Marketing and Communications

Financial services, more than any other sector, uses marketing to connect with consumers and communicate messages. With so much competition in the financial sector and new distribution channels appearing constantly, jobs require developing a public image, or ‘brand’, that’s distinctive and conveys the right meaning. Ultimately, these marketing activities will try and persuade customers to switch or buy a new product. Marketing jobs exist also on the business-to-business side, particularly in insurance and investments. Here, marketing people focus more on promoting services to brokers and affinity partners, developing sales support tools and promotional materials, making it easier for them to sell your company’s products. There is a huge variety of roles to suit every personality and talent. PR people are focused on spotting newsworthy opportunities and getting journalists to cover a story. Internal communications people update intranets, write newsletters and co-ordinate management road shows to keep employees informed. Brand and account managers liaise with creative agencies to come up with new campaigns. Writers create the words. Some marketing people focus on developing new products or analysing and predicting consumer behaviours. Through direct mail packs, brochures, exhibitions, press activities, websites and other communication forms, your task will be to engage customers and keep the sales rolling in.

Salary

Administrative and support roles start at approximately £15,000 per annum. With the right experience, qualifications and skills you could progress to management roles and earn in excess of £70,000 per annum. This does not include potential bonuses and additional benefits. Salaries will vary considerably based on location and employer.

Developing short and long term brand and marketing plans/strategies.
Commissioning market research to identify the opinions of customers and potential customers
Working with communications, design and production teams to develop services and products
Pricing and testing new products in the marketplace
Managing product sales and distribution
Creating and managing campaigns, including advertising, direct mail, brochures, PR, internet activity, events or exhibitions
Measuring the direct outcome of all marketing activities and presenting results and recommendations

Excellent interpersonal skills
Analytical skills to interpret raw data and to spot new opportunities
Creative thinkers
Problem solving skills
Strategic thinkers
Strong team players, but equally confident taking their own initiative
Good understanding of the business sector worked in and enthusiasm for the product area
Organised and able to manage workloads and deliver under pressure
Excellent problem solvers
Well-developed communication skills, both verbal and written
Organised and methodical
Persuasive and self-confidence
Numerical skills, to understand financial data
The ability to manage large budgets

A new entrant will not always be required to have this knowledge. Employers usually provide training to acquire skills for:

Commercial awareness of the financial services sector they operate in
Knowledge of what competitors are doing in their sector
Knowledge of new marketing channels, techniques and concepts being developed
An understanding of human behaviour and what triggers consumers to buy certain products

For graduate entry schemes, a 2:1 degree or above is usually required. Since competition for marketing roles is high, studying a creative, marketing, PR or business subject, or a degree with a marketing or public relations element, can be an advantage.

There are however a range of opportunities at administrative and support level which can be a good route into the profession. A degree is not always needed for these roles and employers will normally require a minimum of:

A Levels, Scottish Highers or equivalent qualifications such as Business, Administration and Finance (BAF) Diploma, BTEC National Diploma, Welsh Baccalaureate (BAC), SVQ Level 3 or Higher National Certificate (SCQF Level 7)

The Chartered Institute of Marketing (CIM), the Chartered Institute of Public Relations (CIPR) and the Institute of Sales and Marketing Management (ISMM) offer a range of professional qualifications for marketing and communications practitioners. These range from introductory right up to a postgraduate diploma and full Chartered status, including:

Level 2

ISMM Certificate in Sales and Marketing
ISMM Award in Understanding Marketing
ISMM Award in Understanding Buyer Behaviour
NVQ in Marketing – providing a broad introduction

Level 3

CIM Introductory Certificate in Marketing
CIPR Foundation Award in PR
ISMM Certificate in Sales and Marketing
ISMM Diploma in Sales and Marketing
ISMM Award in Understanding Sales and Marketing in Organisations
ISMM Award in Understanding Influences on Buyer Behaviour
ISMM Award in Understanding Customer Segmentation and Profiling
ISMM Award in Using Market Information for Sales
NVQ in Marketing – assessing the knowledge and skills of experienced marketing professionals

Level 4

CIM Professional Certificate in Marketing
ISMM Certificate in Sales and Marketing
ISMM Diploma in Sales and Marketing
ISMM Award in Analysing the Market Environment
ISMM Award in Understanding Segmentation, Targeting and Positioning
NVQ in Marketing - assessing advanced aspects of the marketing profession

Level 5

CIPR Advanced Certificate in PR
ISMM Award in Understanding the Integrated Functions of Sales and Marketing

Level 6

CIM Professional Diploma in Marketing
ISMM Award in Planning and Implementing Sales and Marketing Strategy

Level 7

CIPR Diploma, for experienced PR professionals

More specialist communications qualifications include:

CIM Diploma in Marketing Communications
CIM e-Marketing Award
CIPR Internal Communication Certificate
CIPR Internal Communication Diploma
CIPR Crisis (Response) Communication Management

Some employers may also require marketing professionals to demonstrate their understanding of financial services and undertake specialist technical qualifications, such as those offered by the Institute of Financial Services, the Chartered Insurance Institute, the Chartered Institute for Securities & Investment or the Institute of Credit Management.

Marketing will always play a central role in financial services, with companies fighting to demonstrate their point of difference to consumers and business clients. Opportunities exist in all major financial centres nationwide. Most central marketing functions are based within head offices, although larger companies sometimes have dedicated regional teams also. Very large financial firms with global offices based in the UK may have a global marketing and PR team who work closely with UK teams. Although based in the UK, overseas posts and secondments occasionally arise and duties may require some international travel.

Marketing and Communications

Salary

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