And the last piece in the jigsaw is what you actually use that information for. How does what you show to your sales team translate into actionable insights that help you to raise and retain AuM?
What you provide to your sales reps is data that shows them who is engaging with what and when. And this can reveal four broad categories of people:
The red-hot prospects who are ready for a conversation
Within your database there will be some prospects who are highly engaged and are looking at pretty much everything you send their way, but who nobody at your firm has yet contacted. These are the low hanging fruit that need to be seized upon by your sales teams, as the chances of a successful conversation are high.
The cross-selling chances you didn’t know existed
Existing investors are often the best source of fresh assets, yet they tend to be neglected in the chase for new clients. But data analysis can highlight current clients who are looking at products they don’t currently hold, which – if handled correctly – is a great cross-selling opportunity.
The clients who may be about to leave you
Equally, data analysis can show you the existing investors who have stopped looking at your content – a major warning sign that they may be ready to redeem. When sales knows this, a phone call may be all it takes to keep the client on board and retain their assets within your firm.
The long-lost prospects who are back in the fold
Prospects who are seemingly lost to you – as they simply stopped engaging – can often come back into the fold. A sudden rise in engagement levels suggests they may be ready to invest.
These four groups of people are all well represented in your marketing database – and represent a prime opportunity to either raise, or retain, assets.
And it is actually identifying these people – and giving the information to your sales team in a timely manner – that lies at the root of digital marketing analytics and underlines why it is absolutely intrinsic to your future success.
