Blogs and online forums are major source
of information for financial services journalists
More than forty per cent of journalists writing financial services news stories use blogs and online forums for research, according to the Broadgate Mainland Digital Trends Survey. A quarter of respondents visit blogs and social media sites at least once a day and more than half visit them at least once a week.
Failing to embrace digital communications is causing financial services companies to miss out on coverage with key journalists, according to 85% of journalists responding.
Nearly 49% of respondents agreed that locating relevant information in newsrooms, such as contact details, was difficult. “Contact names and numbers often lacking as is good access to backgrounders and cuttings”, said a respondent.
The survey’s findings reveal the views of financial journalists and editors on how companies should be using digital and social media to engage with the media and provides an insight into their preferences.
When it comes to researching articles almost all journalists said they were using search engines, such as Google, to facilitate research, with almost a quarter using search engines every day and 74% using them five times a day or more.
Financial journalists are also picking up on the social media tidal wave. Sixteen per cent said they were open to receiving company news through relevant social media sites such as Twitter, Linkedin or Facebook, with half of those preferring Linkedin as the top delivery method. This is more than double the number who wanted to receive press releases via commercial newswires.
Online communications is sounding the death knell for PR wire services, fax and post among financial journalists. Only 8 per cent of respondents preferred to receive press releases via commercial newswires while post and fax was the choice of only 1 per cent. Email is the chosen delivery method for 100 per cent of financial journalists.
Sarah Evans-Toyne, Director of Digital strategy at Broadgate Mainland, says: “There are many powerful ways to get comment across to the media in a converged digital and traditional media world. Many of the channels are free but companies must ensure their content is optimised to maximise promotion opportunities online.”
When they visited a financial services company website nearly half of all journalists surveyed found it difficult to locate information they need. Over 60% believe that online press release sections were not being updated frequently enough. One said: “Often it can be difficult navigating directly to the press room.”
Lawrence Gosling, Editorial Director, Incisive Media, says: “Journalists now operate in a 24/7 working environment and it is important that companies understand how journalistic practices are changing due to the internet. A significant bug bear, illustrated by the Broadgate Mainland’s Digital Trends survey, is that many financial services company newsrooms are underdeveloped.
“I am not surprised by the survey’s findings that many financial services companies are missing a trick with their communications. The industry needs to embrace new communication channels and ensure that they are equipped for the faster news cycle.”
Unsurprisingly 82% of journalists agreed that the internet has revolutionised the way they work with 72% saying that it gives them unprecedented access to information and saves them time, although 11% claimed it caused them a headache.
For a full copy of the report, including a sample of respondents’ comments, please email digitaltrends@bgate.co.uk
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