Building Effective Apps and Websites for Advisors

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Digital tools like apps and websites are increasingly important for asset managers to incorporate and enhance within their overall advisor marketing and engagement efforts. In fact, recent quantitative data gathered by Cogent Reports have found that mobile apps generate a 47% lift in advisor consideration, with websites trailing closely at 46%. While our quant data looked at the impact of mobile apps and websites, we used qualitative techniques to uncover what providers can do to ensure their mobile apps and websites are engaging advisors and providing a consideration boost.

Digital technology is interwoven across all types of advisory tasks from client relationship management, communication, investment research and news consumption to portfolio construction, risk management and asset allocation. Advisors are seeking new technologies to streamline processes and make the dissemination of information easier. So what do advisors want when they’re using these digital tools?

Mobile Apps

While investment news and financial apps are surging in popularity among advisors and are primarily valued for news notifications, asset manager apps are gaining traction for different purposes. Advisors consider these apps valuable for staying on top of product information and accessing client information on the fly. Continue reading

DC Plan Advisors Are Leveling Up

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The defined contribution (DC) plan market is increasingly dynamic with a variety of industry forces and innovations at play, and so, too, is the makeup of the DC advisor population. Findings from our newly released Retirement Plan Advisor Trends™ report reveal important changes in the profile of financial advisors who are active in the DC space, affecting the business relationships these advisors have with plan providers and investment managers.

On the surface, the DC advisor population looks stable, with two-thirds of financial advisors (65%) continuing to oversee DC plan assets. However, DC “dabblers” appear to be backing away from the complexities of servicing the DC market. Today more than nine in ten (93%) Emerging DC advisors—those managing less than $10M in DC assets—report less than one-quarter of their total AUM is comprised of DC business: a significantly greater proportion than in 2016 (88%) and 2017 (86%). Continue reading

Three Things Utilities Can Do to Delight Their Customers

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Three Things Utilities Can Do to Delight Their CustomersThis article is not about building the fundamentals for strong customer engagement: operational excellence, a strong brand and value-added product offerings. Instead, it’s about the moments that catch customers off guard—in a good way—and how utilities can intentionally create those moments in their customer interactions. These moments help support a solid customer experience strategy, and more importantly, help create advocates, as customers share with friends and family, “you won’t believe what my utility company did!”

1. Invite new customers into a relationship

My colleague Chris Oberle, senior vice president of the Energy Research and Consulting group at Market Strategies International, has written about the missed opportunity for customer onboarding. Two years later, only 8% of customers new to their utility recall receiving any sort of welcome or onboarding material. Continue reading

Making VR a Market Research Reality

Virtual Reality Is More Than Fun and GamesMaking VR a Market Research Reality

Over the past four years, a flurry of product introductions has created significant buzz around the area of virtual reality (VR), and much of the hype is well deserved. Users confirm that VR offers an incredibly immersive experience. In practical terms, this means that VR users feel swept away from their actual, physical environment and transported into an entirely separate virtual environment that fully engages their senses of sight and sound. Fighting off robots in the land of Robo Recall when one is actually standing in one’s living room is both thrilling, fun and magical. However, academic research indicates that the benefits of virtual reality go far beyond offering a novel experience for gamers. Continue reading

Will Uber Health and Lyft Concierge Change Healthcare?

Will Uber Health and Lyft Concierge Change Healthcare?This year Uber and Lyft formally entered the healthcare market to offer rideshare services to nonemergency patients for transportation to scheduled doctor appointments. Patient no-shows are a prevalent problem in the US, with an estimated 3.6 million Americans reportedly missing their scheduled doctor appointments due to transportation issues each year. Rideshare services may particularly benefit older Americans, Medicaid patients and those with chronic diseases to help keep appointments and get care. Uber and Lyft have identified a wide-open opportunity that could significantly improve their business and simultaneously reduce healthcare costs and improve quality care. Continue reading

Mobile Apps Boost Advisor Consideration

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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. Continue reading

Going Beyond Target Consumers to Drive Your Innovation Journey

Editor’s Note: If you’re attending the 2018 Corporate Researchers Conference, please join Gwen Ishmael and Paul Ponsford of Delta Faucet Company for “#TomBradyFail—An Innovation Lesson from the New England Patriots” on Wednesday, October 10. Their talk will dive deep into this blog topic of how different consumer types can support (or inhibit) innovation. Contact us for a registration discount code.

As  noted in Forging a Clear PATH to Corporate Innovation, it is critical to involve the right types of consumers at the right points along the Innovation Journey. Instead of simply focusing on your Target Consumer, it is important to recognize how other types of consumers—Lead Users, Creatives, Early Adopters and Brand Advocates—can contribute to and strengthen the innovation process.

These different consumer research groups form naturally around shared traits and preferences, the exact kind of commonalities that can spell gold for marketers—and market researchers. But the keys to tapping into their potential lie in understanding and identifying members of each group and knowing when exactly in the Innovation Journey they can contribute most.

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Nike Takes a Knee

Is Nike’s advertising deal with Colin Kaepernick a genius move or a PR disaster? 

Nike recently marked the 30th anniversary of its iconic “Just Do It” campaign by launching new ads featuring NFL player Colin Kaepernick, a move that instantly raised controversy online. Numerous notable sportspeople, such as LeBron James and Serena Williams, joined hundreds of thousands in supporting the advertising and Kaepernick’s broader cause. However, those opposed to Kaepernick and the practice of kneeling during the national anthem at football games reacted strongly as well, with many calling for a boycott of Nike, and some even taking to destroying their Nike gear.

While there is certainly much to debate regarding Kaepernick and his cause, and probably less so regarding the questionable logic of destroying merchandise that Nike has already collected revenue on, this article is not about that. As somebody who oversees millions of dollars of brand market research every year, my curiosity was piqued: Would this prove to be a genius move or PR disaster for the brand strategists at Nike? And so to answer this burning question, the consumer & retail research division of Market Strategies International went into field to survey public opinion.

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Measuring Sponsorship Value in a Changing Digital Landscape

It’s been three-plus years since I wrote an article on measuring the value of sponsorships, and to this day I still get regular emails and calls about it. Years ago I worked for a large, global CPG company that plowed tens of millions of dollars into high-profile sports sponsorships. While there, I developed a unique interest in the often-ignored measurement of ROI from these sponsorships. Whether it’s due to a lack of research funding because all available dollars were funneled into the campaign, or to potentially protect a pet project of an executive, the area of sponsorships is still often overlooked when organizations measure the effectiveness of their marketing efforts.

The waters of sports sponsorship value are getting even muddier thanks to the changing digital landscape and the ways consumers are choosing, or not choosing, to view media. In 2018, one of the questions our clients most often ask is, “What is the future of sports sponsorships and where should we be spending our money over the next five to ten years?” Telecom providers, some of the largest sports sponsors, are particularly aware that the world is shifting from traditional television to web- and app-based media offerings. What does this shift mean as they look to position their brands in front of fans?

To get a better understanding of the value of sports sponsorship, the telecom research division of Market Strategies conducted an omnibus study of 2,000 consumers in the US. The study explored awareness of digital and stadium sports sponsorships and the impact they have on brand. Continue reading

The Rise of Model Portfolios—A Blessing or a Curse for Asset Managers?

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The vast majority of advisors rely on model portfolios to meet the needs of their investment clients, further distancing the underlying asset managers from the financial professionals using their products. Many firms are struggling to adapt to changing distribution models that include serving advisors directly as well as through model portfolios provided by the home office or third-party providers.

Nearly half of advisors (47%) say they use models they build themselves. That said, many of these same advisors are starting from templates developed by leading asset managers. Three in ten (29%) use models provided by the home office, while 18% use models offered by third-party providers.

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