This is the second in a series of posts about the key issues that will drive digital fund marketing over the next ten years.
In this post I’m looking at another absolute fundamental when it comes fund marketing – trust.
When you look at polls of who the people trust least, you normally find that those in the marketing sector come pretty far down the list – normally hovering somewhere between politicians and used car salesmen. And at about the same level is anyone connected with finance.
Which is bad news, because – as a fund marketer – you are faced with a double-whammy of inherent distrust. People are almost programmed to distrust anything they see as marketing material. And, on top of that, they have little trust in the sector you are trying to market, which is seen as faceless, profit-driven and greedy. And this is a view that has rapidly intensified and spread since 2008.
So, it’s easy to see why trust is such a massive issue when it comes to fund marketing. Basically, you have a lot of work to do.
But this lack of trust also presents an opportunity to the savvy marketer. If you are able to build and maintain trust, then you will reap considerable rewards.
How do you do that?
First, try and be more human. Financial companies are often faceless, which tends to suit fund and investment managers, as they like to be anonymous. But this in itself breeds mistrust, as it feeds into the media frenzy of anonymous fat cats making obscene amounts of money. So, introduce some actual people into your marketing. These should be people within your firm who can give a human, warm face to your organisation and that potential investors can trust. Telling people about the social causes you support will also go a long way in presenting your firm in a more human way.
Second, be truthful. Trust is based on truth – so if you’re perceived to be lying, or at least not upfront with the truth, then you won’t be trusted. If you’re genuine and admit mistakes when they happen, then it will be repaid in terms of growing trust.
Lastly, think about why you actually do what you do. Simon Sinek has famously made the point that people are far more likely to trust and buy from firms when they can see the ‘why’ behind the product – whatever it may be. And it is a good point – particularly with something as important as money. People want to know why you exist, so you should try and communicate that through your marketing. Even if that is just about making money, then being honest about this will breed trust.
In summary, it is the firms who can not only overcome mistrust, but actually build it, that will succeed over the next ten years.
If you want to find out how ProFundCom can help you use digital marketing to raise assets schedule a demo here