Data and Marketing and Skillsets — Oh My!
Vice President & Head of Client Services
If you think you’ve seen a lot of change in the asset management industry over the last few years—as they say, “you ain’t seen nothing yet!” There’s no sign that things are going to settle down any time soon for an industry that will continue to face an ongoing uncertain regulatory environment; continuing consolidation; pressure to provide products that are simple and cost effective through creative distribution channels—all while communicating with each and every customer as though you can read their minds.
A few things to consider for those of you looking to roll with the changes…
It’s impossible not to have seen how data has become arguably the most significant business driver in the industry. Conversations have quickly moved from clean data and predictive modeling to actionable analytics and insights. Firms are being charged with identifying new and successful ways to use data to shape the way they do business. Staying abreast of the evolving trends, tools and technologies supporting data strategies will continue to be key. Identifying actionable insights based on the analytics will be critical.
Rise of Marketing
Gone are the days of all-for-one and one-for-all messaging focused on consistent performance and 5-star ratings. Firms will return to Marketing 101 with a technology slant focused on automation, efficiency and personalization. Having a brand and story that resonates with clients and sets them apart will go a long way towards a firm’s success. Utilizing the data and insights mentioned above to efficiently execute analytic strategies will be a must. And delivering personalized, relevant, targeted content in the preferred format—all of which the data will tell us—will be a customer expectation. If Marketing doesn’t have a front seat at your firm’s table, you should recommend a new seating chart.
As companies continue to merge, purge, and consolidate they will turn to team members with multiple skillsets—those who understand not just technology, marketing, content, distribution and analytics, but who are experienced enough with all of them to develop and execute a strategy from beginning to end. Having knowledge of the tools currently utilized may not be enough. Playing outside the AM industry box will give you an edge in almost all things. And last—but certainly not least—stay educated on industry products, regulatory issues and trends. This industry is a complex one. Employees who already know the business will be highly valued.