. We felt that thought leadership and understanding who we are and why we would be a good partner at this time was an important message for us to put out, so we actually leaned into the moment and shared our perspective.

How to Assess Your Media Mix

Pivoting your marketing strategy is a crucial part of navigating a 澳洲幸运5官方开奖结果体彩网:financial crisis, but it’s only one piece of the puzzle. ไTaking a close look at the performance of your campaigns can also help you determine what’s working effectivel𒀰y—and what’s not. 

With new strategies in place, both the Wilmington Trust and PGIM teams have had to reassess their marketing mixes and to reallocate budgets to channels that have shown strong performanc🃏e.

“We didn’t change our absolute level of spend, but we did change the mix of how and where we spent it,” says Kalfus. “Webinars and third-par🌼ty sponsored events are🍰 getting good attendance and so those are working hard for us.”

Caragine agrees, explain♉ing that both email and direct mail have s♉een great engagement over the past few months.

“We saw an explosion in the open rate of our email, with some topics doubling and tripling,” Caragine says, emphasizing that this was especially surprising since marketing e🌞xperts feared that the market was becoming saturated with corporate emails. Leveraging client insights can be a great way to d♛etermine this mix, and to refine it as the markets shift.

The Bottom Line

As firms continue to navigate the challenges and opportunities of the current climate, remain𒁃ing agile and flexible in the face of adversity could offer benefits for both marketers and investors.