Make Ignorance History - How the Media Can Talk to Your Members

As appeared in the Fund Executive Association Limited (FEAL) newsletter Winter 2005

In a choice environment, funds can take nothing for granted. More than ever fund executives are looking critically at their communications programs, and how to reach members in the new playing field.

While advertising, direct mail and the Internet are all valid ways to reach members, and we have seen a proliferation of such mediums in recent times, another alternative, which we believe is under-used, is the media.

In a recent FEAL Briefing, I talked to funds in each state about how to use the media to gain a share of voice in a crowded market, both in our own industry, and to a wider audience. Interestingly, each state had different experiences with the press - some funds already used the media and were regularly in contact with the press, others had never done so.

Media is not a stand-alone tactic to create a relationship with your members. It is, however; a powerful tool that can work in conjunction with your existing communications program to increase your profile...

Each state had things in common, and below are the most interesting findings to come out of the National Briefings.

Some funds found that working with the trade media (financial services press) was effective in talking to the financial planner community, and in raising awareness of rollover prospects in a public offer environment.
Many funds were scared the media would misquote them, so never bothered to look at a media or public relations strategy.
Trade media in other professions (eg, journals for the medical industry, teaching, building etc.) was a targeted, low cost way to talk to members in their own language.
Youth were possibly the hardest to engage. New methods to communicate could include youth orientated press - such as sporting and special interest magazines and Internet sites.

Many funds feared repercussions from ASIC in talking to the press. ASIC themselves said there was no directive on talking to the media on fund issues, even for funds unlicensed to give members advice.

There are several ways to engage the media. The approach needs to be strategic and message driven. Ways to do this include:

Research - Journalists love statistics, so any research you cart get will add instant credibility to your cause.
Press releases - any new business, people appointments and milestones are great fodder for press.
Letters to the editor - a great way to get your point of view across.
Interesting visuals - a picture is worth a thousand words, so be creative in the pics you can send with your story.
Issues commentary - If there is an issue that is particularly relevant to your fund, have a point of view and put that to the journalist. Whether this is insurance, women, youth, investment options, the key is to have an opinion and stand by it.

Media is not a stand-alone tactic to create a relationship with your members. It is, however, a powerful tool that can work in conjunction with your existing communications program to increase your profile, and remind members of the benefits of belonging to your fund.

Rather than fearing the press, use them to work with you to educate the public. In Sweden, when choice of fund was launched, research found that most fund members got their information from the press and from family and friends. It is likely the same will happen here, so it is true that any interaction you may have with the media will assist in educating superannuation hind members and help them make more informed decisions. A good thing for the industry - and for your members.

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Winter 2005 In a choice environment, funds can take nothing for granted. More than ever fund executives are looking critically at their communications programs, and how to reach members in the new playing field. While advertising, direct mail and the Internet are all valid ways to reach members, and we have seen a proliferation of such mediums in recent times, another alternative, which we believe is under-used, is the media. In a choice environment, funds can take nothing for granted. More than ever fund executives are looking critically at their communications programs, and how to reach members in the new playing field. While advertising, direct mail and the Internet are all valid ways to reach members, and we have seen a proliferation of such mediums in recent times, another alternative, which we believe is under-used, is the media. In a recent FEAL Briefing, I talked to funds in each state about how to use the media to gain a share of voice in a crowded market, both in our own industry, and to a wider audience. Interestingly, each state had different experiences with the press - some funds already used the media and were regularly in contact with the press, others had never done so. Media is not a stand-alone tactic to create a relationship with your members. It is, however; a powerful tool that can work in conjunction with your existing communications program to increase your profile... Each state had things in common, and below are the most interesting findings to come out of the National Briefings. Some funds found that working with the trade media (financial services press) was effective in talking to the financial planner community, and in raising awareness of rollover prospects in a public offer environment. Many funds were scared the media would misquote them, so never bothered to look at a media or public relations strategy. Trade media in other professions (eg, journals for the medical industry, teaching, building etc.) was a targeted, low cost way to talk to members in their own language. Youth were possibly the hardest to engage. New methods to communicate could include youth orientated press - such as sporting and special interest magazines and Internet sites. Many funds feared repercussions from ASIC in talking to the press. ASIC themselves said there was no directive on talking to the media on fund issues, even for funds unlicensed to give members advice. There are several ways to engage the media. The approach needs to be strategic and message driven. Ways to do this include: Research - Journalists love statistics, so any research you cart get will add instant credibility to your cause. Press releases - any new business, people appointments and milestones are great fodder for press. Letters to the editor - a great way to get your point of view across. Interesting visuals - a picture is worth a thousand words, so be creative in the pics you can send with your story. Issues commentary - If there is an issue that is particularly relevant to your fund, have a point of view and put that to the journalist. Whether this is insurance, women, youth, investment options, the key is to have an opinion and stand by it. Media is not a stand-alone tactic to create a relationship with your members. It is, however, a powerful tool that can work in conjunction with your existing communications program to increase your profile, and remind members of the benefits of belonging to your fund. Rather than fearing the press, use them to work with you to educate the public. In Sweden, when choice of fund was launched, research found that most fund members got their information from the press and from family and friends. It is likely the same will happen here, so it is true that any interaction you may have with the media will assist in educating superannuation hind members and help them make more informed decisions. A good thing for the industry - and for your members. http://www.evolutionmedia.com.au/index.php/7/