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On a notice board, there is one red thumbs down among many white thumbs up. Alternative perspectives,… [+] opinions, social media, and so on.
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We had analytics even back when wealth management could rely on in-person events: marketing departments could count event attendees or business cards put into a bowl. This was the brochure’s golden age, and it seemed as if some marketing executives didn’t mind whether the writing was dry, vague, or full of cliches. It only had to look good! However, after everything migrated online, there was suddenly a lot more to measure. Because your website is where potential clients get their first impressions, online traffic is important. Because clients read and engage on social media, social analytics are important. It’s not enough for content to pique the interest of the analyst who created it. Marketers must now do more than just track the performance of their content; they must also figure out how to use that data to improve business outcomes.
It’s much easier said than done!
To begin with, the C-suite is unconcerned about Likes and Shares. Tracking the influence of social metrics on wealth management CMOs’ commercial objectives remains challenging. It doesn’t help that there’s emerging evidence that more than 60% of clicks and views data is exaggerated or fraudulent.
Second, there’s the avalanche of marketing-tech solutions vying for the right to give actionable data. The question that wealth management businesses should be asking is: how many of these providers can truly help them acquire additional business?

From 2011 to 2019, the number of Martech solutions has increased.
Chiefmartech.com is the source for this information.
ADDITIONAL INFORMATION FOR YOU
Financial technology democratization is highly uneven. Consumer financial apps are booming, but client-relationship technology is lagging. I’ve been saying it for 10 years: more isn’t always better when it comes to social media!
What criteria should a wealth manager use to evaluate the effectiveness of their social media efforts? Or even a lawyer? Or, for that matter, this author? When quality is evident, past experience as a wealth management influencer has led to the conclusion that less is more.
That’s why it’s encouraging to see marketers embrace new ideas on gauging the relevance of their messaging in 2021.
What are the opinions of others? “The value of online buzz does not appear on your balance sheet. Clients and connections change over time “Vered Zimmerman, the founder of FinText, a company that evaluates financial content, agrees. “The true test of quality content is if it talks to clients in a style that they enjoy and about themes that they are interested in.”
FinText, for example, offers Gist!, a free webapp that automatically summarizes any article, to assist marketers refine their content. It joins a growing number of free online tools used by financial content teams to improve material, such as Grammarly, which detects dull writing, and the Hemingway app, which provides changes for a more human tone-of-voice.
Beyond technology, thirteen years of talks with clients as a wealth management influencer have revealed three primary ways for improving analytics understanding:
1. Experiment and learn
Standing stationary comes at a cost. Learning, implementing, and purchasing new technology can be difficult. The cost of inertia, or the cost of doing nothing, is what you end up paying the most for.
Start small instead of going big with digital transformation! Try out new digital formats and gauge the response; agree on a social advocacy campaign and bring in compliance early on to plan the experiment; test ideas on small-scale experiments: try a webinar platform for a limited series of events to test the waters; agree on a social advocacy campaign and bring in compliance early on to plan the experiment.
When something works well and receives positive feedback from customers, it’s time to consider scaling it up. But it’s critical to begin someplace!
2. Look for information
Financial advisors thrive on self-promotion, so it’s no surprise that they’re preoccupied with their own numbers. They miss the wider picture because they are so focused on how their material performs.
Even if they don’t exactly pertain to financial services, analytics on broad digital trends are useful. People are, after all, people. Emotions and habits are universal. The Pew Center is a great resource for information on Internet usage in the United States, and its regular surveys on Internet habits are very enlightening.
3. Don’t forget about the brand.
CEOs in the investment industry are more likely to have come up through sales or product development than than marketing. It’s what they expect from their C-Suite after years of gazing at charts and data. When it comes to AUM or leads, this is simple enough. However, there is always a conflict in marketing between short-term, data-rich campaigns and long-term brand-building operations.
The penalty of ignoring brand in wealth management is being discovered. While most traditional wealth managers are virtually indistinguishable, robo-adviser Nutmeg has amassed over 140,000 subscribers in less than a decade. It’s no surprise that JP Morgan Chase just paid GBP700,000 to buy them out!
That’s the kind of data you’re looking for!/nRead More

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