No, they’re not.
A comprehensive marketing strategy in our current environment is incomplete without a digital component.
Digital marketing, including social media, has been a crucial component for client engagement in the mutual fund industry for several years now.
The value of digital
It is important to not only understand the value of digital, but also to be actively engaged in it. Digital interfaces have changed the way people interact with one another and allow them to share product reviews and information, and network more quickly than ever before.
Knowledge is power
There is an incredible amount of information available with the click of button. People can engage in interactions armed with more information and knowledge than ever before.
Popular brands like Amazon, Uber and AirBnB, provide users with multiple entry points into their sales process, and—more importantly—allow them to own the sales experience.
Shoppers on Amazon can read the reviews of hundreds of previous purchasers before pulling the trigger, while Uber riders are able to personalize their taxi experience by selecting the type of car service they want and leaving reviews for drivers. It is now a rare product that comes without the opportunity for users to interact with and shape their experience.
What does this mean for asset management firms?
If you haven’t already adapted to these changes – now is the time. Your firm will be missing out on valuable opportunities. One of the key benefits of having a digital strategy is easier access and stronger customer relationships. Firms that invest in new technologies and embrace these changes will be better positioned to benefit from the ever evolving digital age.
This goes beyond having profiles on LinkedIn, Facebook, Twitter, or Reddit. True digital integration comes from creating customer-centric products like apps, websites, and tutorials that serve clients’ needs as well as allowing them the opportunity to interact with your firm.
Making digital marketing work
Rather than a single, linear mode of communicating with advisors such as pushing out a commentary, consumers now demand a variety of resources at their fingertips, and often would prefer to keep face-to-face interaction to a minimum. Embracing digital marketing and finding ways to make it work for your firm will enable your company to get ahead of customer expectations and create new products and services as investors need them.