And when your product does top the league table, rank ‘above average’ or score ‘investment grade’, the job of marketing is made that much easier.

Yet in every race, there’s always the risk that your product could fall short.

If your product does get a seriously bad rap, here are things you can do to limit the damage:

1. If the bad rap is accurate and relevant.

The best approach is to own the problem and get about fixing it – whether that’s culture, strategy or execution. Take care to avoid ‘whataboutism’ – that’s talking-up a tangential product benefit in order to duck the criticism. In finance, trust is important, so we need to acknowledge our weaknesses and take decisive action to address them. Because if a product has slumped, it’s personal – real customers, partners and other stakeholders are feeling the pain. Here are some tips as you navigate your turnaround:

• Include your employees, partners and other key stakeholders in your recovery strategy and give them reasons to stay engaged. No one wants to be on the losing team. But pulling together towards a comeback is inspiring. Give stakeholders reasons to join you in the turnaround.
• Be transparent about the actions you’re taking and why. Demonstrate your accountability and your momentum towards a solution.
• Note lessons and insights along the way, because coming good will be fodder for a great future story. Turnarounds show fortitude, perseverance and commitment – all great qualities for the customers who are trusting their financial wellbeing to you.

2. If the bad rap is accurate and relevant, but out-of-date.

It may be that your organisation has moved on from the problem, and the bad rap is pointing out the past and not what’s happening now. If so, focus on recent wins and how they relate to the current environment. Take care to avoid a Streisand effect.¹ Because being defensive about the bad rap is likely to only draw attention to the negative news that you’re trying to move past. As you bring the market up to date on what you’re doing now, highlight current strengths and benefits in an authentic way:

• Share stories about stocks, themes or sectors that your analysis revealed as under-valued and how your calls have benefited investors.
• Provide insights, data and outlooks that show you’re clued into the current market.
• Use customer case studies to spotlight how you’re solving problems today, such as an insurance claim after a recent flood.
• Amplify your messages and assets through social media.

3. If the bad rap is due to mis-categorisation or misunderstanding.

It may be that your product is assessed as a mass market solution, yet it’s intended for a niche market. Or your investment strategy is designed for the long term yet picked apart over its short-term performance. Correct the mis-categorisation by crafting positive messages about your product that positions it correctly. Double down on your product’s strengths and benefits through:

• Events, where you can deepen your relationships with your key audiences.
• eDMs that sharply highlight how your product is meeting your customers’ specific needs.
• Long-form sponsored content that sets out product benefits for a focused customer segment in the niche media that they read.
• White papers that provide valuable insights to specific audiences.
• Case studies and customer testimonials that highlight ‘use cases’ and benefits.
• How-to guides and checklists that describe your product and bring it to life.
• Social media for brand awareness and niche-market reach.

Wherever your product is at today, getting your marketing and communications strategy right is vital. At Crafted Writing, we’ve had decades of experience helping financial services companies navigate both good and bad news. So, if you’d like some help telling your product’s story, contact us at hello@craftedwriting.com