Do you know the old saying about rearranging the deckchairs on the Titanic? It’s shorthand for futile actions in the face of impending disaster.
And this is exactly what so many financial marketing teams are currently doing – but instead of moving deckchairs around, they are pointlessly concentrating on fool’s gold such as boosting website hits, accumulating social media followers and increasing click rates.
And they do this while being completely unaware of four icebergs looming ahead in the fog –
- Constricted Budgets.
Yet these icebergs could cause untold damage. For example, sending out social media posts and emails that ignore GDPR and FCA rules can lead to huge fines. Also, the multiple channels now available make it vital to have a coordinated and organised strategy, while budgetary cuts are chipping away at resources.
And this means financial marketing departments are under threat as never before.
Think I’m being over-dramatic? Then consider this:
When the 2008 crisis struck it was marketing departments the world over that first got the chop. The feeling was that the sales teams were the stars and the marketers were the expendable minions behind the scenes expendable like biscuits at meetings and first-class travel.
And it seems to me that marketers are in the firing line once again – but there is a way to get out of it: Start concentrating on the only thing that really matters – raising and preserving assets under management.
To do this successfully you must concentrate on using digital channels to push leads to your sales teams, and informing your investor relationship team about investor behaviour. But to do this you must first be sending out information that investors and potential investors want to engage with. Secondly, and most importantly, you must analyse results – who’s looking at what? That gives you valuable clues about when people are ready to invest and what they want to invest in.
Do this and your marketing will be doing what it needs to do – bring in money. And that makes you indispensable.
Fail to do this and your gone – and you’ll deserve to go.
You have been warned…