As we launch our new On the Record with... series, we're kicking off with Jack Crone, Head of UK & DACH PR and Communications at eToro. Jack shares his insights on industry disruptions, advice for newcomers, and the sometimes difficult balancing act of financial communications.
What have been the biggest shifts or disruptions you've seen impacting the PR/communications industry over your career?
A few come to mind. The increasingly crucial role of social media in communications strategies stands out. When I started out in my career, social media was often referenced, but it was usually bolted-on at the last minute with little thought. Now, communications strategies often start with social and rightly so. The medium has also transformed into one dominated by video and if brands wish to stay relevant to younger audiences, they need to embrace this. A few tweets will no longer suffice.
I think it’s fair to say that the pandemic also impacted the traditional story sell-in. More journalists now work remotely and while hitting the phones is still needed from time to time, in my experience, it’s become less effective. This has made it even more important to foster and nurture strong media relationships.
What advice would you give a graduate starting out now in a career in comms?
Go out of your way to learn about different areas of marketing and communications. You might be brilliant at writing, or networking, but don’t be a one-trick pony, especially early in your career. Learn about social strategies or event planning or how PR can support SEO. These are the types of things that will help you to stand out.
Other than this, consume media obsessively.
Which current communications leaders/innovators do you most admire and why?
I loved the recent Monzo and Greggs tie-up. What a brilliant way to bring their spending data to life.
How do you stay current on new platforms, trends and best practices in the ever-changing world of marketing/communications?
It’s not easy but there are a few steps you can take. When tech platforms pitch to you, say yes to a call and a demonstration. You might not be able to start working with them, but you can still learn more about their most cutting-edge tools. Just be prepared for a few follow-up emails.
Events are also a great way to stay up to date on trends and best practices, whether it’s from listening to experts on a panel or chatting to other people in similar roles. There is no shortage of events to attend in our industry!
Looking ahead 5-10 years, how do you think the comms industry will change?
I think it’s inevitable that print media will continue to decline and digital media will be prioritised (even) more in terms of coverage. I would also be surprised if we don’t see more paywalls.
I’ve already talked about social channels, and I think that influencers will become even more prominent in the comms industry. All you have to do is look at the (questionable) influencer-inspired TV shows that kids watch today - the influencer as a communication channel is being ingrained into their psyche!
Measuring impact for comms activity has often been contentious but I think we’ll see major improvements in this area, with increasing use of advanced analytics and AI to measure campaign effectiveness.
If you could improve one thing about the comms industry, what would it be?
The notion of ‘PRs can’t do maths’ has always irritated me. People working in communications should be comfortable with numbers and data - that’s the way our industry is going and it’s a cliche that we must all consign to history!
eToro is a company that deals with complex financial products and services. How do you balance the need for clear and accessible communication with the technical nature of the information you convey? What challenges have you faced in this regard, and how have you overcome them?
Every brand in financial services has a duty to make the complex compelling and it’s the challenge that we all face working in communications in this sector. It’s also what makes the job interesting.
As you say, it’s always a balancing act. Part of the answer is to tailor content for different audiences - eToro caters to users with a range of investing ability and experience and it’s not always a one-size-fits all in terms of communications.
From an eToro perspective, I also think it’s important not to underestimate how informed and engaged our users - or the wider retail investing community - are. The ‘dumb money’ perception of retail investors is thankfully starting to fade and there is certainly no need for us to shy away from technical information in communications, so long as we’re guiding people to tools and resources to educate themselves. Education is something we’re proud to be a leader in within the sector, with the massive expansion of the eToro Academy in the last couple of years.
Given the highly regulated nature of financial services, what are the key considerations from a communications standpoint in remaining compliant while still doing effective marketing and PR?
It’s about putting the right guardrails in place so that you can express yourself as a brand, and be quick off the mark when needed, whilst also being responsible and sticking to the rules. In practice, this means ensuring that compliance processes are watertight but not unnecessarily restrictive or burdensome.
It’s also crucial that the relevant teams - from communications to marketing and social - have the right training, so that everyone understands what is and isn’t compliant and knows how to create brilliant content within these boundaries.
eToro operates globally across many markets. How do you tailor messaging and adapt communications for different audiences worldwide?
We operate a hub and spoke model, working with local agencies, colleagues and spokespeople in all of our key markets to ensure that we are communicating in a compelling way which will resonate with the specific market’s audience. Having trusted partners on the ground to effectively translate and localise, taking account of news agendas, nuances and whatever else, is essential to our communications approach. As a company, we’re also very data oriented and when it comes to communications in different markets, we’ll nearly always have local data to harness.
