When new tech enters any sector, you often end up with the five-stage experience known as the ‘hype cycle’.
Here’s what happens:
Technology trigger – A potentially ground-breaking technology appears on the radar. There’s no proof it definitely works yet, but it sounds exciting
Peak of inflated expectations – A few early successes are reported, but there are also many failures. Some companies try the new tech, most don’t.
Trough of disillusionment – Interest falls away as implementations fail to deliver. Users struggle to get the most from the tech.
Slope of enlightenment – Uptake levels start to improve again, as the benefits of the tech become more obvious and widely known.
Plateau of productivity – Mainstream adoption takes off, thanks to sector-wide acceptance of the tech’s relevance and benefits
This has great relevance to the funds sector, as there’s been a lot of investment recently into digital marketing technology. And with good reason, as firms are realising just how much potential is offered by automation, AI and CRMs.
Sadly, it is not working out for everyone. In fact, many fund marketing teams are stuck in the ‘trough of disillusionment’. The tech is in place and is being used – but return on investment is a distant prospect.
But this situation is largely due to one thing – gaps in reporting. The beauty of digital marketing technology lies in its ability to provide vast amounts of data on prospective investors. Yet, it is not being used properly by many firms – so not enough information is available at any one time. Thus, sales teams are engaging with prospects without having a full picture of how that person has engaged with marketing content, so sales teams don’t really know what angle to take.
This is exacerbated by generic marketing products being used to address niche problems they are simply not suited to, implemented by consultants who have never solved that problem before.
But it is only when you address these gaps in reporting that you truly move the needle on how your digital marketing is performing. To get there, you need a digital marketing system that fills gaps by giving you a full picture of prospect and client behaviour. You can then start to see and target where AuM can be raised, as well as where money could potentially be about to disappear through investors who are giving signals they are about to redeem.
So, how exactly do you fill gaps in your reporting?
The first step is to bring analytics from all your digital marketing channels into one place. You must have it all together for it to do a proper job.
The second step is to work out which potential and existing investors are identifiable, based on the data they have given you permission to access – e.g. via the CRM, event subscriptions or website logins.
Once that information is collected, you move onto the final step – spotting the signals that identify an opportunity to raise AuM through a prospect who is ready to invest, as well as spotting existing investors looking to redeem. And you must also ensure this information is delivered to the right person in the organisation in real-time – not eight weeks later when the lead has gone cold.
And this is exactly where ProFundCom, which is specifically designed for the fund marketing sector, comes in. The ProFundCom Ribbon and LeadDeck fill the gaps, so that all information on both prospects and clients is presented in one easily accessible place – so sales teams have all pertinent information to hand and can strike while the iron is hot.
Unless you do all this, you have one hand tied behind your back – and your digital marketing is destined to languish in the trough of disillusionment.
Don’t let it happen – filling the gaps in your reporting will improve your marketing efficiency, drive your sales activity and turn your investment in technology into actual returns. The plateau of productivity beckons…
If you want to find out how ProFundCom can help you use digital marketing to raise assets schedule a demo here