Posted November 20, 2017 by Julia Binder
In this time of consolidation and disruption in the asset management industry, marketing has never been more important to differentiating your brand, bringing in new business, and nurturing existing relationships.
And yet, today’s marketplace couldn’t be duller. Products look the same. Product pitches are the same. Value propositions are generic. Advisors receive the same email, have the same website experiences and see the same headlines regardless of which Twitter feed or LinkedIn page they follow.
Marketing is uniquely positioned to leverage creativity, data, and technology to deliver relevant first impressions, influence decision-making, and nurture loyalty. Marketers have data that lets them pinpoint likely prospects, opportunities for business development, and signals of redemption. They have technology that enables sophisticated individualization of customer experience and real-time responsiveness.
Marketing executives at 1 in 3 firms recognize that by 2020 their teams will play a bigger role in customer acquisition and business development than national sales teams. Sales teams are already leaning on marketing for more help because advisors are taking fewer meeting and phone calls. At a few firms, we observe signals of change that are transforming marketing from tactical sales support staff to strategic line management. These changes in recruiting, focus, analysis, and measurement are separating the leaders from the laggards.
At leading firms, marketing executives are:
Professionalizing marketing means creating a learning organization and culture where marketing experience is valued more than industry experience. Teams are being reshaped with training and certification opportunities in modern marketing practices. Marketing pros from other industries (advertising, credit card, media, retail) are being recruited to fill strategic roles. Great communicators, they are able to paint a vision that is grounded in reality and customer-centric.
Demonstrating value begins by finding opportunities for small tactical wins that require limited investment to yield quick results. Those results are used to earn interest and advocacy among partners in sales and finance to drive larger strategic customer acquisition and retention initiatives.
Being accountable means being data-driven and embedding analytics in every role, whether it’s SEO specialist, marketing technologist, or writer. Key performance indicators are built into every inbound and outbound activity and campaign. Testing and reporting on results are ingrained and typically yield a positive return on investment.
Rewarding innovation is essential to developing creative marketing that differentiates the brand and earns a winning position in the marketplace. A culture of innovation rewards marketers that develop a pipeline of campaigns and initiatives to drive growth.
Leaders are reimagining marketing to build the enduring relationships that are essential to long-term stability and profitability. Which category does your marketing organization fall into?
categories: advisor engagement/client engagement, branding, marketing strategy
The views expressed in this publication are solely those of the author and do not necessarily reflect the position or policy of DST Systems, Inc. or its affiliates, subsidiaries, joint ventures, officers, directors, or management.