Digital Client Engagement in Asset & Wealth Management
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The document discusses the challenge of lack of digital innovation in asset and wealth management marketing. It outlines a roadmap for companies to address this challenge, including developing a strategy through customer journey mapping and understanding technology tools. The roadmap also includes UI/UX design with a customer focus, content management across channels, marketing automation through segmentation and engagement, optimizing search engine performance, and embracing growth and change management. The overall message is that a holistic approach across all customer touchpoints is needed for digital innovation in this industry.
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Digital Client Engagement in Asset & Wealth Management
- 1. 0 edynamic, Thursday, May 12, 2016 Digital Client Engagement in Asset & Wealth Management Companies
- 2. 1 edynamic, Thursday, May 12, 2016 Discussion Points today • The Challenge • What is required to confront this challenge ? • How shouldAM/WM marketers approach digital? • Examples
- 3. 2 edynamic, Thursday, May 12, 2016 2 Post Financial Crisis (2008)
- 4. 3 TheRosyPicture Source: PwC report- Asset Management 2020
- 5. 4 “Indeed, even with the recovery since the crisis, asset managers are uneasy” (source:OliverWyman) “Revenues in 2013 were only 2% higher than that of 2007, while their costs were 6% higher for the same period.” (source:BCGglobalassetmanagementbenchmarking study) The Flip Side
- 6. 5 Reasons for “The Flip Side” • Regulatory changes “50%increaseindustry-wideinrisk,legalandcompliancecosts between2007and2014” (source:McKinsey) • Shift in investor preference “Oncebitten,twiceshy” • Non-traditional competition Robo-advisors,Alternatives “By2020,alternativescouldcomprise15%ofglobalindustryassets, andproduceupto40%ofindustryrevenues” (source:McKinsey)
- 7. 6 OpinionPoll: HowsatisfiedareyouwithyourMarketing&Salesinnovations ? 1. ExtremelyHappy 2. Happy 3. JustSatisfied 4. NotSatisfied
- 8. 7 “40%ofthetopassetmanagersarenotactivelyinvolvedinsocial mediaandonly15%ofassetmanagersactiveonsocialmediaare interactive;andmorethanaquarterofassetmanagersarenotsure whethertheuseofmobiletechnologyfordistributionor communicationwouldplayacriticalrole” (source:PwC) The Challenge Lack of Innovation within Marketing & Sales
- 9. 8 edynamic, Thursday, May 12, 2016 8 What to do ?
- 10. 9 Innovation across Customer touch-points
- 11. 10 Customer Loyalty Management “Aloyal, affluentcustomer isworthnearlythreeanda halftimesmorethanan averageone” Source:Bain
- 12. 11 edynamic, Thursday, May 12, 2016 11 How ?
- 13. 12 edynamic, Thursday, May 12, 2016 The Roadmap Strategy & Planning UI, UX Design Content Management Marketing Automation Manage Search Engine Growth & Change Management
- 14. 13 1. Strategy & Planning Timespentinstrategyandplanning isawell-deserved investment.Anycornercuttingatthisstagemayprove disastrous QuestionsrelatedtoBusinessobjectives KPIs,Timelines,negativeimpact,alignmentwithvision,costbenefitanalysisetc. Questionsrelatedtofunctionality Customerjourneymapping,Channelsetc. Questionsrelatedtotechnology Tools,vendors,currentstate,integrationsetc. Questionsrelatedtopeople&process Internalowners,skiills,in-housevsexternalsupport,governanceetc. AsklotofQuestions–startwithbusinessobjectives &thengofortechnology.
- 15. 14 2. UI, UX Design Onlydifference betweengoodandbaddesignisUser acceptance Customerfocus Conversionfocus Multi-channel(Responsive) Quickglanceversion Donotoverdo Speed Simple Testing(A/B) KeyPointstotakecare:
- 16. 15 3. Content Management Contentistheheartandcoreofanydigitalinitiative AvoidSilos Multi-Channel Personalization Conversionfocus KeyPointstotakecare:
- 17. 16 4. Marketing Automation Email–marketing isstillthemostpopular channelin AM/WMindustry Segmentation&Targetingakeystep Nurturing&CustomerEngagement equallyorevenmorecriticalthat customeracquisitioninAM/WM SocialMediatobeusedeffectively Thereisneveraperfectcampaign Analytics isthekey KeyPointstotakecare:
- 18. 17 Integration is the key
- 19. 18 5. Manage Search Engine Clientsalwayssearchforfindingsolutiontotheir needsandnottolookoutforanyproduct Continuousactivity Targetlinkstobio-pagesratherthanhome-page Keywordselectionshouldalwaysbethestartingpoint Noshort-cuts(punishmentbyGoogle) KeyPointstotakecare:
- 20. 19 5. Growth & Change Management Embrace changepro-actively andnotreactively Changesshouldbetriggeredbybusinessobjectives Pro-active roadmap Avoidpeer-pressurefromcompetition Changemanagementbydesign KeyPointstotakecare: