Last month, FINCOM’s attention has not been focused on “sell in May and go away” but rather on wishes and big plans for the future. Indeed, our network celebrated its first anniversary! After launching our collaboration remotely and in the middle of a global pandemic, we have managed to work together on 12 clients across eight countries, and there are so many other projects in the pipeline… What a journey!
Undoubtedly, through these first months of collaboration we focused on our purpose as a specialized network: serving our clients from across the financial industry with the best insights and allowing them to replicate their high-quality delivery and specialist experience across Europe.
As PR agencies and FINCOM members, we work with multinational firms that implement global expansion strategies and face big challenges when it comes to communicating in other markets: maintaining their identity while proposing added value to local media and stakeholders as a whole – mostly including investors. Furthermore, in the ever-evolving financial markets, there is no room for mistakes and financial firms must surround themselves with experts who have a solid “on the ground” expertise.
On the occasion of FINCOM’s first anniversary, we wanted to share some key elements to consider when rolling out a communication and media relations strategy in another market:
– Level of sophistication of the market: we already know that media and reporters’ specialization change radically from one country to another. For instance, while UK journalists might be totally familiar with private equity secondary market related topics, in Spain we can barely find a translation for this segment meaning that some investment universes and products could appear to be too technical for some media landscapes. That is why, when communicating about financial firms’ new investment products, we cannot simply replicate content and strategies, but we must look for the best approach as well as adapt, localize, and add the necessary contextual information to convince investors.
– Local competitors: it might be obvious but key messages differ according to the length of time a financial firm has been established in a particular country. As brand recognition will vary from region to region, local PR agencies must adapt the storytelling for local stakeholders. It is also essential to consider local competitors (which might not be present in other markets) and their media activity to determine how we want to position ourselves.
–Timing: it is no secret that timing is always key, and that the media agenda rules. It is certainly not the best option for a financial firm to communicate the day the largest banks of the country in question publishes its quarterly results… This is the kind of insights that a local PR agency can offer.
In short, when implementing corporate communication and press relations strategies in another country, it is essential to be receptive and adapt to the environment and culture of the local market. Partnering with a specialized communication agency that can provide a local approach, and an ad hoc strategy is the key to meet the reputation, visibility and credibility objectives set by the company.
If you want to know more about our services and expertise, stay tuned as we will soon publish a series of case studies and clients’ projects that we successfully carried out jointly as FINCOM members!
