September 20, 2007
Financial Services Study Envisions a Comprehensive Role for Marketing
Asset management firms focus on the production of marketing collateral and a limited number of other functions to their detriment. That’s the conclusion of the 2007 Beyond The Collateral: Unlocking Marketing’s Potential for Strategic Advantage study co-authored by SwanDog Strategic Marketing and Financial Research Corporation (FRC).
The overwhelming majority of CEOs, senior executives and heads of distribution say they expect Marketing to have a greater impact on their businesses in the next five years. (Not surprisingly, marketing heads concur!)
Yet, the study suggests that firm management is underutilizing the potential of their marketing organizations, often viewing Marketing as just a supplement to the sales effort.
“This is not meant to be a direct indictment of Marketing,” write Dave Swanson, Founder & Managing Principal of SwanDog Strategic Marketing, and Mike Evans, President of FRC. “There is plenty of evidence that suggests, for the most part, Marketing has always done what they have been asked to do, an what they have been structurally designed to do, which is to primarily create and distribute marketing materials. Traditionally, Marketing has not been asked or expected to take a strategic role within their firms. This is evident in Marketing’s typical structure, responsibilities and funding.”
Our goal, with the study and in discussion continuing on the Beyond the Collateral.com Web site, is to engage the industry—senior management, distribution heads, marketing chieftains and their teams in the pursuit of what we’re calling Comprehensive Marketing. This is in contrast to the one-sided marketing that the study documents as the status quo in the industry today.
Source: SwanDog Strategic Marketing, FRC
In our view, “Comprehensive Marketing” capable of delivering on the business’ leadership expectations includes:
- A Chief Marketing Officer, an active leader and participant in the strategic process
- A Knowledge Center capability charged with 1) driving client understanding based on analysis of advisor and client behavior, 2)providing competitive and industry analysis that yields strategic direction for both firm and sales actions and 3)lending purpose and accountability through the creation and maintenance of metrics, to all marketing efforts.
- A Client Advocacy/customer segment orientation, for the purposes of guiding the firm in meeting customer needs.
- Product functions of development, research, and management integrated into Marketing.
- Brand Management & Value-Added Programs managed to carry the brand and challenge the brand to more tightly support the advisor’s business.
- An Emerging Media capability with a mandate to look big, reduce costs, and increase client learning while integrating with print communications.
- Marketing Communications, the producer of the legacy collateral but with added functional expertise, particularly in the area of direct marketing and new media.
