Media training for financial services firms – what we can all learn from Fed chair Kevin Warsh’s communications style.
As the leading provider of media training for financial services firms, we were particularly interested in a recent critique by the FT of Fed chair Kevin Warsh’s communications style. The article began by telling us that “The US Federal Reserve meeting this week spooked markets.” Obviously, this was not the aim of the Fed or its chair.
But if we’re asking, “how can spokespeople for financial services firms do better media interviews?” there are lessons to be learnt here.
The piece, entitled “Kevin Warsh’s concerning communication style,” and written by the FT’s editorial board observed that “Warsh’s stumbling communication in the press conference sent 30-year Treasury yields to their highest level since the global financial crisis.”
Reluctance to raise interest rates
The main problem that Warsh faces, we would say, is that he’s not clear on his message. As the FT explains: “Warsh is seeking to square a circle,” he’s bemoaning inflation but is reluctant to raise interest rates. It goes on to talk about “Warsh’s opacity.”
Media training for financial services firms
Whether we’re providing media training for financial services firms or presentation training for bankers our message is clear. You need to be clear on your message. Defining it, testing it and then identifying the right words to use to convey is essential. In our media training for banks, for instance, we’ll help our course participants to think about exactly what they want to say – and what effect they want to have on their audience.
Do they want to persuade those listening to them to do something? Or not to do something? Do they want to sell something or simply encourage a discussion? As you know, most of us skim through a print article or only half watch a TV or video interview. We don’t take on board every little detail and nuance. However, we can tell, as the audience, pretty quickly if somebody is avoiding the question or doesn’t know what they want to say on an issue.
Media coaching for financial services
That’s why in our Media coaching for financial services firms we advise participants to think: “one interview, one message”. We then work with our Media Training clients to help them to identify examples, case studies and even simple little anecdotes to back up this message. This means that they don’t sound repetitive when they drive it home.
The harsh fact is that audiences don’t easily remember theories, overall concepts and blue sky thinking. What they do remember is stories and little nuggets of information. These then act as memory hooks to help them to recall the bigger picture and those important messages.
Media training for bankers
There are other ways to ensure that your audience takes onboard your key points. In our Media Training for bankers, for instance, we recommend they flag up these key messages. This means using a phrase such as “What’s most important here is that…” or “What clients are asking us about is…”. The latter is particularly appealing to journalist because it sounds topical, which is always newsworthy. It reminds a reporter that the banker that they are speaking to is working at the coal face of the industry, having conversations with real people. Same as true if you’re doing a presentation.
In our Media coaching for financial services firms, we also recommend that when you’re doing an interview with a journalist or presenting to an audience you add a human and personal element. This might include a story or anecdote from your own experience.
We worked recently with the investment director of a large asset manager who included a line in one of the role-play interviews that went “What I love most about my job, what really gets me up every morning at 5:30 am is…”. This we told him would definitely be included in an article resulting from a Media interview.
Warsh’s communication style
Another lesson from Warsh’s communication style is that if you don’t tell the journalist what the story is then they’ll create their own version from the information you give them. That’s why in our Media Training for bankers we recommend that they take the initiative right at the start of the interview. It’s worth remembering that you will almost always know more about an issue than the journalist.
Media trainers are working journalists.
All of our Media trainers are working journalists. (operating under strict non-disclosure agreements) and they will tell you that they are very happy for an interviewee to set up their stall at the beginning of the interview. This assumes, of course, that what that person is saying is newsworthy. That’s why at the beginning of our media Training for financial services firms we explore what makes a Media story and what will interest a journalist during an interview.
If you understand this then the interview can be a win-win. The journalist gets a great story – and you get positive coverage. The Financial Times ends its piece with a warning that: “The Fed will lose popular legitimacy if it does not communicate properly with markets.”
This could be said of any financial institution – and it’s not just popular legitimacy. Effective communication is essential if banks and other organisations in the finance sector want to build their reputation and develop confidence among clients, investors and others.
Media training courses
The good news is that doing an effective Media interview is not that difficult – provided that you’ve had the right media training. If you’re interested in Media Training for financial services firms or presentation training for bankers, come and talk to us. We can create a course bespoke to your needs. You can follow us on LinkedIn here.
