At a time when many investors may be looking for better ways to improve the return on their nest eggs, a new report highlights the deficiencies in the marketing campaigns at major financial asset management firms. The next generation of investors is the most tech savvy yet and many of these consumers are avid social media users. Yet, financial services firms have been slow to change their marketing approaches.
Consumers are looking for safe places to put their money with the expectation that they’ll generate a return over time. For decades, asset managers have targeted consumers with what Wickware Communications calls verbal clichés like “client service-oriented” or “unique investment philosophy.” Will that message play to the Millennials? Cara Crosetti, account director and research lead at Wickware Communications, believe that these firms “aren’t communicating their value and difference in the market.”
One way to differentiate themselves would be to explore social media. To date, these efforts have been limited. Surveyed asset management firms reporting the following social media platform use:
- Facebook: 15%
- Youtube: 15%
- Blogs: 10%
- Twitter: 8%
“The jury is still out on the best way to use Twitter and Facebook for investment firms, but they are without a doubt platforms that must be appropriately exploited to reach echo boomers and the next generation of investors who are fully engaged in social media and want fast, concise information,” noted Crosetti.
Look for more asset managers to position themselves as unique brands through the use of all advertising channels as consumers begin searching for ways to get their money to work harder for them.[Source: Wickware Communications Reports – Cliches Kill Asset Managers’ Marketing Efforts. Wickware.com. 15 Aug. 2011. Web. 19 Aug. 2011]