The Evolution of Marketing Strategies for Asset and Wealth Management
Marketing in the field of Asset and Wealth Management is evolving. The focus on clients is becoming more crucial than ever before.
Traditionally, the primary duties of marketing involved driving communication efforts and supporting Sales teams.
Now, the landscape is changing. The importance of keeping clients at the heart of all operations has risen. This shift is causing marketing roles to transform and adapt to new needs and demands. The future of marketing in this sector promises to be client-centric, dynamic, and innovative.
New Market Pressures
Expectations are shifting for marketing to take a more significant role in client management and spearhead Digital and Client Experience (CX) initiatives.
Adapting to Remote Work
With the rise of remote work, teams must develop new skills to succeed in this evolving work environment. It’s not just about surviving but thriving in these transformed work methods.
Process Redesign and Technology Enhancements
Processes will need re-engineering to fit the new work paradigm. Moreover, the field of marketing technology is experiencing growing demands. The expectation now is for enhanced performance and delivery beyond previous levels.
Without a doubt, marketing within the asset and wealth management sector is entering a new era. This era brings a mix of both hurdles and prospects. It’s a thrilling period as marketing evolves to meet the rising demands and grasp the opportunities that arise.
What’s Fueling Marketing’s Evolution?
Key trends are speeding up the necessity for marketing departments to adopt a more strategic role and enhance client interaction:
1. Adapting to New Client Demands
Managers are reacting to a growing demand for fresh offerings such as ESG (Environmental, Social, and Governance) initiatives. They’re also improving how clients can access and interact with necessary content, data, and information, aiding in awareness and service requirements.
2. Emphasis on Return on Investment
There’s a rising expectation for using data to showcase the value marketing brings. The focus shifts towards optimising the use of often-restricted budgets and resources.
3. Digital Shift
Companies frequently rely on their Marketing Teams to spearhead their digital agendas. They depend on them to develop and utilise data from digital interactions for better client insights.
4. Increased Role in Sales Enablement
With the surge in traffic and activity across digital platforms, marketing’s role in identifying sales opportunities is growing. They are diligently creating engaging journeys and content to convert revenue effectively. Moreover, as companies assess their client grouping into tiers, marketing is stepping up to manage relationships with clients in the lower tier.
5. Impact of COVID-19
Marketing teams are under the spotlight as clients aim to maximise the use of a manager’s digital channels. They’re accessing many services and personnel through remote channels. Consequently, marketers are reevaluating their marketing technologies to ensure a blend of content, events, data, and people are accessible remotely.
Key Questions for Today’s Marketers
As a result of these driving factors, marketers must consider:
- Outlining the Contemporary Marketing Role: What should a contemporary, strategic marketing strategy look like?
- Enhancing the Marketing Organisation: How can I improve my marketing team’s performance?
Let’s discuss the first point: Outlining the Contemporary Marketing Role
A forward-thinking marketing team in the asset management sector leverages digital tools, relies on data, and prioritises clients. The Marketing Progression Ladder outlines five stages.
Marketers usually fluctuate between stage 2, ‘Groundwork Marketing,’ and stage 3, ‘Integrated Marketing.’ Many have their sights set on reaching stage 4, ‘Streamlined Marketing.’ It’s beneficial to determine where your marketing team stands on this progression ladder and pinpoint the areas that require attention.
Marketing Progression Ladder
Our marketing progression ladder shows how firms are building capabilities to drive a set of outcomes shown below.
1. ‘As of when’ Marketing Stage
An unfocused approach to content & campaigns.
- Limited insight
- No clear marketing strategy
- Little structure
2. Groundwork Marketing Stage
Doing basic tasks to promote the company and its offerings.
- Limited use of targeted marketing
- Basic understanding of analytics
- A simple marketing strategy is in place
3. Integrated Marketing Stage
Enhanced brand promotion and campaign engagement across platforms.
- A noticeable move towards client-centric marketing
- Marketing initiatives informed by data analytics
- Unified strategy with performance metrics tracking
4. Streamlined Marketing Stage
Enhanced return on investment and the strategic importance of marketing.
- Completely client-centric marketing initiatives
- Valuable returns from marketing activities
- A proficient and focused marketing team established
- Thorough comprehension of data-driven insights
- The initiation of continuous automation processes
5. Revolutionary Marketing Era
Steering the shift in client interaction and services
- The transformative role of marketing
- Leadership focusing on client-centric approaches
- Utilisation of cutting-edge marketing methods
- Exploring new technologies in marketing
- Substantial ongoing automation practices
- Use of predictive analytics for highly tailored marketing
- Collaborating with external entities to enhance market presence
Let’s discuss the second point: How can I improve my marketing team’s performance?
1. Structuring the Marketing Department
- Establish Vision, Strategy & Purpose
- Develop Capabilities & Organisation Structure
- Streamline Operation & Ways of Working
- Provide CMO Support
Outcome
Fit-for-purpose organisations to deliver on future marketing goals.
2. Establishing Efficient Methods and Strategies
- Formulate Strategy and Planning
- Enhance Sales Enablement & Campaign Management
- Develop Content Strategy & Delivery
- Utilise Marketing & Client Insights
Outcome
Improved acquisition and retention of clients
3. Identify and Implement Marketing Technology
- Assess Marketing Tech & Architecture
- Determine Data Needs
- Conduct Vendor Assessment and onboarding
Outcome
Best practice tech solutions to support the operating model.
4. Concentrating on Client Experience and Understanding
- Prioritise Client-Centric Strategies
- Collect and Analyse Client Feedback
- Enhance Client Journey Mapping
- Implement Changes Based on Insights
Outcome
Improved client satisfaction and loyalty.
Here are five easy steps to start reshaping your marketing:
- Get to know your clients: Learn about your different client groups. Understand their needs and what they expect from you.
- Set your marketing goals: Decide what the Marketing team should do in your company.
- Learn new skills: Find out if your Marketing team needs to gain skills. They often need to know more about customer experience, online marketing, and market research.
- Organise your team: Make a plan for your team that will help you achieve your goals.
- Measure your success: Choose how to track your progress. These measures will show how valuable the Marketing team is.
Marketing teams are becoming more critical. Their job keeps changing. Marketers have to keep up with these changes. They need the right people, a suitable plan, the correct methods, and the proper tools.
How Goldmine Media Can Help
Our services include:
If you’d like more information on how we can assist with your marketing, please contact Goldmine Media. You can reach us by calling 0845 686 0055 or email findoutmore@goldminemedia.co.uk.
