Marketing is a lot like dating. That was the topic of a recent presentation we did at an industry conference. In dating, a key to getting to know someone and developing trust is through clear and consistent communication.
The same holds true for asset managers marketing to advisors. To establish a relationship, you must communicate consistently and clearly…in all market conditions. When the market goes down, this becomes even more critical. You can’t disappear.
Stay in Front of Advisors with Email
This is when a very cost-efficient marketing tactic like email marketing should be at the top of your list. Yet many asset managers discount it and its effectiveness.
It’s important to let advisors know what’s going on with your company, your fund, and the investments they may have their clients in. You need to consistently show up. They don’t expect you to explain the market volatility or repair it – they just want to know you’re still there and what you’re focused on. You consistently communicating with advisors means it’s easier for them to give their clients who have invested in your funds updates. Advisors will remember this and that you made their lives easier and made their clients feel more comfortable.
What Advisors Want
To bring the point home even more, as we have talked about this topic with advisors, some of the key things we hear are, “I want to hear from the asset managers”, “I want to understand what they’re doing”, and “I want quarterly updates.”
The asset managers that are ranked most highly by advisors as firms they would work with are those that communicate clearly and consistently.
There you go…you have your mandate. Don’t ghost advisors. Show up for them, support them and educate them in ALL market conditions.