Tag Archives: Content Automation
It’s easy to underestimate what it costs to run your marketing operations. For asset managers, producing content is not an easy task. The materials are data-heavy, constantly changing, and usually go through several rounds of review. Creating a streamlined process is critical to realizing a return on investment. But how do you measure it?
There are three steps to building a solid ROI calculation, and the first step is to understand your true organizational production costs. Very few people know how to really measure this. Most of the time, managers simply look at their departmental head-count (FTE) cost and estimate what percentage of their time goes into updating and distributing content and literature. This broad-brush approach would seem to capture the costs well but often results in a gross underestimation of the true costs. A full accounting should cover direct labor costs, managerial labor costs, opportunity costs, and error and risk-related costs.
We’ve had two clients undertake a full and detailed Six Sigma cost analysis of their baseline costs and risks associated with manual or semi-automated literature production. The results were staggering.
In 2018, we conducted a Mutual Fund Fact Sheet Production Study, where we analyzed 235 factsheets from 47 asset management firms of all shapes and sizes. A few factors observed included publish date, modification date and how the file was produced. The two most observed methods were using automation and producing factsheets manually. To find the firm’s production method, we turned to the metadata to show us what applications, software, or tools they were using to create the PDFs. After digging deeper into the metadata, we identified some key reasons why firms have longer production durations or later release dates. We were also able to make some observations about what drives efficiency, and the findings were pretty shocking. Read on to get the scoop!
Due to the competitive nature of the financial services industry, content automation has become a strategic priority for many. With a finish line goal to improve scalability, risk management and brand compliance, the race is on to improve marketing and sales operations. The challenge firms face is knowing how to approach content automation. Is it better to build or buy? What are the differences between the leading vendors, and their approaches?
In 2017, we commissioned some research on how asset managers are automating content production. The research found 3 common models: Fully outsourced, DIY, and hybrid. Here’s a brief description of each and the pros and cons.
As Ben Franklin once said, “By failing to prepare, you are preparing to fail.”
Preparation is critical to the outcome of a content automation initiative. There’s always a possibility implementation will go awry if the project plan is disorganized. Organization and planning are challenging, for it takes specific business and leadership skills to run this kind of technical project. Many departments need to get involved, including marketing, IT, sales, and compliance. Stakeholders from each department must re-examine their processes and work together to re-create them for automation. The goal is to improve the process fundamentally and permanently within the boundaries of a systemized solution. More often than not, this is easier said than done, and may require professional assistance. Here are 5 best practices to prime your team for content automation.