A new survey of marketing executives reveals the most pressing opportunities and challenges facing investment management firms amid the increasingly competitive environment and evolving media landscape.
The study, conducted by financial services marketing and public relations consulting firm BackBay Communications and Osney Buy-Side, found that investment management marketing professionals are focused on building strong brands to differentiate their firms and highlight their competitive advantages.
They see content marketing as their most effective means to build and reinforce brand reputation, and more than 78% of those polled are planning to increase spending on content marketing in the next 12 months.
In the survey, an overwhelming 97% of investment management marketing executives said developing a strong brand is either “very important” or “somewhat important” given the current competitive landscape. The majority of those polled identified “expertise,” “investment returns,” “thought leadership,” and “clearly articulated firm positioning” as the key attributes that contribute most to a strong investment management brand.
Eighty-nine percent of respondents said “content marketing/thought leadership” is among the most effective means of communicating brand strength, matching the response rate of those citing “personal meetings” as the most effective strategy. Other top effective communication tools and strategies identified include “marketing collateral,” “conference speaking,” and “media relations.”
For content marketing initiatives, among those polled, 92% identified white papers as the most popular medium, while 84% cited “market commentary” as their preferred content. Over half also cited webinars and video, while just over a quarter of those polled also incorporate blogs as part of their content strategy. Moreover, 79% anticipate producing more white papers and research over the next 12 months.
It follows that the two leading areas in which marketing executives at investment management firms plan to increase expenditures in the next 12 months are content marketing (78%) and website development (72%).
“There is a growing recognition among investment management firms that they need to develop a strong, trusted and clearly articulated brand, and they see content marketing as playing a key role in demonstrating their unique expertise, insights and approach,” said Bill Haynes, President and CEO, BackBay Communications. “Building a strong, differentiated brand should be supported by solid research, shaped around a firm’s competitive strengths, and then carried forward through an integrated, content-driven marketing communications program that draws on an array of complementary communications tools. These tools increasingly include traditional media relations as well as videos, mobile-friendly websites, social media, blogs, email marketing, webinars, events and bylined articles, which together can deliver greater consistency and efficiency of message dissemination than ever before, and provides a catalyst for client and prospect engagement.”
Investment management marketing executives say the biggest hurdles to developing a strong brand are developing a differentiated brand message, budget constraints, and senior management buy-in.
Investment management firms are not very active on social media, with only 8% of those polled saying they love it and use it regularly. Interestingly, nearly half, or 42%, have a social media presence but do not use it regularly.
SEE ALSO: InTrust Fiduciary Group: 401(k) Market Drives Name Change
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
