Beyond the Collateral Archives: Marketing Challenges
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November 20, 2008
2008 Survey Results: 10%-20% Budget Cuts Expected…But Will Cutbacks Be Deeper?
In late October 2008, SwanDog Strategic Marketing and FRC refielded elements of last year’s ground-breaking marketing research “Beyond the Collateral.”
Losses in revenue to the investment industry alone will run well into the billions of dollars. One of our goals with the survey was to learn how much of those losses Marketing is planning to absorb. Via the survey, two-thirds of marketing executives told us that they expect 10%-20% 2009 budget cuts while one-third expect cuts to exceed 20%.
As deep as even 10%-20% cuts can feel, we suspect that many chief marketing officers (CMOs) are underestimating the crisis’ impact.
The survey also asked marketers how priorities were being reset in the current environment and how they were aligning with business goals.
Please complete the form below to access Dave Swanson’s 10-minute video presentation with more about the survey findings.
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October 31, 2008
Customer Data, Client Advocacy Functions Generally Reside Outside Marketing
Functions designed to best understand the customer, namely customer data and client advocacy, are typically located outside Marketing, according to the 2007 Beyond The Collateral research. The study found this to be the case in all firms, regardless of firm size.
If not Marketing, who is responsible? The majority of respondents from the largest ($50B+ AUM) firms reported that CRM and client advocacy functions reside in the sales department. Feel free to comment below–and watch for next Friday’s release of more exhibits from the 2007 study.
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October 20, 2008
SwanDog Publishes The World Has Changed (Part 1)
SwanDog Strategic Marketing today published “The World Has Changed (Part 1),” a 12-page whitepaper available to be downloaded from www.swandog.com. It includes recommendations on how mutual fund companies, other investment managers and broker-dealers can reposition themselves.
In the whitepaper, Dave Swanson, SwanDog’s founder and managing principal, is critical of investment management Web site updates and encourages marketers to commit to more timely communicating by adopting a “newsroom mentality.” Investment companies that have deferred investor communications to financial advisors need to use frequency, education and transparency to re-open the dialogue, we believe. Marketing communications, including imagery, need to be reworked to represent the empathy that today’s markets call for. Other recommendations relate to redefining the brand of the financial advisor and the prospects for large and small asset management brands.
The investment management industry is the business we come from and we now serve. Some of what we’re recommending is counterintuitive to legacy marketing, but we believe in marketing organizations’ ability to step it up and lead their firms’ efforts in bolstering investor confidence. There is unprecedented opportunity for those who do.
To download a copy of “The World Has Changed (Part 1),” go to www.swandog.com. The whitepaper is the first in a series of reports.
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January 23, 2008
Does Active Management Matter Anymore?
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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?
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October 15, 2007
We Want Your Input
We believe marketing can, and will, make a larger strategic impact in the financial service industry. However, that role will not be automatically handed over to us. We must take the initiative and pickup the reins of leadership. To that end, by sharing ideas and thoughts we can all benefit from each other’s knowledge and experience. So, join the discussion and share your opinions.
In your opinion, what are the key marketing challenges facing the financial service industry today? And, how do you think we can overcome them?
