Beyond the Collateral Archives: Client Advocacy
·
October 24, 2007
Can Financial Marketers Really Learn From Nike?
At first glace, the article on page one of today’s The Wall Street Journal entitled “Nike Hires Influencers” seems to hold little for financial marketers. But there are three important object lessons that translate to investment product development. First is the notion of building products for the end user. I don’t think we spend enough time researching and understanding investor needs. Instead, we defer that responsibility to the financial intermediary. Investment management marketing needs to return to a time when the “manufacturer” knew the investor better. Second, with differentiation rated the number one business problem in our most recent study with FRC, I think the idea of injecting more creativity and consumer focus into our product offerings has merit. Whether American Century’s LiveStrong Portfolios ever turn out to be a critical sales success, they do represent a fresh twist on a commodity product. Finally, the idea of identifying “influencers” really resonated with me. When we are segmenting and researching the needs of financial intermediaries, maybe gaining a better understanding of the role that these FAs play in their offices can provide some fresh insights to direct new marketing and product initiatives.
What do you think?
Email This Post
|
continue reading... »
One Comment
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.
