Asset management firms are all at risk of the strategic decay that occurs when a previously successful strategy starts to fail.
The pandemic has led to changes, both in society and the business landscape, that are here to stay. And those that fail to adapt will start to fall behind.
So, how do you both avoid this and stand out in the asset management sector? Especially when you’re a smaller firm?
In this article, I’m going to examine five different ways that you can use digital marketing to strengthen your business and avoid strategic decay.
Accept The Digital Transformation
The first step is to accept that digital has taken over.
Even before Covid-19, the new breed of investors were largely operating online. But the pandemic has sent this process into overdrive.
You now connect with investors in multiple different ways – all digital – and across multiple different channels. A prospect may, for example, see a social media post that leads them to a thought leadership article, which inspires them to visit your website and sign up for your email list. Then you have the opportunity to deliver quality content to their inbox, which persuades them to invest with you.
So, to connect with this new breed of investors you need quality digital content, which you constantly analyse to identify what works and what doesn’t.
You must also look at metrics from within your CRM, such as who has suddenly started engaging with your content (thus may be interested in investing), existing clients who are suddenly looking at new products (thus representing a cross-selling opportunity), and clients who have stopped engaging (so may be ready to redeem). This type of analysis gives you vital information to pass onto sales.
The range of people you recruit to your marketing team must be expanded to include people like data scientists, who explore and analyse data, make predictions and find structure.
Recruits like this will build on the skills of the rest of your marketing team, not replace them, so you must still employ those with a more traditional marketing background.
But, whoever you’re employing, don’t make the mistake of thinking that all new recruits need an in-depth knowledge of the asset management sector. That may be useful, but it’s not always a pre-requisite and a reliance on sector experience severely limits your recruitment pool. Having different people from different professional backgrounds in your team means you benefit from fresh perspectives and don’t become too inward-looking.
Bring Your Sales And Marketing Teams Together
Although they have so much in common, sales and marketing often work independently. Marketing collects leads, gives them to sales – then forgets about them. Sales work on the leads but never provide feedback on lead quality and what could be improved.
If that sounds familiar to you, then you must do something about it.
This can start with daily meetings to align aims and compare notes. Then encourage open dialogue and share new initiatives across both departments, so that you get away from the ‘us and them’ scenario.
Do this and you can quickly transform two bickering departments into a cross-functional, asset-raising powerhouse.
Be More Netflix
Netflix, Uber, Airbnb, Amazon et al all thrive on taking the hassle away.
You can do the same. By making life easier for prospective and current clients, you encourage them to invest with you.
These days, you need an interactive website that helps your prospects and investors quickly find information about a certain fund or product through a user-friendly interface, as well as thought leadership content that shows your expertise.
The fact is that people are increasingly used to these fast, integrated sites. The Amazon site is like this and is one reason why that company is so successful, as it makes life easier.
Take ESG Seriously
ESG is more important than ever, as people now expect asset managers to have a vision that goes beyond simply making money and also concentrates on driving positive social and environmental change.
This is particularly important for small firms, as this is one area where you can steal a march on the big boys. People don’t trust big corporations, so tend to view their ESG efforts as insincere.
You should treat ESG as something to be proud of – not merely a box-ticking exercise. And every single person in your company should be across what you’re doing with ESG and why. This will shine through to potential investors.
If you want to find out how ProFundCom can help you use digital marketing to raise assets schedule a demo here