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The age-old challenge of standing out among the marketing clutter continues to plague marketers despite a growing and evolving set of tools and data. The need to customize content is critical as advisors remain overwhelmed with both traditional and new modes of communication. How should asset managers be utilizing new marketing tools and technologies to create effective communication strategies? That’s the complex question we’re trying to answer.
Advisors continue to receive a high volume of touches (100+/month) from financial services providers. In recent years, frequency was king, but that has changed. Advisors are inundated with information from all angles: email, print mail, social media, videos and apps. Processing this much information is overwhelming, which makes individual marketing campaigns much harder to stand out. If you want advisors to take note of your company, your marketing plan needs to be well above average.
Digital Emerges as Top Tool
Digital marketing tools such as mobile apps, websites and webinars generate the greatest lift in brand consideration. In 2015, advisors exposed to these touches from leading asset managers have brand consideration levels that are at least 36 percentage points higher than those reported by advisors who did not have such exposure.
Taking mobile apps, for example, more than three-quarters (76%) of advisors exposed to asset managers’ proprietary mobile apps indicated they are likely to increase business with the firm, compared with only 34% of advisors who were not exposed (a 42-percentage-point lift). However, not one provider achieved penetration levels in excess of 5% with their mobile app offerings in Q1 of 2015. Asset managers appear to be missing the mark on capitalizing on digital touchpoints—a very powerful way to engage advisors.
Segmentation Gets Tactical
It’s increasingly important for firms to understand who they are reaching out to and how their targets want to receive and use information. Tailoring marketing content to the unique preferences of advisors is vital and maintaining a fresh perspective on advisors’ evolving attitudes is fundamental to that effort.
Using a combination of qualitative, quantitative and predictive modeling, Cogent has developed a tactical segmentation model that robustly—yet singularly—segments advisors based upon their communication preferences to maximize reach and impact of materials. This model offers providers the ability to go beyond the traditional advisor channel and AUM demographics to target advisors based on their unique preferences.
Two years ago, Cogent Reports—joined by a team of a dozen asset managers—explored best-in-class approaches for reaching advisors. Given the rapid evolution of these digital tools, emerging sophisticated segmentation techniques and client demand, we’re happy to announce we will be refreshing and updating the insights from one of our most popular initiatives ever, Cutting Through the Marketing Clutter™. Focusing on advisor communication preferences, content relevance, personalization strategies and brand differentiation, this qualitative report will get to the heart of what advisors want and need in the marketing outreach they receive from asset managers.
Join us on our journey to identify best-in-class approaches for capturing advisors’ attention and assets. Early subscribers have the opportunity to help define areas of inquiry, observe focus groups and attend a debriefing session for preliminary findings.