Telum Vox Pop: How do you elevate your communications strategy amidst an economic downturn? (Part II)

Telum Vox Pop: How do you elevate your communications strategy amidst an economic downturn? (Part II)

Continuing from our last vox pop on Tuesday 29th November, FinTech communicators across Southeast Asia shared their preferred communications strategies to use during challenging economic conditions. 

Rachael De Foe, Managing Director and Founder, Redefy (Singapore)
During an economic downturn, stakeholders will scrutinise the actions, not just words, of a company. PR practitioners must form deeper connections with other company departments to take an honest look at how their activities, when considered together, shapes the narrative projected to the wider market.

In the midst of this audit is the best place to uncover untapped communications opportunities - there could be team stories to showcase a human effort, innovative department initiatives worth amplifying or inspiring executives that could be a thought leader to give the mic to.

Vesper Qin, Global Corporate Communications Manager
As the FinTech industry grows, digital nomads and decentralisation flourish, and the Southeast Asian market gains new opportunities - not least of which is the realisation that communications in any single market are no longer confined to that market alone.

To cite an example close to home, Southeast Asia is made up of several small-scale but powerful economies, and the region's complementary strengths create favourable conditions for rapid policy development, rapid market transformation, a vibrant public opinion environment, and a rich talent pool.

FinTech and communications have mutually beneficial outcomes:
  • The technology and industry landscape enables communications in Southeast Asia to travel anywhere in the world, and people from all over the world can contribute to the Southeast Asian industry.
  • Similarly, professionals in Southeast Asia can serve the rest of the world.
  • It is clear that the Southeast Asian market is being showcased by leveraging the power of international presence.
The confluence of factors above is an extremely valuable asset for communicators because of the potential to provide a wealth of stories and platforms for communicators to tap into.

Aguslia Hidayah, PR Professional (Indonesia)
Generally, during a recession, many brands are getting tight in allocating their budgets. Due to this thinking, the marketing effort will be decreased since people are reluctant to spend. In fact, it is precisely during a recession that there is usually a reduction in media costs for publication.

Therefore, a brand's communication strategy can also include investing more in media publications. Apart from getting a much cheaper price, at that time, many other brands temporarily suspend such activity, so we can hope to receive more attention than usual. The results of all this will be felt once we enter the recovery period, where brands that keep investing will reap the rewards, which will also save the brands money in the long term.

However, brands need to design recession-friendly messages, choose the right way to convey the message, and if they want their market to continue to grow, brands must be sensitive to consumer behaviour, so not just try to attract new consumers, but also maintain old customers' loyalty.

Lhara Paraboles, PR Professional, The P.R. Group (Philippines)
Following years of disruptions with the pandemic, lockdowns, global inflation and the like, it is hard to be completely surprised by the next challenge to fall our way. With that in mind, all communications strategies need to be agile and “shock-proof” - especially in sectors like FinTech, which are likely to be impacted by the economic downturn.

And how can we do that? By always being on the lookout for what both consumers and businesses alike need in the coming months. Being up-to-date isn’t enough. We need to be one step ahead in knowing what the clients’ target audiences demand and need so we can help companies communicate their solutions. Our strategies should be flexible enough to pivot in any direction it needs to go.

More stories

Telum media database

Get in touch to hear more

Request Demo

Regular email alerts featuring the latest news and moves from the media industry across Asia Pacific

Enjoy exclusive daily interviews with senior journalists and PRs as well as in-house editorial and features from the Telum team

Subscribe for alerts