Everyone loves talking about data at the moment. ‘What does the data tell us is often the call when making decisions or trying to improve performance.
But for this approach to be effective, you need to have data that is relevant to what you want to achieve.
That means you must look at your business objectives and align them with your digital activities. If your principal business objective is to grow AuM, for example, then you obviously need marketing activity that concentrates on bringing new clients into the fold and retaining existing ones. And you must be able to measure the data that comes from these campaigns.
But you need to have a measurement in place that analyses the data throughout the process, in real-time, rather than just the outcomes at the end. By then, if it hasn’t worked, it’s too late to change things. But if you have a measurement in place that, for example, is tracking open and engagement rates on a multi-piece email campaign, then you can act at any point to stop things that aren’t working and double down on what is.
Sadly, measurement is often ignored as marketing teams make the mistake of focusing solely on content creation. When that’s over, it’s a case of ‘Phew – let’s get it out there and forget about it’. But that is a costly attitude. It’s akin to a football manager setting out team tactics at the start of the season and then going on holiday for the rest of the campaign and hoping for the best.
As I’ve said, quality content is the bedrock of your fund marketing. But it’s a shame that so much time and effort is often poured into the creative side of marketing – both in teaching and implementation – at the expense of the analysis side of things.
This isn’t just the fault of marketing teams, as they often lack the resources to measure campaigns effectively, even if they wanted to and had the ability. That’s because many firms still see marketing as a supporting department, rather than a core business function at the top table of essential services – along with sales, risk control etc.
The fact is that content creation sets the ball rolling – but it is the analysis of the resultant data that will ensure your marketing strategy increases AuM.
Automate your data analysis
Thankfully, technology can provide a way to monitor campaigns effectively with minimal human intervention. It can be much less labour-intensive than content creation – as it can be automated.
A platform such as ProFundCom, for example, analyses data to show you which themes and channels are working best, which particular funds are getting most interest, and also how this relates to geography (what works well in the EU, for example, may be different to what works in the US).
This sort of data is absolutely vital in terms of raising and retaining assets, as it shows what’s working and what isn’t in real time.
Picture of ProFundCom dashboard
ProFundCom also unearths individual stats related to specific prospects and clients, which can be used by your sales team to guide and inform conversations. These are:
- Prospects who are highly engaged with your content and look at pretty much everything you send them – but haven’t yet spoken to sales. These people are likely to be ready to invest and should be an immediate target for a call.
- Prospects who previously stopped looking at your content – but have now started again. They may have gone elsewhere, but are now looking at your firm again and could be ready to invest.
- Existing investors who have started engaging with content related to products they don’t currently hold, which points to a cross-selling opportunity.
- Your current investors who have suddenly stopped looking at and engaging with your content. This is a red flag for a potential redemption, so a call from sales is needed.
But this information shouldn’t be hidden away in a dusty corner of your CRM – it needs to be readily available to sales in a user-friendly format.
With ProFundCom this takes the form of a lead deck, which gathers information from across the CRM to show key data about a prospect or client on one screen – without the need to jump between various spreadsheets and tools. This provides a crucial advantage before and during a sales call, as it gives a rep all necessary information, which enables them to show the investor they understand their problems and interests.
If you want to find out how ProFundCom can help you use digital marketing to raise assets schedule a demo here