CIM: You certainly have your hands full. Yet you still gave a talk entitled “Creating trust with communication” at the Live Marketing Congress. Why is the issue important to you?
Dr. Mark Weigelt: Trust is at the forefront of the wealth management business. Only when a trusting dialogue is achieved between the customer and the consultant can an investment strategy be implemented in such way that it delivers the desired results. This applies all the more so in the current turbulent markets. The dialogue between the customer and UBS is initiated, following our motto of “You & Us”, with the perceived messages at events or in the media. In this manner marketing content and channels become decisive success factors in our business.
To what extent can events rebuild the trust lost during the financial crisis?
Their great advantage is the intrinsic customer proximity. In comparison to other marketing channels such as online marketing for example the effect for the customer is much more interactive. Smaller, exclusive events make possible an open discussion on financial issues between the customer, consultant and financial experts. In addition there is an emotional element involved.
Can you cite a current example from UBS?
Recently a customer at one of our events said to me that he appreciated UBS’ open communication on all issues concerning the financial crisis. In this case we had invited guests to an exclusive discussion with a very successful businessman, where mistakes made by banks were openly talked about. An open dialogue in the appropriate atmosphere and the expertise of the UBS – this generates trust.
Which role do events play in your communications mix?
Marketing in all businesses that target wealthy private customers is traditionally strongly focussed on events. More than half of all of UBS’ marketing investments in Germany go towards events. They will retain this central role in the future too. However, we are currently testing some innovative approaches in dialogue, recommendation and online marketing, which in coordination with events will increase their efficiency for the wealth management business.
What does your event look like for 2009?
In times of financial crisis it makes business sense to also critically look at our marketing and event budget. At UBS Deutschland with 16 locations and substantially more than 1,000 employees we have applied a “less is more” approach and found a few positions we can cut. In connection with the measures already mentioned however we will again make a vital contribution to building trust and stimulating business with our events and other marketing activities in 2009.
