Last Updated on March 14, 2023 by Tabraiz
Digital marketing has taken the world by storm. Gone are the days when the advertisement industry used pamphlets and posters to promote their products and services. Marketers are currently reaching consumers via digital devices irrespective of their locations. Digital marketing is used in almost every industry/sector and is evolving rapidly. Asset managers currently depend on digital marketing significantly to promote their services. Investment banks and venture capital firms also benefit from digital marketing in asset management. Prospective customers will not be aware about a company’s services if they are not advertised or promoted. Read on to know more on the role of digital marketing in asset management in 2023.
State of digital marketing for asset managers
Asset management companies rarely engaged in digital marketing a few years back. The created and introduced strategies and held face-to-face meetings with clients to market their services/products. This was a good strategy then but will likely bog down a business in 2022. Today, it has become impossible for a company to expand its market share and business without opting for digital marketing solutions. Moreover, competition in the asset management industry has increased significantly, making digital marketing absolutely necessary.
Post-COVID-19 changes in the asset management industry
During the COVID-19 pandemic, promotions and client meetings that required an individual’s physical presence came to a halt. Sales executives could not even leave their homes, let alone meet asset managers. Asset management companies found themselves in a difficult situation. It was then that asset managers realised the importance of digital marketing to gain a competitive edge. Digital marketing solutions enabled asset managers to connect with clients and help them tide through the pandemic. Investors were also worried about their assets and return on investments (ROI) amid the pandemic. However, with the help of digital marketing, asset management companies were able to guide their clients to take appropriate measures.
COVID-19 was key in driving growth of digital marketing solutions in the asset management industry. The asset management industry had already started to witness a paradigm shift a few years back. As most industries are undergoing digital transformation, asset management businesses should rethink their marketing strategy. Older marketing strategies like live events and seminars limit coverage of a geographical area/region, thus limiting customer reach. However, digital marketing platforms, such as webinars, social media live events, and podcasts, help a business widen its target audience. Besides these, asset management companies use many other digital forums to advertise their services.
Role of data analysis in the asset management industry
Data collection and analysis have an important role in digital marketing in asset management. Asset management firms generally collect information about an investor/client before meeting them. They try to gather enough information about their personal interests and past investments. Based on the client’s interests, asset management firms launch personalised digital marketing campaigns. They usually mine data from social media sites, CRMs, public forums and websites to gather information about a client. Asset management firms make use of the data publicly available to them. With the help of these data insights, sales and marketing functions are personalised to boost ROI.
Data analysis helps asset management firms to better understand interests of their clients. Based on these interests, they launch asset management products. If the asset management products are not aligned with the interests of investors, they are useless. Therefore, virtual fund shows or digital roadshows are aligned with the interest of their target audience. This requires the use of digital marketing strategies and technology on a wide scale.
Outsourcing digital marketing needs in 2022
Asset management firms are currently looking for a partner firm to get started with asset management digital marketing. This will help these firms control their technology costs, which are usually high, as several processes are involved in digital marketing, right from marketing automation to web analytics. With the help of a reputed third party, asset management firms can reduce overhead costs and widen their target audience, helping boost their ROI in no time.
Adopt digital marketing strategies and increase ROI in 2022!