Owned and paid media
Asset management firms connect with their audiences through two main types of media: owned and paid. Owned media refers to channels that the firm owns and manages, such as its website, blogs, social media profiles and email list.
In contrast, paid media involves paying to access channels that the firm does not own, such as display ads, search engine marketing and sponsorships.
Both types of media can be effective in reaching and engaging target audiences, but they each have their own strengths and weaknesses. Owned media is often more cost-effective and can be used to build longer-term relationships with clients and prospects. Paid media can be more effective in generating quick, targeted results, but can also be more expensive and less sustainable.
The customer journey
The customer journey is the process through which a prospect becomes a committed client. It typically involves several stages, including awareness, consideration, conversion and loyalty. Marketers can use the customer journey framework to identify key touch-points for their marketing efforts and develop strategies to move prospects through the journey more effectively. The stages of the customer journey are:
Awareness: The potential customer is made aware of the product or service. Marketers might use owned media channels like social media and blogs to generate interest and educate prospects about the firm’s business offering.
Consideration: Now aware of the product or service, the prospect considers whether to become a customer. In the consideration stage, paid media channels like search engine marketing and display ads might be used to drive targeted traffic to the firm’s website and encourage prospects to engage with content or sign up to a newsletter.
Conversion/purchase: The prospect decides to buy the product or service and become a customer. Email marketing and personal outreach might be used to close the deal and convert prospects into clients.
Retention: Now the prospect has become a client, it’s important to ensure that they remain one. Events can play a role in maintaining a strong relationship with clients, driving client retention.
Advocacy: If a business’ clients advocate its work (for example, by praising it on social media or writing positive reviews) it helps the business attract new clients, forming a virtuous cycle.
