Re-evaluating your asset management firm’s marketing strategy
Many asset management firms today, particularly those that have undergone periods of fast growth or change, are finding that their marketing efforts lack context and a common message. Friction may be apparent between sales, marketing and portfolio management teams, or the brand may not be recognizable to clients and prospects. Sometimes, it’s necessary to take a step back and evaluate strategy before you can move forward.
Following are a few common scenarios, and signs that your firm may need to revisit its strategy to enhance communication and add messaging and context to your marketing efforts:
Your firm has grown quickly, and/or is operating at such a frantic pace that marketing efforts have become reactive rather than strategic. When firms are growing and moving quickly, marketing strategy often takes a second seat to what seemingly needs to be done immediately. Yet over time, multiple reactive efforts can result in a disjointed message. While strategy may sometimes seem like a luxury that requires more time than your team has, failing to plan strategically may counteract your team’s productivity.
Your products and/or services serve multiple channels, yet your materials are written with the same voice and message. For example, if your firm serves both institutional and private client business, but the messages and voice of your materials aren’t differentiated to serve each channel, you may lose one of those audiences. Each channel has distinct needs and concerns, and often a different level of understanding of your services and the market in general.
Your marketing and sales teams are at odds. The common disconnect between marketing and sales or portfolio management teams is an age-old, common problem. Clearly communicating your strategy and objectives throughout various departments can help put everyone on the same page. Consolidating the voice of your firm will strengthen your brand, and your sales efforts.
Your materials and sales teams are effective, yet they don’t work together, sometimes even contradicting each other. Even the most diligent marketing groups often find themselves with a multitude of materials and themes that lack context. It’s imperative that your marketing team asks the right questions of your sales team, and listens carefully to the answers so they can develop materials that serve their purpose.
Your marketing department has repeatedly changed hands, leaving your firm with multiple different messages and themed materials that don’t work together. If rotating marketing or sales staff has resulted in many different campaigns that lack continuity, you may be left with a branding problem. Ideally, the look, feel and messages of your materials should become a recognizable brand to your clients and prospects, a brand that remains consistent over time. If this is your firm’s situation, you may be due for some consolidation of themes and materials.
While re-aligning your marketing efforts will require time and investment, the payoff can be invaluable. If your firm fits any of the above descriptions, you may want to take a step back to focus on your marketing strategy.
Conduct an audit of all your materials, present and past. Evaluate what has resonated with clients, what has worked and what hasn’t. Even older materials that no longer seem relevant may offer valuable insight into your organizational history and subsequently lend direction to future marketing efforts.
Develop your firm’s brand messaging. What are your strengths and how do you differentiate your firm in the marketplace? What are your goals? What are your points of weakness and how do you address them? What problem do you solve and who do you serve? Who are your clients? Will your messages withstand different market environments? These types of questions will help you to determine your brand messages, which ideally should be central to your marketing efforts. Listening to different perspectives from different parts of your organization, particularly your sales team and others in front-line positions, can add valuable insight to strengthen your message. Marketing departments that operate in a sieve can do a disservice to their firms.
Communicate your messaging to the entire firm. Brand messaging that isn’t used throughout the entire firm serves little purpose. Communicating the firm’s goals, messages and strategy helps the entire firm get and stay on the same page.
Evaluate firm goals. Marketing efforts need to support your firm’s goals and priorities for growth among investment products and channels.
Plan strategically. Your plan serves as a road map for the delivery of your messages and may include web development and content, sales materials, presentations, events, public relations, advertising, etc. Sales teams and others on the front lines need to be informed of activities and trained on use of all materials so delivery and execution is not only strong, but consistent throughout your entire firm.
If you find yourself in any of these situations, we’d love to help you change or build your strategy for asset growth.