Like many media relations enthusiasts, I crave the opportunity to really sink my teeth into a story and bring our spokespeople’s strategic thought leadership to life. In the case of financial reform, it is essential to investigate the media coverage around the issue and work closely with spokespeople to make sure they offer not only compelling insights during an interview, but also that they present their point of view in a way that is digestible for the media – and in turn, their potential clients and the media’s audience.

Oftentimes, a spokesperson’s success during an interview depends upon your ability to effectively support thought leadership development as well as offer media training tips. Here are a few things you can do to strengthen pitches and help your spokesperson be a better interviewee:

1)      Regularly “Checking-In” is Key. Remember to talk to each spokesperson on an ongoing basis – especially if your financial services account relies heavily on media relations. This may seem like a “no-brainer” but it is something that can be neglected as media relations specialists work at a fast pace. Remember, your spokesperson’s insights add color to your pitches, so “check yourself before your wreck yourself” especially when pitching complex financial related issues. If time is of the essence, run the pitch by the spokesperson at the very least. But for pitches with longer lead times, its best to speak with the spokesperson to verify the content of the pitch and learn any additional – and hopefully new and different – points you can use to promote their expertise/thought leadership. 

2)      Focus on the big picture. Even high-level executives like Mad Men’s Don Draper need media training. In the case of financial services, many bank, insurance and asset management spokespeople possess such a wealth of knowledge that it becomes difficult for them to drill down to the four main points. Remind them that they only have five-ten minutes to speak with journalists so it’s important to avoid getting bogged down by the technical details. Asking questions can help so… 

3)      Don’t be afraid to ask questions. Offering probing questions helps the spokesperson focus on the most important aspects of an issue while enabling you to learn the key points you need to develop a thoughtful pitch. For example, questions you may ask a spokesperson about a topic like financial reform could be “What are the major provisions of the bill and why? What is missing from the bill? What will the passing of the bill mean for investors, businesses and consumers?”

4)      Pepper the pitch with sound bites. Examine the points the spokesperson makes and highlight the main takeaways in sound bites throughout the pitch. More importantly, share the final pitch with the spokesperson – this will further their understanding of what points you consider to be the most media-friendly. Further, the pitch can serve as notes that will sharpen their focus during the actual interviews.  

How do you help spokespeople be better interviews on complex issues? What resources do you use to strengthen your pitches on complex financial topics?

To reach Rachel:

Phone:  212.840.5476
Email: rachel@blisspr.com
Twitter: @RachelBethG
LinkedIn: Rachel Gerber

• One emerging positive story you may want to keep an eye on is the commercial mortgage-backed securities (CMBS) market. Recently, after a hiatus following its collapse a couple of years ago, the CMBS market has seen signs of life, and experts I’ve talked to expect a return to the modest activity seen in the ‘90s. A strategic B2B PR program will leverage stories related to CMBS sooner rather than later. 
• For banks and other lenders and mortgage originators, another positive story is a possible increase in deal flow. If you’re a lender that hasn’t been doing much lending and you’re ready to start lending again, consider a ramp-up in media outreach as deal flow increases, since you want your clients to know that you’re back in action. 
• For other sources of commercial real estate capital, such as funds, life insurance companies, private equity firms, and institutional investors, the burgeoning commercial real estate recovery calls for a reassessment of communications strategy. In preparation for a possible increase in deals and capital placements, you will want to re-evaluate your target audience. When trying to place capital, go where the deals are. It may sound obvious, but many firms overlook the need to change their communications strategy as the market shifts. Are you targeting your current audience? 
• Then there are the Real Estate Investment Trusts (REITs), which are uniquely positioned to benefit from a resurgent market. The collapse of the market left most of its participants with no way to determine the value of the property in their portfolios or investments securitized by those properties. As the market recovers, REITs will be able to better determine the value of their holdings on the market and how much their debt is worth. If you work for a REIT, set PR strategy now on how best to announce acquisitions and dispositions.  As the gap between bid and ask prices on property and debt continues to narrow as a result of increased trading, assess who you need to reach with your PR program.

No one knows what the future holds – probably a good thing, as not knowing what’s going to happen is part of what makes working in B2B public relations so much fun. But it’s very likely that the commercial real estate market will show increased signs of life this year, and as it does we should be proactive to find positive stories for commercial real estate professionals to tell.

What are your positive real estate stories?

To reach Dave:

Phone: 312.252.7318
Email: dave@blisspr.com
Twitter: @davidmiranda
LinkedIn: Dave Miranda

The Twitter Business Center offers businesses three capabilities that aren’t built into standard Twitter accounts:

1. A “Verified Account” seal – you see this most frequently on celebrity Twitter accounts like @aplusk and @barackobama – the seal indicates that someone from Twitter has confirmed that the account holder isn’t an impostor.

2. “Contributors” – lets more than one user access a business account, and displays a “byline” for each individual user tweeting on a company handle (more here).

3. Non-follower DMs – allows business accounts to respond to DMs from users they’re not following. This feature is particularly relevant to businesses who use Twitter as a customer service tool, like @comcastcares; it eliminates the step of following a user back before responding to his or her inquiry or complaint.

The toolkit for business is currently only available to a select group of companies that Twitter has invited to test it out. Presumably, these are firms who are already using Twitter for business (one is @Starbucks) and will find value in the shortcuts and capabilities provided by the service. But even when it’s universally available, it doesn’t change the strategic thinking that should inform the decision to “tweet or not to tweet” – and that’s true whether you deal in derivatives or donuts.

Especially in financial services, where violating the compliance standards outlined by FINRA or the SEC has major consequences, social media is still an area in which to “proceed with caution.” Just as before, if your client’s target audience is on Twitter, and the client is prepared to devote the energy and resources to engaging there in a way that doesn’t jeopardize compliance, then by all means go for it! But just because Twitter is making a play for businesses doesn’t mean that every business should immediately jump on board.

That’s our Financial Services Practice Group’s “Two Cents” – do you think the Twitter Business Center is a game changer?

To reach Kelly:

Phone: 212.840.1661
Email: kellyd@blisspr.com
Twitter: @kellydavis226
LinkedIn: Kelly Davis

According to the “Small Business Success Index”™ (SBSI) conducted by University of Maryland’s Robert H. Smith School of Business (and reported on by Hubspot and Mashable), one in five small business owners are integrating social media into their business processes. Nearly half (45%) believe their social media strategies will pay off financially in 12 months or less. Further, 75% of those surveyed have a company page on a social networking site, 61% use social media for identifying and attracting new customers, and 57% have built a network through a site like LinkedIn.

The benefit of social media to small businesses is pretty clear – social media is much less expensive than traditional marketing/advertising campaigns; and it gives you direct access to consumers and customer feedback. The opportunity to generate new business leads through direct contact with buyers is significant.

But flip the coin, and it becomes apparent that opportunities abound for financial services companies – especially banks, insurance companies, benefits brokers and financial planners – to tap into the online communities of small business owners to generate new business as well.

Bank of America and American Express are both reaching this audience through dedicated microsites. But if you don’t have the time or resources to commit to creating a separate site for small business owners, here are a few other ways you can connect:

• Webinars/Podcasts: A recent survey from Business.com reported in PRNews (subscription required) found that webinars and podcasts are two of the most popular platforms that small business owners turn to for business decision making. If you have content – i.e. tips on maximizing employee benefits, succession planning strategies, wealth management options for small business owners – it’s fairly easy to create a podcast or a webinar and post it to your website. Just be sure to leverage it through the various social  media channels available (e.g. Twitter, Facebook)
• Blogs: According to a very unscientific Google search, there are XX blogs dedicated to small business issues. Start commenting on these blogs. Answer other bloggers questions. According to the SBSI, 39% of small business owners surveyed have a blog on their areas of expertise – find them and start engaging. Share their blog posts with your contacts via Twitter and LinkedIn. Let these bloggers know about your content – the webinars, podcasts and blog posts you’re creating.
• Twitter: If small businesses are a major target of yours, be strategic about your tweets. The SBSI found that 26% of small business owners are tweeting about their areas of expertise. Do the same. Find interesting and relevant information for small business owners and tweet it. Start following small business owners and other thought leaders on small business issues.
• LinkedIn: Join as many discussion groups on small businesses issues as you can, and be responsive. Help small business owners get the information they need by answering their questions, or start your own discussion group about your area of expertise.

Opportunities abound for financial services providers seeking to engage with small businesses through social media. Small business owners are already out there, and are seeking information from people like you – it’s up to you to go find them.

To reach Meghan:

Phone:   212.840.1661 
Email: Meghan@blisspr.com
Twitter: @meghanlantier
LinkedIn: Meghan Lantier

The figures above certainly seem to suggest its big business for banks, at a time when arguably they need it. In fact, a great article from BankInfoSecurity.com showcased data in 2009 from Bank of America (who at the time had 2 million mobile banking users) demonstrating that mobile channels was responsible for driving new business to the bank with 8-10% of mobile bankers, almost 200,000 people, having signed up within 90 days of opening a bank account with them.

Benefits of Mobile Banking

As shown in the recent Chase commercial, accessing your banking information is easier than ever before, in fact if you so wish you can check your account balances while hanging off a cliff! So with this growth in mobile banking, what is actually available through your banks and how secure is it?

Looking at the big three banks, Citi, Bank of America and Chase, their offerings are pretty much standard across the board. Each bank offers the ability to access accounts via your phone, pay bills, transfers funds between accounts, find nearby branches and atms, and manage credit cards. ChaseMobile seems to be a little more advanced in that you can manage your mortgage, home equity and auto accounts. In terms of technology, each offers the service through a wide range of devices aside from the standard iPhones and Smartphones. In fact, Citi actually has its own app for the iPhone.

A recent article in Reuters cited the fact that customer’s liked that they could use mobile banking for payments, treating their phones as “mobile wallets.” This is definitely a trend which commentators see moving up a gear in 2010 as banks vie to control this part of the market.

How Secure is it?

Security is obviously a big question for customers, who use these services. Just like many had their doubts when online banking took off, they need to know that their personal data is safe and secure. Most banks have in place a number of different security systems to ensure their customer data is secure, including using SSL encryption technology which safeguards internet traffic for secure Web applications and protects customer information as it travels from their phones to the bank. Also as with online banking, all account information is password protected so if someone was to lose their phone, their accounts cannot be accessed unless they have the correct information.

What Next for the Industry?

The growth in mobile banking over the past 3 years has been significant, so what can we expect in the future? Well additional data from Tower’s Group suggests that by 2013 we will reach a staggering 53 million people as active mobile bankers, an annual growth rate of 50%. Further in-depth research from Informa predicts an even more optimistic picture for mobile banking. Here is the scenario of mobile banking predicted for the year 2013:

• Number of estimated transactions : 300 billion
• Value of transactions estimated : $860 billion
• Number of mobile subscribers accessing banking on mobile : 977 million
• Value of domestic transactions for personal funds : $157 billion
• Value of international transactions : $48 billion

Looks like it’s a bright future ahead for mobile banking industry and it will be interesting to see how it will affect the traditional face to face aspect of banking.

That’s our Financial Services Practice Group’s “Two Cents” – have we interested you to sign up for mobile banking? How do you think the growth of mobile banking is going to affect the industry?

To reach Sally:

Phone:   212.584.5482  212.584.5482
Email: sally@blisspr.com
Twitter: @sallymartin
LinkedIn: Sally Martin

In that vein, we’re constantly reading blogs (like Visible Banking), following folks on Twitter and chasing down case studies to uncover the buzz. Lately, we’ve heard a lot about Citigroup’s new “Citiblog,” created as a way to “share ideas and create dialogue on all sorts of topics ranging from the global economy to personal finance, from microfinance to mobile technology.” The launch was applauded by most, and traction started off strong among customers and shareholders.

But can Citi maintain a strong following of engaged readers over time? If history is any indication, the answer may be “no.” Reviewing Visible Banking’s list of banking blogs, of the 17 or so banking blogs listed just 6 are still active. Banks that started blogs but stopped posting in 2009 include big players like Bank of America and small community banks like UmpquaBank, out of Washington State (side note: Umpqua’s blog was really neat – worth checking out).

Of the blogs still up and running, Wells Fargo’s group of blogs are the gold standard. Interestingly, Wells Fargo isn’t doing anything we don’t already know about social media engagement strategies — they’re simply being true to the community ideals. Here’s what Citi can learn from them:

1. Speak to your Audience: Content on Citiblog veers from helpful information on filling out a FAFSA over to an announcement that Citi is helping to finance public housing units in New York City. Information may be more digestible and searchable if it were segmented by topic (i.e. financial management strategies, information for shareholders, corporate announcements). Wells Fargo does a nice job of this through its distinct blogs and communities like the environmental blog, Stagecoach Island game, etc.
2. Introduce your Blogger: With the exception of a few posts from CEO Vikram Pandit, Citiblog’s posts are un-authored, making the content feel about as personal as a press release. Conversely, Wells Fargo bloggers are company employees with distinct personalities and interests, making them that much more engaging to read.
3. Make it Worth Your While: We all know how much time and effort go in to creating and maintaining a blog. It’s simply not worth all that time and effort if it’s not going to pay off somehow, through things like customer acquisition, retention and satisfaction. It’s pretty clear through the number of followers that Wells Fargo Wachovia customers see the blogs, Twitter feeds and Facebook pages as ways to interact with their bank. And we know from research that the more consumers interact with their bank the more satisfied they are. Citiblog is so static that it’s difficult to imagine Citi customers seeing the blog as a destination for information. 

Blogging is tough – it requires a deep commitment from the bank, its bloggers and its community to keep it fresh, relevant and engaging. Banks looking to engage with customers, potential customers and other stakeholders through blogging would be wise to ensure they have the content and commitment to keep it going – as the saying goes, if you’re going to do something, you might as well do it right.

What do you think of Citi’s efforts? Will they pay off?

To reach Meghan:

Phone:   212.840.1661 
Email: Meghan@blisspr.com
Twitter: @meghanlantier
LinkedIn: Meghan Lantier

Social media engagement cannot – and should not – happen overnight. There are regulatory implications (see here for FINRA’s Regulatory Notice for Guidance on Blogs and Social Networking sites), not to mention it is a significant time and resources investment. So how can investment banks start to engage in a safer, less time-intensive venue? A great place to start is with Social Media Press Releases (SMPRs), especially now that deal activity is on the upswing. According to Thomson Reuters data released on Friday, M&A jumped to $520.4 billion in the first quarter – an 18 percent increase worldwide from the first quarter of 2009.

SMPRs are optimized press releases that can include video segments, pictures and links to further information, providing readers with information beyond the promotional aspect of a traditional release. Interviews with key spokespeople, links to other data in a particular area or previous deal announcements are great ways to augment traditional communications. In many ways, an SMPR can serve as its own microsite, temporarily housing a wealth of information and related content – while extending the search-ability, share-ability and overall life of the announcement.

At this point time, SMPRs are largely an untapped resource in the investment banking space, but the opportunities to leverage deal activity and other news is very much alive. Social media – and the financial services industry’s participation in social media – is changing and growing by the day. We expect SMPRs to play an active part of this evolution, as it seems to provide the engagement – and security – the financial services industry demands.

For investment banks looking to use Social Media Press Releases, a good rule of thumb is to add interactivity wherever you can. SMPRs may even mark the end of text-only deal announcements.

That’s our Financial Services Practice Group’s “Two Cents” and as we continue to monitor this issue, we welcome your comments and questions below.

For more information on retail banking and social media: Check out their blog Wells Fargo Wachovia’s blog blog and their Twitter handles @Ask_WellsFargo and @Wachovia. While USAA is a little different because it is not a publicly traded company and is offered only to military personnel and their families, it is a great example of social media at its finest in a more traditional, slow-moving industry. Check out their twitter handle @USAA and USAA on Facebook.

For additional resources on implications of FINRA’s Regulatory notice, check out this previous post and guest column by Katherine Kilpatrick.

To reach Nicole:

Phone: 212.584.5473 
Email: nicole@blisspr.com
Twitter: @nicolejleblanc
LinkedIn: Nicole Leblanc

Markets: And the votes are in. The historic health bill won approval on Capitol Hill late last night as the votes broke down as 212 against and 219 in favor of Obamacare. We’ll wait to see how the markets, especially the bond market, reacts today on the news but  according to Legg Mason fund manager Bill Miller, cheap U.S. health stocks should perform well in the near term, now that there is less uncertainty in the sector. Big businesses, however, may disagree and many worry the bill will do more harm than good as the legislation may do little to nothing to hold down their healthcare costs and may even force the costs up. How do you anticipate these businesses will compensate for the extra costs? Will they cut back on the number of workers they hire, will they make provisions to their retiree healthcare costs?

Banking: In a speech over the weekend, Ben Bernanke, Chairman of the Fed argued that the Fed should retain its powers to oversee small and medium-size community banks. Bernanke believes that the Fed needs to supervise banks of all sizes so it can spot potential threats to the financial system. During the speech, he also recognized the dangers posed by giant banks, saying they are larger than before. For more on the speech please click here

Bankruptcy: Last week was a big week in bank closures with seven banks closing its doors, bringing the total this year to 37. The banks are based in Alabama, Georgia, Minnesota, Utah and Ohio. We’re nearing the end of the first quarter, and although numbers are not as high as 2009, the recovery does not seem to be in sight for small and mid size banks.

It won’t be a dull week for financial services – continuing the pattern of the past several years. Stay tuned for next week!

To reach Katherine:

Phone: 212.584.5475
Email: katherine@blisspr.com
Twitter: @kilpatrickk
Linked In: Katherine Kilpatrick

So without further ado, lets get right to it and talk about what’s hot this week in financial services:

Asset Management: Today, Morningtar announced findings from its 2010 Target-Date Series Industry Survey, that found that target date funds are still better than other funds for retirement investors. Despite incredible scrutiny by the government and investors over the past year, more than $45 billion in new cash flowed into these funds in 2009.  See the release here.

Private Equity: Big news this morning from the retail sector: Phillips-Van Heusen is acquiring Apax Partners portfolio company Tommy Hilfiger for about $3 billion (full WSJ article here). This is the first major transaction in the retail industry in years. Apex took Tommy Hilfiger private in 2006 in what was then largest private equity deal in the fashion industry to date. This deal could signal the beginning of a boom in retail PE transactions. According to BloombergBusinessWeek, U.S. comparable same store sales climbed 4.1 percent in February – the sixth straight monthly gain and the biggest in more than two years.

Markets: While mostly a quiet week with regards to the economic calendar, there are a few things on the horizon to watch for.  Today Senate Banking Committee Chairman Christopher Dodd is expected to introduce a bill that will allow the committee to hold a vote prior to the Easter recess in April.  And speaking of bills, if we witness a passing of the healthcare bill this week do you think we will see stocks begin to sell off?  Does this signal bad news for healthcare stocks?  Also this week we have the FOMC meeting on Tuesday where they will discuss their strategy behind monetary-policy.  Most don’t anticipate any change in rates, however there is talk that the bank should reconsider their statement that rates will stay very low for an “extended period.”  What do you think – should the FOMC reconsider their statement language?

So there you have it, the Financial Services Practice Group’s “Two Cents” on what’s news in finance this week. Stay tuned for next week!

To reach Donna:

Phone:  212.584.5479
Email: donna@blisspr.com
Twitter: @donnamcsorley

Welcome to another round-up of the financial news we’re keeping an eye on this week. In addition to a few deals happening here and there – including AIG’s announcement that it will sell its Alico business to MetLife, and Royal Dutch Shell and PetroChina offering to buy Arrow Energy of Australia – here’s what we’ll be watching (in addition to all of the best- and worst-dressed recaps from the Oscars):

Markets: The Wall Street Journal reports U.S. stocks opened slightly higher this morning, due to rising commodities prices that boosted materials and energy and easing concerns on Greece’s budgetary issues. U.S. financial stocks rose after AIG agreed to sell its American Life Insurance Co. to MetLife for approximately $15.5 billion cash and stock. The Dow Jones Industrial Average was up 12 points in early trading and McDonald’s was its strongest performer. Economic data for the beginning of the week is skimpy, but announcements around the Treasury budget will take place Wednesday, with data on international trade and jobless claims Thursday, and retail sales and consumer sentiment data out on Friday. Read more from: The Associated Press.

Banking: The Wall Street Journal has an interesting article this morning discussing the Fed’s tussle with Congress for control over bank regulation. According to the article, the Fed has reorganized its 3000 bank supervisors and in some cases pitted officials at the 12 regional Fed banks against those in the capital. The next few months will prove crucial as to who will win the battle. For the full article please click here.

Digital Media: This week Citigroup launched a new web-based branding campaign (which lives at www.new.citi.com) in an effort to rebuild customer trust by positioning the company as a more transparent, accessible and conversational corporation. The internet roll-out features personal blog posts from Chief Executive Officer Vikram Pandit, as well as testimonial videos from CitiMortgage President Sanjiv Das and CitiRisk’s Chief Risk Officer Brian Leach. Read more here.

For what it’s worth, my vote for Best Dressed goes to Demi Moore. See you next week.

To reach Meghan:

Phone:   212.840.1661 
Email: Meghan@blisspr.com
Twitter: @meghanlantier
LinkedIn: Meghan Lantier