content marketing strategy for 2013: social risk & client value
DESCRIPTION
The best financial advisors have always kept their clients engaged with content marketing — from publishing newsletters to leading seminars. But more interactive, social media such as LinkedIn, Twitter, Facebook and publishing-oriented websites are driving new levels of competitiveness. This webinar discussed a 5-point content marketing plan for minimizing social risk and maximizing client value at each relationship stage — from new client acquisition to client retention and growth. 2013 competitive threats such as the looming hedge fund content war likely to be unleashed by the JOBS Act will be explored for advisor marketing opportunities. About Justin Justin Breitfelder is a business content marketing strategist for financial and technology firms, from the Global 500 to boutique firms. Serving as an outsourced marketing director, he manages media and content on key business issues to position brands for more client interaction and long-term growth.TRANSCRIPT
Content Marketing Strategy for 2013 Social Risk & Client Value
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Justin Breitfelder – @jbreitfelder
§ Business content marketing strategist § Firms from Global 500 to investment
boutiques – BMO & IBM SPSS to Motorola & 20th Century Fox
§ Outsourced marketing director § 17+ years of success/failure stories
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Social Advisors Growing 3x Faster (2010)
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Source: December 2010 Aite Group-Pershing report “Creating Growth: The Increasing Use of Social Media by Independent Advisors” via @RIABiz
Social Advisors Growing 3x Faster (2010)
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…But They’re Big Marketers in General Social media driving shift to more interactive marketing “It gives advisors dialogue with their clients” Takeaway: “Get more aggressive about marketing in general” …or face growing “social risk” when competing with social advisors
Source: Creating Growth: The Increasing Use of Social Media by Independent Advisors, Aite Group-Pershing report, December 2010 via @RIABiz
Social Risk Rising for Many Advisors (2011)
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Competitive differentiation issue likely due to incorrect use Advisors must become better marketers before they can optimize social media “Advisors really need to be creating their own content; it has to be authentic”
Source: Financial Advisors’ Use of Social Media 2011: The Bloom Is Off the Rose, Aite Group report, December 2011
Social Asset Managers Almost Doubled
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§ Most managers now use social media
§ Sharing valuable content and facilitating two-way advisor conversations
§ Grew from 48% in 2010 to 86% in 2012
Source: Kasina, Getting Results from Social Media: Leaders and Best Practices, May 2012
Social Asset Managers Almost Doubled
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§ Most managers now use social media
§ Sharing valuable content and facilitating two-way advisor conversations
§ Grew from 48% in 2010 to 86% in 2012
Source: Kasina, Getting Results from Social Media: Leaders and Best Practices, May 2012
But Top Firms Are Social Strategically
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But Top Firms Are Social Strategically
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Classic Content
Marketing Activities
(1996)
2013
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Content Marketing
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Source: Five Predictive Imperatives for Maximizing Customer Value, IBM 2010
The distribution of educational content across
key media to attract and retain customers Source: Wikipedia
Less social risk
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5-Point Content Marketing Strategy
1. Client growth & retention: Engage more clients across key media w/timely, competitive educational content
• P
roposal •
Prospecting
• Aw
areness
2. Brand awareness: Own unique brand position w/big idea and content on key business issues in an interactive design 3. Educational prospecting: Engage more prospective clients & generate leads with investor education program 4. Research-based proposals: Convert more prospects with research-based sales content
5. Social risk management: Monitor client relationships for competitiveness & manage operations for strategic compliance
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Source: Five Predictive Imperatives for Maximizing Customer Value, IBM 2010
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1 – Client Growth & Retention
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Engage more clients across key media w/timely, competitive investor education program
Source: Five Predictive Imperatives for Maximizing Customer Value, IBM 2010
§ Key content: Research email alerts, social network posts, research publications, educational web content, video, webinars, seminars
§ Metrics: From client engagement stats (clickthroughs, unique pageviews, time viewed), net promoter scores and qualitative client feedback to revenue growth, client profitability and retention rates
Via Amabasador Referral Marketing Software infographic, Understanding the Net Promoter Score
Seminars Webinars & Video
White Papers Newsletters Market
Updates Email Alerts
Social Posts & Pages
Client Education Content Continuum
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Face-to-Face meetings & events are often the best way to share ideas & performance
Long-form positions on asset classes & other key investing topics
Alerts keep clients current on firm thought leadership & help save email from becoming anti-social
More Client Time Less Client Time
Views on timely investing topics, published on a more regular basis
Weekly (blogs), monthly, quarterly & annual updates on the market and key asset classes
More informal briefings on firm positions – live & on demand
Social networks can enable real-time updates on investing ideas –from live events or for virtual elevator pitching
Publishing-Focused Websites Social Alerts F2F
Source: Breitfelder GSP
Case Study: Fixed Income Broker-Dealer
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§ Opportunity § 2009 municipal bond market uncertainty
§ Better client engagement and ongoing education needed
§ Video + email marketing can improve clickthroughs by 3X
§ Solution § Broadcast quality online video series & special on focused budget
§ 12-minute mini doc features firm thought leaders on how they consistently produce solid returns
§ Results § Client engagement/CTRs more than 6X financial sector average § Catalyst to launch newsletter video briefing series, webinars
2013 Alternatives Client Education Opportunity
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— New Advertising Rules for Hedge Funds Could Benefit Asset Managers, Kasina Blog, November 6, 2012
§ Almost half of advisors use alternatives (48.3%)
§ But still only $550B out of $13.5T
§ And only 29% of advisors have high understanding
Half of advisers no longer think 60/40 mix is best asset allocation (Natixis survey)
Alternatives Content War Benefits Advisors
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2 – Brand Awareness
• P
roposal •
Prospecting
• A
wareness
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Own unique brand position w/big idea & content on key business issues in an interactive design
Source: Five Predictive Imperatives for Maximizing Customer Value, IBM 2010
§ Key content: Search engine results pages, social network posts/ads, landing page web content
§ Metrics: From key business issue Google positions, pageviews and ad clickthroughs by client persona to cost savings
Social Risk: Buying process up to 70% complete by the time sales is contacted (Sirius Decisions)
Client Acquisition – LinkedIn vs. Facebook
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Source: Hubspot, The 2011 State of Inbound Marketing
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3 – Educational Prospecting
• P
roposal •
Prospecting •
Awareness
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Engage more prospective clients & generate leads w/investor education program
Source: Five Predictive Imperatives for Maximizing Customer Value, IBM 2010
§ Key content: Research email alerts, social network posts, research publications, webinars, seminars, landing page call to actions
§ Metrics: From content engagement stats (clickthroughs, pageviews, time watched) to lead quantity, lead qualification rate & best lead generation channels
Seminars Webinars & Video
White Papers Newsletters Market
Updates Email Alerts
Social Posts & Pages
Prospect Education Content Continuum
#2013CM
Face-to-Face meetings & events are often the best way to share ideas & performance
Long-form positions on asset classes & other key investing topics
Alerts keep clients current on firm thought leadership & help save email from becoming anti-social
More Prospect Time Less Prospect Time
Views on timely investing topics, published on a more regular basis
Weekly (blogs), monthly, quarterly & annual updates on the market and key asset classes
More informal briefings on firm positions – live & on demand
Social networks can enable real-time updates on investing ideas –from live events or for virtual elevator pitching
Publishing-Focused Websites Social Alerts F2F
Lead Generation
Source: Breitfelder GSP
Map & Optimize Leads to Revenue
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Source: Salesforce.com Sales Process Map
Generate & Capture More Leads
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Source: Salesforce.com Sales Process Map
Manage & Optimize Lead Workflow
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Source: Salesforce.com Sales Process Map
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4 – Research-Based Proposals
• Proposal
• P
rospecting •
Awareness
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Convert more prospects w/research-based sales content
Source: Five Predictive Imperatives for Maximizing Customer Value, IBM 2010
§ Key content: RFPs, proposals, pitch presentations
§ Metrics: From close rate to time-to-close
Close More New Clients Faster
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Source: Salesforce.com Sales Process Map
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5 – Social Risk Management
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Monitor client relationships for competitiveness & manage operations for strategic compliance
Source: Five Predictive Imperatives for Maximizing Customer Value, IBM 2010
§ Market Risk: Monitor client relationships for competitiveness § Big data: The frontier of a firm’s ability
to use all the data it needs to reduce risks and create better customer experiences (Forrester)
§ Operational Risk: Manage operations for strategic compliance § People & systems to manage content to
revenue in client lifecycle – from Web content management to CRM
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2013 Priority: Big Data-Driven Marketing
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§ zzz
Source: McKinsey, Minding Your Digital Business, 2012
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Client Value Leads Big Data Usage
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§ zzz
Source: McKinsey, Minding Your Digital Business, 2012
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Finance Well Positioned for Big Data Gains
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Big data: The next frontier for innovation, competition, and productivity, 2011
Herbalife Hedge Fund Content “Big Data” Battle
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In epic Wall Street battle, hedge fund manager turns to AdWords
§ Smart content strategy to support Pershing Square short position
§ Targets customers via 2.7m monthly “Herbalife” Google searches
§ Microsite w/PPTs, webcast, CNBC
§ 2013 may get very interesting
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Content War Requires New Capabilities
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§ Barings team tripled
§ Schroders added staff
§ BlackRock Investment Institute (2011) § Ex-McKinsey dir. of knowledge
§ Morgan Stanley investment journal (2011)
§ PIMCO eurozone microsite (2012)
Service Providers Brand Builders
Best Practice Advisors
Senior Counselors
Marketing Masters
Growth Champions
§ Maximize marketing effectiveness by applying best practices to marketing activities
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Marketing Maturity – Next Steps?
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Source: Breitfelder GSP from Booz & Company, Growth Champions: How to drive the only marketing metric that matters, strategy + business, Summer 2006
§ Identify revenue growth contributions
§ Broader range of staff capabilities
§ Use standardized tools & processes
§ Proactive, not reactive, guidance
§ Perceived by other execs, C-suite as growth agenda contributors & leaders
§ Help guide CEO on marketing strategy
§ Lead major campaigns
§ But rarely lead product innovation or new business development
§ Have severely limited decision rights
§ Provide marketing services to other teams
20% more likely to drive revenue growth & profitability
Most correlated w/lackluster revenue growth & profitability
§ Efficient marketing service providers to build brands
§ But negligible leadership role and decision rights on strategy
§ “Master” firm-wide marketing efforts
§ Solid grasp of traditional marketing fundamentals
§ Authority & skills to coordinate w/other major functions
§ But not as involved w/strategic growth agenda setting
§ Less likely to rely on standardized processes & tools
Q&A
Questions?
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Thank You
Justin Breitfelder § [email protected] § @jbreitfelder § linkedin.com/in/breitfelder
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