Often in business, when things start to change, you must either adapt or die.
And it may be that we are on the cusp of a big change in the asset management sector.
This may seem unlikely, as the same big players still dominate the industry – and have got both the budget and capability to ensure the status quo remains unchanged.
But the inexorable rise of digital capability has made passive investing much easier and it is gaining in popularity all the time.
Coupled with that, a new generation of investors is arriving on the scene who expect the same level of instant communication and enhanced customer service that they get from so many of their service providers across other sectors.
Also, trust in financial institutions has been eaten away at in the last decade or so since the financial crisis – people are no longer blindly prepared to accept what a relationship manager may tell them, or to invest money without being very clued up about where they are putting it. And, because of the enormity of data available on the internet, they no longer have to – anyone can do their own homework on where to invest.
So things are changing, as investors are looking for something new – and, as in any other sector, it will be the providers that stand out positively in the eyes of the consumer who will weather the storm and come out on top.
Ultimately, it comes down to trust. And your marketing team has a big role to play in building and maintaining trust.
To achieve this, you must be more focused on what each individual investor wants. Mass communication is no longer good enough – you can’t expect to get away with ‘spray and pray’ emails any more.
So, do your homework – use the power of automated data analytics to discover what you can about each prospect and investor on your list: where do they live? How old are they? What are their existing investments? etc etc. The more you know, the easier it is to send them tailored communications.
You must also dive into engagement history to find out what they have – and haven’t – engaged with previously, as this is incredibly valuable information in terms of guiding future communications.
And be careful with your language – don’t slip into jargon and financial technicalities. Be human and clear, so that everyone can understand what you mean.
In short, you need to adapt your marketing to what your investors and prospects want to hear – not what you want to tell them. This is what will build trust in your company.
Do that and you won’t just survive, you’ll thrive.
If you want to find out how ProFundCom can help you use digital marketing to raise assets schedule a demo here