orm - this time it's personal
TRANSCRIPT
| © 2016 ORM | Private & Confidential
This time it’s personal Opportunities & challenges for digital one-to-one marketing in BtoB Financial Services
Andy Farmer Executive Strategy Director, ORM [email protected]
@ormlondon
| © 2016 ORM | Private & Confidential | © 2016 ORM | Private & Confidential
A digital strategy agency But first… who are ORM?
Financial Services
Travel, Media & Consumer
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Contents
1. The business case for digital one-to-one marketing
2. Where is it heading?
3. Current ‘on the curve’ initiatives
4. Considerations for FS marketers
5. Closing thoughts and opportunities
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The business case For digital one-to-one marketing
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Trusted relationships HNW and Intermediary relationships are face to face aren’t they?
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But that’s changing
'Face-to-face meetings are the bedrock of wealth management relationships, but once trust is established many clients are more than happy to take advantage of the whole gamut of modern communications methods’.
'We regularly speak to users in their 70s and beyond who say that things like online portfolio access are a real priority for them.'
Face to face need is contextual
Findawealthmanager.com co-founder Lee Goggin
Ref: The Futurewealth Report 2015 (NPG and SEI)
4
5
10
0
2
4
6
8
10
12 Perceived quality of the rela6onship
Mee6n
gs per year
Poor Excellent
Amer
icas
Euro
pe
Asia
Pac
ific
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Financial advisers are digitising “If you want to work with 30-year-olds, you need to use social media.”
70 of IFAs are already using social networks for business
% 83 of DFMs use social media (specifically LinkedIn)
% 49 of IFAs have acquired new clients via social
%
Ref: * Financial Adviser Magazine survey; **Pew Internet survey *** Different research
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And they engage with brands that can provide valuable insight
Ref: Puttnam Investment Survey
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‘If you go to a seminar and you hear something interesting, that will draw your attention and you may
investigate that a little bit further’
Webinars are catching up with events
‘I am quite into webinars because you don’t have to leave your office and you can still divide your attention
and work on other things while it is on’ ‘But often, with a fund manager, there will be very little generic and it will all be about ‘How I picked my fund’
‘It might look great on my CPD (Continuing Professional Development) but it does nothing really in terms of informing me. Some of them are too wrapped up in
their own little bubble’
42 of FAs participate in live webinars or watch previously recorded events online
% 37 of DFMs want online or downloadable version - the same as printed
%
Ref: *BDifferent survey 2016
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‘I’d read an article over an advert’
Brand marketing and advertising is less valued
‘If there is a technical article, I will read it. If it’s an advert, I will flip it over’
‘I have to say, I am not very swayed by investment advertising’
‘I have opened the paper to read the financial news. Anything that comes out is not relevant … bin’
Ref: *BDifferent survey 2016
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‘Emails are really good because you can pick them up as and when, unlike with phone calls from reps which can
interrupt what you are doing’
Email has to be focused and targeted
Ref: * Bdifferent research
‘Emails quickly triggered off the back of a recent event….. like post Paris aftermath’
‘I certainly can’t sit there and look at every email from every potential fund manager or investment
house. It’s just not possible’
‘As a general rule, you tend to stick with those you know and are supported by…’
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Key themes for professional audiences
Time scarcity More noise More advertising
More channels
Frustrations
More relevance Authenticity Always on More
convenience
Expectations
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Where is it heading? And current ‘on the curve’ initiatives
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Future role of digital Smart support for face to face relationships
Increase efficiency.
Reduce operational
costs
Recognise hot prospects
and new opportunities
Reduce time to deliver business clinching insights
Better service, less effort
Increased profitability
Grow client base
Increase in AUM per
client
Outcomes
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Ask Watson
Computers that learn Taking the strain out of relationship management with cognitive computing and artificial intelligence
Tim: I would like to identify new leads based on my current client network
Watson: I have identified eight new leads. I have ranked the leads by confidence of suitability for you.
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What’s currently ‘on the curve’ digitally?
Which one area represents the single best opportunity for your company to deliver on its priorities?
Ref: Econsultancy/Adobe Digital Trends
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Specific initiatives we are seeing
Preference centres and
Dropbox tools
Audience specific portals
Content personalisation
based on browsing
Automated alerts
For ‘professional’ audiences
Multichannel campaign
automation
Focus on digital KPIs
and reporting
tools
Content hubs &
compliance automation
Audience segmentation and personas
Internally
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Preference centres & automated alerts
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Preference centres & automated alerts
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Promise of bespoke content, webinars and tools if you register
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But one size fits all content
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Personalisation still isn’t being fully exploited
Which of the following statements best describes your company’s ability to deliver personalised customer experiences?
Ref: Econsultancy/Adobe Digital Trends
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Personalisation in other sectors
19 Increase in conversion through personalisation
%
Ref: Econsultancy
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Mark Simmons
Independent Financial Adviser
• £100m AUM
• Tier 2 prospect. Some fund selection capability
• No previous relationship with the asset manager
• Currently seeking new investment opportunities for his clients
How could it work for FS?
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Mark attends roadshow event and
meets relationship
manager
1 2 3 4 5
Mark’s journey
• Event a>endance • Business Card • Word of mouth informa6on • Interests
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Mark attends roadshow event and
meets relationship
manager
1 2 3 4 5
Relationship manager
contacts Mark via personal
Mark’s journey
• Event a>endance • Business Card • Word of mouth informa6on • Interests
• Email opening • Link clicked
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Brexit article from our conversation
Good afternoon Mark, It was great meeting you at the event. As promised please find below the article we talked about.
Insight article
Brexit referendum:
polls and possibilities
Personal email
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Mark attends roadshow event and
meets relationship
manager
1 2 3 4 5
Relationship manager
contacts Mark via personal
Mark engages with an article of
interest
Mark’s journey
• Event a>endance • Business Card • Word of mouth informa6on • Interests
• Email opening • Link clicked
• Prospect record matched • Ar6cle read • Dwell 6me • Return visits • Other pages viewed
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Article landing page
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Digital experience platform
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Fund explorer
25 pts
Fund page
50 pts
Factsheet download
75 pts
Call back request
100 pts
About us page Insight article KIID download Webinar sign-up
Media Fund explorer with benchmark Insight explorer Conference attendance
Asset class page Campaign Page Email conversion Contact request
Like on Linkedin
Engagement scoring
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Mark attends roadshow event and
meets relationship
manager
1 2 3 4 5
Relationship manager
contacts Mark via personal
Mark engages with an article of
interest
Mark’s engagement score
increases as he interacts more
Mark’s journey
• Event a>endance • Business Card • Word of mouth informa6on • Interests
• Email opening • Link clicked
• Return visits • Insights read • Funds explored • Interac6ons on the site
• Prospect record matched • Ar6cle read • Dwell 6me • Return visits • Other pages viewed
| © 2016 ORM | Private & Confidential | © 2016 ORM | Private & Confidential
Fund explorer Fund page Factsheet download Call Back Request
About us page Insight article KIID Download Word of Mouth
Media Fund explorer with benchmark Insight explorer Conference attendance
Asset class page Campaign Page Email conversion Contact request
Like on Linkedin
Fund explorer
25 pts
Fund page
50 pts
Factsheet download
75 pts
Call back request
100 pts
About us page Insight article KIID download Webinar sign-up
Media Fund explorer with benchmark Insight explorer Conference attendance
Asset class page Campaign Page Email clicked Contact request
Like on Linkedin
Total: 625 pts
Engagement scoring
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5
Mark is a hot prospect for a
one-to-one call
Mark is a hot prospect!
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The implications What does this mean for FS marketers?
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A personal experience requires operational planning
CRM User contact details
User preferences
User behaviour
Content personalisation
Prospect/Client visualisation
Relationship manager
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And a rethink of how you approach analytics
Last Month our marketing efforts resulted in: • 50,000 x 0 Value pts “Anonymous Visitors”
• These turned into 2,000 x 75 Value pts “Qualified Visitors”
• We expect these to generate 100 x 100 Value pts “Prospects” this month
• These 100 “Prospects” should convert into 50 meetings for our relationship managers
• Typical conversion rates suggest an increase of AUM of £££
Last Month our marketing efforts resulted in: • 50,000 site visits!
• 6,000 fund page views!
• 500 alert registrations
• 1,500 Email Opens, resulting in 300 clicks! • 200 Facebook “Likes”!
• 400 Factsheet Downloads!
75 of CEOs want marketers to become 100% ROI focused
%
Ref: Fournaise Group study of CEOs
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Using and combining new tools to uncover data driven insight
What Where
High level performance
reporting
Media, touchpoints, sections and pages
Who
Users and personas being affected?
When
When in their journey is this happening?
Why
Why do they think it is happening?
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Core Tools
Optimisation Layer
Intelligence Layer
Using and combining new tools to uncover data driven insight
Commercial performance
Visualisation (Tableau, Business Objects)
Engagement CRM/Sales
Session Replay
Audience Feedback
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Understand content and its value
2015-‐10 2015-‐11 2015-‐12 2016-‐01 Month
Fund centre Document library Insights About us
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Understand your audience journeys, throughout their relationship with you
Customer Journey: Adviser
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Closing thoughts The opportunity
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You can’t ignore customer experience
43 Of CMOs own the customer experience in their organisation
%
Ref: Forrester
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But there’s never been a better time to be an FS marketer
• Openness of your audiences to interact digitally
• Lots of data and insight to create compelling ideas and business cases
• Limitations of DCOEs are starting to become apparent
• Marketers provide the glue between the customer and the business
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Cross discipline collaboration with marketing as its glue
Chief (Digital)
Marketing Officer
Data
Technology
Compliance
Operations
Finance
Sales
Customer Experience
Product/ Content
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Thank you
Andy Farmer / Executive Strategy Director
[email protected] @ormlondon