Navigating a groundswell of change is going to be a sprint and a march. Time and people are needed to build the right platforms made up of dozens of interlocking cloud services and analytic tools. So what does the starting line look like?
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Begin the journey with the basics. The Boy Scouts have a list of a dozen must-haves before venturing into the outdoors. Your modern marketing survival kit is personas, messaging framework, brand book, competitive analysis and strategies. I work at a culture-rich, outcome-focused RIA. Comprehensive investment plans, estate planning, risk management and other services aren’t the end game. Our mission is to help our clients, colleagues and communities live richer lives. Ultimately, we strive for financial, emotional, and social well-being. It’s not enough for clients to be happy with us. We want them to have a mindset of happiness through life plans that align their values, goals and resources. Our mission statement is foundational to everything we do.
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Live and breathe data. Start a culture of collecting and analyzing what drives your business. Fintech companies are built on the type of data you have in Google Analytics, Search Console and SalesForce reports. Don’t ignore it or just count tweets or likes. Roll up your sleeves and get your hands dirty so you can improve the value you deliver to clients. Build content based on the right keywords. Understand your search rankings. Keep your eyes on the customer through data-driven insights.
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Automate. Automate. Automate. We’re migrating automation platforms to improve scale, ROI measurement and integration with paid media. We’re going to touch prospects and clients 10 times more than in the past with the right content at the right time. And everything we do will be entirely personalized. The cliché is “don’t serve steak to vegetarians.” I want to know if my client wants a veggie burger or a ribeye. Medium rare? And do you want a baked potato or other sides? Gluten free? That’s what Gen X and Y expect. Are you ready to take their order?
The Four P’s dominated marketing since the 1960’s when a proliferation of brands, mass media and buying power necessitated an integrated marketing model. Living a data culture and capitalizing on new technologies require a new framework, such as the Four C’s (Content, Context, Connection and Community). Artificial Intelligence (AI) has already transformed Wall Street, logistics and entertainment. The first AI cloud services have been deployed at marketing agencies. Is AI going to skip our industry? Absolutely not. Either firms like ours or robo-advisors will introduce it. We’ll be adding some more C’s soon.
Computers, tablets, mobile phones and personal finance are technical, high-stakes products. No one wants to lose money, all their digital photos, or personal or professional contacts. That’s why both are big ticket items and emotional purchases. When something better comes along, consumers change fast…sometimes too fast. Don’t take my word for it. Do the research… most likely on your iPhone or iPad.
John Dougherty is the VP of marketing at Brighton Jones, a Seattle-based RIA. Before Brighton Jones, he at Microsoft as senior director in Microsoft Windows and at marketing agencies with clients such as General Motors, Yahoo!, Calvin Klein and Cadbury Schweppes.