For the majority the reality is that leadership teams have not seen digital marketing as critical to their future success – the idea that ‘Wealth Management is a contact sport’ has driven much of the thinking. And why not, it's proved very successful for many years?
BUT we suggest that this thinking positions digital marketing as an alternative to traditional business development when actually it’s a complimentary set of activities capable of creating the sort of warm leads Wealth Managers are so good at converting.
In addition, digital marketing removes geographical constraints – using digital channels an adviser can stretch their reach far outside their reasonable driving distance.
Of course, it will still not be for everyone but the continuing impact of the Covid 19 crisis should at least allow a pause for thought about the power and potential of digital channels.
Our recent survey amongst professional advisers clearly indicated that digital communications had risen to the top of the agenda and clients were now comfortable and supportive of remote communications augmenting in person engagement. These findings are echoed in the Investors Week report on Dunstan Thomas’ recent survey that showed:
More than two thirds (69%) of discretionary fund managers said "better digital engagement with our clients, including strengthening omni-channel communications capability, will be accelerated because of the coronavirus outbreak”
While David Montgomery, Managing Director of the newly formed M&G Wealth Management, said last week:
"We, like others, are having to adapt (post Covid), however, we are adapting well and our ongoing investment in digitising our business and making it easier to engage with us will allow us to continue to continue to meet the needs of our clients".
So, of you are thinking of having another look at the potential for Digital Marketing for your business perhaps we can suggest a quick effective route to clarifying your thinking
Decide how digital marketing can support and/or augment your established business development approach.
As experts in advice, you will understand how to engage and interest your clients and potential clients. However, this can be very time consuming. Decide where digital channels could take some of the strain releasing valuable time for your advisors.
Decide what you want increased digital activity to deliver.
It may be as simple as saying "great qualified leads". However, perhaps it could be about addressing an underserved part of your business e.g. cross selling, brand promotion, market positioning for the acquisition of other businesses etc. Remember, if you do not have a destination any direction will do.
Take stock of what you already have including in-house skills.
Where possible build on what you have – what looks to have potential. In addition, understand what internal resources and skills you have to devote to a revised approach. Even the best laid plans collapse without capacity.
Create a manageable plan.
A structured, well managed and measured plan builds confidence. Not every channel will be appropriate for your business. Set realistic goals and be ready to use test and learn to understand what works best for you, your advisers and the market
Give it a chance of success.
Appoint someone to own the initiative and give it time, attention and support
An active digital marketing plan may not be for every company but the direction of travel for many Wealth Managers and clients is undoubtedly for greater use of digital channels. The trick is to understand how it can benefit your current business development and focus your attention in these areas.
Threekey are specialist digital agency with significant experience of marketing for regulated businesses.
We are experts and just like you we look to understand our clients ambitions, build a plan based upon a practical needs analysis and work with you to deliver it – all with a clear, ongoing focus on optimising your ROI.
