Joe Perri

Although many professional advisory businesses are facing a tsunami of unprecedented challenges as a result of the economic impact of the coronavirus, it’s imperative not to lose sight of the fundamentals that begin with reassuring clients.

As usual in situations such as this, accountants, financial planners and legal firms found themselves dealing with a deluge of anxious clients when share markets plummeted, businesses forced to close and employment lost as the economy faltered in response to the virus and government action.  

Panic and fear are natural human reactions in these situations and the first anxious calls are invariably to advice practitioners seeking solace, reassurance and an understanding of current events. 

In good times clients need their professional service providers to guide and assist them to achieve their desired financial, business, retirement, wealth creation or lifestyle goals.  But it’s in troubled times, such as the present, that clients become fearful and need reassurance – which is why the relationship so important.

As the seriousness and gravity of the health and economic impact of the coronavirus began to be realized, many organisations reverted to bulk emails as a means of communicating operational, administrative and general information quickly to clients. 

As effective as this modern-day medium is in situations such as this, nothing beats the impact of a phone call and reassuring chat in times of unprecedented concern. 

Technology is, and will always be well placed to communicate a ‘hygiene’ message quickly to a broad audience, but it cannot convey empathy and care of the trusted adviser’s voice or key contact within the business.

In normal times, and for a multitude of reasons, many advice and service professionals gradually lose sight of the noble reasons that guided them into an advisory business in the first place.  Impersonal email broadcasts and non-descript newsletters become the ‘go to’ communication mediums for the months in between the annual reviews.   

A crisis such as a severe economic downturn, natural disaster or the current coronavirus serve as an important reminder that clients are at the centre, focus and purpose of all activities – and the communication process has an important and crucial role to play.

But before articulating any messages to clients, stakeholders or suppliers in the current environment, the first priority is to secure the financial health and operational framework of the adviser’s own business and ensure it is functioning effectively in the ‘new norm’.  

In responding to the health and administrative challenges of the coronavirus, the insightful advice practices fast tracked new operational models that facilitated off-site workplaces and adoption / application of new best-of-breed technologies and cloud-based strategies. 

Although a burden initially, the benefit of these Initiatives will be ongoing well after the effects of the coronavirus have passed.

With respect to client communication during this period, the message and content must position the adviser as a beacon of calm in this troubled sea – communicating and interpreting in a compliant manner the latest government announcement regarding taxation or stimulus packages they may be entitled to.

Most importantly, only communicate when there is something to say – quality over quantity.

Furthermore, each client sees the world and situation from a perspective that matters to them as individuals.  So, when crafting any narrative or message to clients, the advisory business owner needs to step outside of themselves and see things through the eyes of the recipient.

Although inundated with tasks and intense pressures at present, the importance of client communication demands time be set aside for this function.  

Finally, there’s no doubt that the financial impact of the coronavirus will result in many businesses reopening in financial distress once the green light to do so is given.  Tragically, others won’t be able to reopen at all.

However, history has repeatedly demonstrated that there are businesses that thrive and grow in uncertain and troubled times.  For them, the end of the coronavirus will be a new beginning for their enterprises. 

By Joe Perri

Good effective communication in these challenging periods is invariably rewarded with strengthened relationships and heightened business reputations and brands elevated by the word of mouth endorsement and promotion of appreciative clients.

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Joe Perri, principal and founder of Joe Perri & Associates says these people will be disappointed. In fact, Joe Perri maintains that the business brand will become even more important in the digital / social media age.

With what can only be described as a tsunami of digital / social media and brands, consumers today are confronted with more information than ever before – and to filter out. In order to cut through the noise and clutter, marketers have to strive much harder to build and differentiate their brands and inspire loyalty.

Creativity of image and message is paramount.

The industry pioneers of mass media advertising in the post World War II era developed powerful brands and images that transformed the commercial and business landscape. Brands evolved into consumer icons and delivered enormous value and revenue for the companies that owned them.

Today, in the digital and social media era, brand messages have become harder to get across and media fragmentation has emerged as a confronting reality. In this environment, creative strategy to facilitate the communication of the exact message, to the right segment, on time, at a competitive price has become even more complex and problematical. Digital technology and social media fragments market sectors and creates even more data to be digested and absorbed by consumers.

With so many mediums vying for attention it is very easy to lose sight of the basic marketing principle that people interact with businesses and products on an emotional level.

How often have we observed that some consumers love particular products and brands, despise others and are neutral about the rest?

As a result the consumer’s perception and confidence in a brand determines the price they are prepared to pay for a particular product or service.

Maintaining the business brand or product / service momentum over a long product cycle is now a major concern for many marketers and business owners – in particular, as the impact of digital media is still misunderstood and underestimated. Many experts believe that as digital and social media grows in importance, there will be more channels and more brands than ever vying for attention within them. Clutter will increase and this will result in consumers aggressively filtering out a greater volume of brands and messages than they can accommodate.

Well established and recognised brands that adopt new communication mediums will benefit from consumer connectivity and loyalty. However, those brands that are unable (or unwilling) to adapt will struggle to survive.

Therefore, business owners and marketers can expect brands to become more important – not less – and they will have to pay greater attention than ever before to the implementation of marketing strategy, and learn how to build a strong marketplace presence and brand image in a constantly changing digital consumer landscape.

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