Marketers play a critical role in asset management, especially in today’s highly competitive landscape. Asset management firms compete for market share, and effective marketing can be the difference between success and failure. In addition, the asset management industry has a low trust rate among the general public, and marketers can help build trust and credibility for their firms.
Marketers are responsible for developing strategies to differentiate their firms from competitors and communicate their value proposition effectively. They must also understand the needs and preferences of clients and prospects and develop targeted messaging and content that resonates with them. By building a strong brand, reputation, and client relationships, marketers can help their firms succeed in a competitive and low-trust environment.
Typical investment marketing tool kit:
There are two main types of media that asset management firms can use to reach their target audiences: owned and paid. Owned media includes channels that the firm owns and controls, such as its website, blog, social media profiles, and email list. Paid media, on the other hand, involves paying to access channels that the firm does not own, such as display ads, search engine marketing, and sponsorships.
Both types of media can be effective in reaching and engaging with target audiences, but they each have their strengths and weaknesses. Owned media is often more cost-effective and can be used to build long-term relationships with clients and prospects. Paid media can be more effective in generating quick, targeted results, but can also be more expensive and less sustainable.
Marketing in Practice:
The Customer Journey
The customer journey is the process that clients and prospects go through as they move from awareness of a firm to becoming a client. It typically involves several stages, including awareness, consideration, conversion and loyalty. Marketers can use the customer journey framework to identify key touchpoints for their marketing efforts and develop strategies to move prospects through the journey more effectively.
For example, in the awareness stage, marketers might use owned media channels like social media and blogging to generate interest and educate prospects about the firm’s value proposition. In the consideration stage, paid media channels like search engine marketing and display ads might be used to drive targeted traffic to the firm’s website and encourage prospects to engage with content or sign up for a newsletter. In the conversion stage, email marketing and personal outreach might be used to close the deal and convert prospects into clients.