All sectors have felt the economic repercussions of the COVID-19 pandemic – and not least is the asset management industry. As coronavirus cases once again surge across the country, the resilience of every asset manager and their ability to best allocate resources will face the ultimate test.
Whilst the various challenges of the past decade have forced businesses to apply a degree of strategic malleability – the dramatic overnight transformations instigated by COVID-19 will prove harder to overcome. The traditional methods of building new partnerships and enforcing current relationships simply won’t work in the pandemic – therefore it is important that businesses look toward new digital practices when marketing to potential clients.
Embracing digital channels
A research report commissioned by SDL, the intelligent language and content company, reveals that more than half (52 per cent) of European asset management firms have implemented client engagement, as well as digital marketing and communications technology, sooner than anticipated due to the COVID-19 pandemic.
“It’s been a wake up moment for the industry, and they know they need to implement more robust client engagement and communications technology if they want to stay ahead of the increasing demands of anxious clients.”
– Christophe Djaouani, EVP Regulated Industries, SDL
Younger generations are using the crisis to invest for the first time. A survey from finder.com found that three-quarters of millennials (born between 1981 and 1996) and Generation Z (born after 1997) said they were planning to invest within the year.
With a new technologically savvy demographic, managers are having to become more au fait with digital, video and audio channels to efficiently reach a broader segment of investors. Even more traditionally hesitant institutional investors are getting in on the action, with equity fund buyers currently using virtual tools and materials to make critical decisions about investments.
Levelling the playing field
International trade shows often have the tendency to favour larger firms with substantial budgets – however, a well-executed digital marketing strategy can put even the smaller, more specialised businesses shoulder-to-shoulder with well-established companies.
As digital marketing becomes commonplace within the asset management sector, the sheer abundance of fund presentations, strategy updates and COVID-impact economic outlooks will make it harder for companies to stand out. Carefully considered, inventive content will thrive amongst the sea of mundanity; particularly innovative examples include firms running drinks evenings, casino nights and even book clubs within the cyber realm.
Despite the accelerated push towards a digital marketing strategy in the onset of COVID-19, almost three quarters of firms felt they were either behind the curve (31 per cent) or failing to break away from the pack (43 per cent) when it comes to digital client engagement. Over half (55 per cent) felt their legacy IT systems were an issue impacting the implementation of new technology.
In a digitally-wired world, the only way to be visible and engage with a targeted audience is through highly insightful content that possesses a unique voice, counters conventional wisdom, and has something compelling to say. At Targetfollow, we work with Cordis Creative – using a combination of creativity and technological expertise honed through years of experience; the innovative team provide a full-service marketing package that includes social media management, copywriting, event organisation, website/graphic design and videography.
For more information, visit Cordis’ website.