Tag Archives: Digital marketing
In a budget-conscious financial services industry, marketing spend is a top concern. That’s why, when we meet new firms looking to invest in automating their factsheet production, one of the first questions marketers ask is, ‘How much will factsheet automation it cost?’. Before digging into their business requirements, our dreaded answer is: It depends. There are many factors to be considered. Firms take many approaches, and one size does NOT fit all.
Among the major dependencies affecting the cost of automating your marketing documents are:
- Complexity of your designs
- Number of templates and variations you have
- Complexity of your data
- Extent of your language requirements
- Amount of flexibility you have with requirements
- Number of documents to be produced
The complexity of your factsheets and flexibility of your firm’s operating model will ultimately determine the cost for automating them during production. To give you a better idea of what this means, let’s look at a few common scenarios. These are actual case studies of companies who have implemented factsheet automation recently with Synthesis and how much it cost them. (more…)
An article in Forbes pointed out that asset managers are extremely late in joining the digital marketing movement. This isn’t groundbreaking news, as the industry has long been criticized for the slow adoption of modern marketing practices.
The article points out:
- Financial services was one of the first industries to embrace the digital revolution, just not in marketing. The industry has focused on investing in high-speed connectivity for faster trade execution, as opposed to faster and more successful marketing/sales execution. It’s time to step-up the marketing game.
- Lower Fees and higher competition is driving more creative marketing. Executives are forced to rethink the old model of reaching investors one at a time. It’s an expensive endeavor involving lots of flights, hotels, steak dinners, and conference fees. They must create models for doing this at scale.
- Asset Managers who embrace artificial intelligence and machine learning will increase efficiency. The reduction in operating expenses associated with more efficient marketing will result in decreased cost for the consumer and increased margins for the manager. Asset Managers aren’t adopting digital marketing technologies because they loathe change. Executives who come from an investing background may not see an immediate ROI on this type of investment. Turnkey products do exist, and previously unavailable scale is now built-in.
Even though asset managers are a few steps behind other industries, many are making moves towards digitizing the sales and marketing process. We’ve seen evidence of this over the past couple of years as firms are rethinking their strategies. Firms are being forced to find ways to differentiate themselves and scale their operations in order to survive the fierce competition.
As the business environment has become increasingly digital and social, marketing professionals are finding themselves at the forefront of a customer-oriented revolution. Because customers now have so much information at their fingertips, they have increasing control over the buying process. This means marketing professionals are in a unique position, and their roles are changing very quickly. (more…)