Asset management firms depend on data for everything. Without data you can depend on – and a dependable way to access it and put it to work – you are at risk for losing your competitive advantage. It’s very important to have the right technology and processes in place so you can capture that all-too-important data and take advantage of it. One such technology is artificial intelligence, or AI. This series of videos covers 6 areas where AI can change the way your firm operates, giving you back your competitive edge and a better return on your investment in your business. If you haven’t read the other blogs, be sure to read them as well. No need to watch them in order:
- Part 1: Managing Wholesaler and Retailer Lines of Business
- Part 2: Managing Pipelines and RFPs
- Part 3: Planning Trips
- Part 4: Managing Client Meetings
Part 5 of the series, Marketing and Campaign Effectiveness, discusses how AI can help with your marketing efforts.
Are Your Marketing Efforts Really Working?
Perhaps the biggest challenge marketing people have is tracking the effectiveness of events and campaigns. This is even more complex in asset management. When you’re working to acquire clients, there’s an AUM figure, the number of clients you reach, along with the number of touchpoints and the conversion. However, you’re not interfacing with the end clients. There are many advisors involved, and there isn’t an immediate sale, and it’s very difficult to track because it’s over a longer period of time.
One of the few questions that could be answered is, “Has our AUM gone up in that product?” But since there’s no feedback loop, knowing that answer doesn’t help much with determining what’s working and what’s not. What would really help is to get answers to these questions: “We went to this specific advisor and we gave them this type of pitch. Did it work?” Or…”What types of collateral are correlating with positive spikes?” Or…“Did our efforts yield a positive result on new clients or new revenue for a given product?” This video will show you how AI and machine learning can give you those answers, helping you pinpoint exactly which efforts are working and which are not, so you can take action for better results.
AI isn’t a theme for a science fiction movie. It’s real, and it’s applicable to asset management. Applied using tools like Microsoft Dynamics 365, AI can help you make the most of all your efforts. Watch this video, and stay tuned for more in this series.
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