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GRAMERCY INSTITUTE COMMISSIONS STUDY--The Future of Financial Media: Owned, Earned & Purchased
Financial services marketing is complex, fast-changing and requires a knowledge base and expertise that is unlike any other category of marketing. Moreover, financial services marketers have been particularly challenged in recent times as the concept of “trust” has been turned on its head in the wake of the financial crisis of 2008.
At the same time, the media landscape is exploding beneath our feet; social, mobile, content and viral are but a few concepts that would have been mere footnotes on a media plan but a few years ago—and today these same concepts are at the heart of strategic media activity. As the media landscape today can now be neatly separated into three buckets named “owned,” “earned” and “purchased,” deeper questions loom.
There should be little doubt that financial media is at the crossroads of change—and those media strategists and decision-makers at the world’s largest financial brands require clarity on a variety of issues, and in a number of ways. This study is designed to empower their decision-making abilities and offer guidance to financial brands as they manage their worlds today and plan for the future.
The Gramercy Institute will publish, The Future of Financial Media: Owned, Earned & Purchased. This comprehensive study is laser-focused on today's and tomorrow's needs of senior media decision maker and strategists at the world’s largest financial institutions. First and foremost, the study will address the challenges of the financial marketer—consequenly this study will also be of critical value to both the agency and media sides of the industry, as well.
The Gramercy Institute commissioned another study, Best Practices in the Digital Marketing of Financial Services Marketing, in January of 2011. This important study was commissioned by the Gramercy Institute and conducted during the summer/fall of 2010.
Content-wise, the new study, The Future of Financial Media: Owned, Earned & Purchased, will be separated into three distinct sections, 1) Owned Media, 2) Earned Media and 3) Purchased Media. Within each section, the following subsections will be explored:
A) Financial Media Today and Tomorrow (5-Year Horizon)
· Spending & Investment
· Performance Measurement & Optimization
· Marketing & Media Management
· IT, Marketing and Cross Enterprise Relations
· Technological & Platform Drivers of Change
· Compliance, Regulatory and Legal Issues
· Structural & Cultural Issues
B) Agency, Media and Partner Relations
C) Best Practice Case Studies
D) Perspective: Standards of Excellence
· Financial Brand’s Self-Assessment (confidential for each financial brand)
· Sector-by-Sector Assessment
o Retail Banking & Lending
o Credit Card & Payment Systems
o Individual Investments
o Brokerage
o Investment Banking
o Institutional Investment
o Insurance
o Corporate
· Financial Services Industry Assessment (on the whole)
The Study will rely on both qualitative and quantitative research methodologies to complete this study. The Gramercy Institute is uniquely qualified to access and synthesize information and data in the following three ways:
A) Qualitative: The Gramercy Institute will conduct a series of in-depth interviews (IDI’s) with senior marketers at the world’s largest financial firms to form hypotheses and “educate” the quantitative portion of the study.
B) Quantitative: The Gramercy Institute runs a network of over 1100 senior marketers from the world’s top financial firms. GI will tap this network to access a statistically significant sample (Gramercy standard: 95% confidence level).
C) Case Study: The Gramercy Institute owns the world’s largest repository of over 200 marketer-submitted media briefs from the world’s top media brands. GI will access its Financial Media Strategy Bank to identify best practices and concepts to provide practical case studies to document examples at work.
The research will be conducted according to the following timetable.
Summer: Organizational
Sept.-October: In-Depth Financial Marketer Interviews (qualitative
November: Survey Research (quantitative)
December: Analysis, Synthesis & Articulation
January 15: Study Published
The Conference Tour
The Gramercy Institute produces over 25 conferences, summits and events each year that are focused on the unique and specific needs of the senior marketer from the major financial brand. This said, The Gramercy Institute is planning a “5-City Tour” (6-Conference) Tour” in Q4 2011 and Q1 2012 to promote the study to senior marketers from the world’s leading brands. Events are currently planned as follows:
London
JFAM Focus Summit: London
The Future of Financial Media: Earned, Owned & Purchased
October 2011-- London, United Kingdom
New York
JFAM:Live! Financial Marketers' Conference
October 2011-- New York, NY
Chicago
JFAM Focus Summit: Chicago
The Future of Financial Media: Earned, Owned & Purchased
February 2012--Ritz Carlton, Chicago, Il
New York
JFAM:Live! Financial Marketers' Conference
March 2012--New York, NY
Boston
JFAM Focus Summit: Boston
The Future of Financial Media: Earned, Owned & Purchased
March 2012--Ritz Carlton, Boston, MASan Francisco
JFAM Focus Summit: San Francisco
The Future of Financial Media: Earned, Owned & Purchased
April 2012--Ritz Carlton, San Francisco, CA
London, UK
JFAM Focus Summit: London
The Future of Financial Media: Earned, Owned & Purchased
May 2012-- London, United KingdomToronto, Canada
JFAM Focus Summit: Toronto
The Future of Financial Media: Earned, Owned & Purchased
May 2012--Toronto, Canada
New York
JFAM:Live! Financial Marketers' Conference
October 2012-- New York, NY
About The Gramercy Institute
Based in New York City, The Gramercy Institute is an industry “think tank” focused on the intellectual needs of senior marketers from major financial firms. Led by industry veteran and CEO Bill Wreaks, The Gramercy Institute focuses its financial services marketing practice across three areas:
PUBLISHING: The Journal of Financial Advertising & Marketing ("JFAM"). GI publishes the digital periodical The Journal of Financial Advertising & Marketing ("JFAM"). Written for senior marketers at major financial institutions and their agencies, JFAM boasts a circulation.
CONFERENCES & SUMMITS: The Financial Marketers' Alliance Network (FMA). The Gramercy Institute directs The Financial Marketers' Alliance. “The FMA Network,” is a network of over 1100 senior financial marketers from major financial firms worldwide. The group is connected through numerous conference, summits, seminars and roundtables. The Gramercy Institute produces approximately 25 thought leadership events in financial services marketing each year, including The JFAM Financial Marketers' Summit: EAST in Philadelphia, The JFAM Financial Marketers' Summit: WEST in San Francisco, CA, JFAM: Live! in New York City (spring & fall), The JFAM Media Strategy Awards in New York City and JFAM: Forum (spring and fall) also in New York City. In addition, The Gramercy Institute produces "The JFAM Focus Summit" series in London, Chicago, Boston and San Francisco.
AWARDS & RECOGNITION OF EXCELLENCE: In 2004, The Gramercy Institute established “The JFAM Media Strategy Awards” to honor excellence in financial media strategy. Now in its seventh year of production, this award show receives entries from the world’s top financial brands and remains the bellwether of media strategy excellence in the financial services category.
CONSULTING & RESEARCH: The Gramercy Institute works with the world's leading financial marketers, agencies and media companies providing consulting, research and analysis. Most recently, Gramercy Institute commissioned a major industry study that was backed by Bank of America, Merrill Lynch, UBS, Metlife and Microsoft Corporation. The study was conducted by Brand New Media and Northwestern University Graduate School.
Financial Marketer:
The Gramercy Institute
Creative Agency:
The Future of Financia Media: Owned, Earned & Purchased
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