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Whether due to the increasing reliance on technology, the desire to reduce marketing costs, better segmentation or a combination of all of these, it’s clear that asset managers are streamlining their advisor marketing efforts. Continuing a trend we observed last year, the number of advisor marketing touches across all financial services providers has declined. In a recent study of over 1,200 financial advisors, advisors indicate that they receive an average of 95.7 marketing touches from financial providers each month, down from 100.9 in 2017 and 110.1 in 2016.
This decrease in touches is an overall trend rather than the scaling back of one specific medium. With the exception of social media outreach and road show invites, advisors report a continued decrease in the number of touches from email, webinars, internal and external wholesalers and print mailings. Given these facts, with fewer opportunities to reach advisors, it’s imperative for providers to maximize the impact of each touch.
When advisors are asked to name the most effective method for providers to communicate with them, half (51%) state a preference for email. Email also tops the list as the medium generating the most monthly touches, meaning that providers are already leveraging stated advisor preferences. Just matching stated preferences, however, isn’t enough.
To uncover the true impact of each type of marketing touch, we compared advisor brand consideration for those exposed and not exposed to a variety of touches and calculated the lift in consideration generated from each type of touch. The human touch stemming from internal and external wholesaler interactions provides the biggest lift to consideration. Yet surprisingly, mobile apps now yield the third biggest lift to consideration, edging out websites, which fall to the fourth position this year.
It’s clear that digital touches are not only preferred by advisors but are also providing a lift to brand consideration. At a far lower cost per touch than one-on-one wholesaler interactions, providers will benefit from developing effective and engaging mobile apps and websites. Crafting a cohesive digital marketing mix is becoming more important as advisors look for ways to quickly and easily get access to client information and thought leadership on the go. In an upcoming post based on data from our new Cutting Through the Digital Marketing Clutter™ report, I’ll share what providers can do to ensure their mobile apps and websites are engaging advisors and providing this consideration boost—stay tuned!
For more on how to build successful marketing campaigns for advisors, review an overview of our Advisor Touchpoints™ report.