As the new year approaches, it’s essential to set your sights on the asset manager marketing trends that will arise in 2023. From the increased reliance on artificial intelligence (AI) to the importance of purpose-driven branding, here we break down the top three asset manager marketing trends for 2023.
Artificial intelligence: time to get techy
AI technology has been in the news for the past few years, but until now it’s never been seen as a critical component of any financial marketer’s strategy. Currently, it’s estimated that by 2026 the share of AI in FinTech will triple, reaching $26.67 billion. To remain competitive in 2023 and beyond and continue to maintain forward momentum in your digital marketing, AI technology is a crucial component financial marketers should look to adopt.
AI technology is ideal for the curation, automation, optimisation and personalisation of financial marketing strategies. As clients continue to demand better, more personalised digital experiences, AI is what can ensure you deliver.
“ As the new year approaches, it’s time to reconsider and optimise your asset manager marketing strategies. ”
There are several areas AI technology can help with, including the:
- Visualisation of the customer journey
- Improvement of data collection
- Identification of trends in data
- Enhanced understanding of current customers
- Ability to deliver a convenient and positive customer experience
Web3: the new age of the internet
Touted as the “future of the internet”, Web3 is set to change how data and clients operate online. This new, third edition of the internet is set to give individuals greater control over their data and privacy settings. Some characteristics of this new dawn include the decentralisation of data, blockchain and the metaverse. We’ve already seen these updates occur in the iOS 15 and 16 updates.
To keep up, financial marketers will need to begin focusing and building strategies around zero-party data; data that your clients offer to you voluntarily. Gaining and accessing zero-party data will prove essential to building successful marketing strategies in 2023 and beyond. Building relationships, transparency and open communication between clients and your asset management firm will be critical to gaining trust and data.
Purpose-driven branding: clients demand authenticity
In 2023, asset manager marketing will continue to move away from data-driven marketing and instead focus more on purpose-driven branding. While data-driven marketing is of course not going away entirely, a stronger focus on building meaningful connections with clients will be a core component of any asset manager’s marketing strategy.
Clients want to work with brands that have a greater purpose than profit maximisation and products. Research by PwC found 83% of consumers think companies should be actively shaping ESG best practices. Additionally, the same report identified 76% of consumers reported that they will stop buying from companies that treat the environment, employees, or the community in which they operate poorly.
To lead and form a purpose-driven strategy your asset management firm should focus on marketing with:
- Authenticity
- Empathy
- Inclusivity
- Self-awareness
- Your brand’s story
By focusing on these five areas your asset management firm can build a solid foundation with clients, supporting your acquisition and retention strategies.
Asset manager marketing trends: final thoughts
In 2023, big changes to client data and privacy will be occurring. Being prepared and focusing on building client relationships and gaining zero-party data will help ensure your asset management firm remains ahead of the competition. Adopting purpose-driven branding and AI technology will ensure you continue to be competitive in an oversaturated industry.
As the new year approaches, it’s time to reconsider and optimise your asset manager marketing strategies.
