Bagel Tuesday

Investment brands are different

Tue, 08 May 2012 09:30:14 -0500

This post is an excerpt from our recently launched Elevator Paper “Investment Brands are Different.”

The world of investment marketing lives by its own rules. Whether you’re selling mutual funds or institutional strategies, retirement advice or asset allocation, the tried-and-true techniques of other marketing categories don’t necessarily apply. Investment brands don’t behave like consumer brands—or like business-to-business brands. Here’s the first reason why:

A hybrid audience of professionals and consumers

Investment brands don’t behave like typical consumer brands. By and large, they’re not marketed directly to consumers. But they don’t behave like business-to-business brands, either.

The investment business has a unique brand model. Their audience is a hybrid of professional buyers and end-consumers. Professional buyers are generally intermediaries of one sort or another, such as financial advisors or plan sponsors. End-consumers range from retail investors to plan participants to high net worth clients.

The needs and desires of each segment vary wildly. Professional buyers are swayed primarily by intellectual argument and information. But consumer brands are built by creating an emotional connection between the brand and the consumer.

Investment brands must appeal to one and all. They must deliver the facts and figures demanded by professionals, who are the primary decision-makers. (They must also deliver this information to consumers, in a lighter form.) But equally important is giving the end-consumer a feeling of confidence and trust. Investors must believe in the people with whom they are entrusting their money.

That’s the blend of intellect and emotion that drives successful investment brands.

Continue reading or download the paper.

Not going straight to video

Tue, 01 May 2012 17:28:15 -0500

The debate about the decline of the written word has been going on for a long time now. Recently, however, there seems to be a renewed interest in the topic.

Here’s a short list:

“Let’s Get Visual: Marketing in a post-text world”

“People Don’t Read Anymore”

“Cisco: By 2013 Video Will Be 90 Percent of All Consumer IP Traffic and 64 Percent of Mobile”

“Steve Jobs: ‘People Don’t Read Anymore’”

And my favorite from The Onion:

“National Essay Writing Contest Now Accepting Video Submissions”

You get the sense from these stories that not only is the written word in decline, but it will be extinct by 2030.

Given the topic, I’m not going to drone on about the decline of the written word or give reasons for hope and optimism about the future of prose.

Instead, I just want to make a simple observation. All of these authors don’t seem to recognize the inherent challenges, inefficiencies and sometimes ineffectiveness of a purely visual approach to producing certain types of content for different audiences. I can appreciate an author’s naiveté or unwillingness to look beyond his or her own businesses, markets or expertise. I do the same thing. Given the amount of recent focus on the topic, however, I feel compelled to respond.

Also, I’m not talking about isolated industries or topics, such as investments (my bias). I can think of a number of industries or topics where it’s not recommended and, most likely, ineffective to create a video, animation of other multimedia experience. A few examples:

“Animating synthetic dyadic conversation with variations based on context and agent attributes.” (From the Journal of Visualization and Computer Animation – I couldn’t find a video version of the paper.)

“Currency Returns and Hedging Decisions”

“Understanding Low Volatility Strategies: Minimum Variance”

“Compliance Issues Affecting Structured Products”

I love these:

“LIM Protein Direct Brainstem Axon Trajectories”

“The Relation of Diagonal Ear Lobe Crease to the Presence, Extent and Severity of Coronary Artery Disease…” The title continues, but you get the point.

I guess the question comes down to this, if you’re the type of person who's interested in these topics, would you rather watch the video? Maybe, but more importantly, if you’re in charge of marketing this content, what makes the most sense from a business and strategic standpoint? I’d be reluctant to recommend a video or other visual elements, beyond the graphics needed to illustrate the data for this type of content.

Maybe I’m preaching to the choir here, but hopefully you see my point. The written word is never going away, at least not in our lifetime. Markets may continue to fragment in a way that we can’t conceive of today. And while this means the mass market for in-depth, academic insight and research may diminish, there will always be a need for concise, clear, humorous, articulate, etc. prose. Without it, it’s tough to write the script. Unless, of course, you’re watching YouTube (script optional).

It's my birthday. Surprise me.

Wed, 18 Apr 2012 16:26:20 -0500

Writing for emotional impact is considered essential in a Hollywood script. But when it comes to investment writing, some marketers might disagree with this quote:

“People don’t ask for facts in making up their minds. They would rather have one good, soul-satisfying emotion than a dozen facts.” – Robert Keith Leavitt

Money and investing come with all kinds of emotional baggage and people’s attitudes toward money can be highly emotional. This may be less so among institutional and professional buyers (at least that’s what we’re supposed to believe) but for the consumer, hitting the right emotional notes can be critical.

A lot of ink and pixels have been spilled on the topic of investor psychology, so I’m not going to go there. Instead, I want to talk about hitting the right emotional notes when writing to the average investor and professional buyers alike.

Bill Gross of PIMCO does this very well. Although he can be a bit long-winded. His market commentary and books almost always tell a story and are written to evoke emotion.

An example from his most recent investment outlook:

“About six months ago, I only half in jest told Mohamed that my tombstone would read, “Bill Gross, RIP, He didn’t own ‘Treasuries’.” Now, of course, the days are getting longer and as they say in golf, it is better to be above – as opposed to below – the grass. And it is better as well, to be delivering alpha as opposed to delevering in the bond market or global economy. The best way to visualize successful delivering is to recognize that investors are locked up in a financially repressive environment that reduces future returns for all financial assets. Breaking out of that “jail” is what I call the Great Escape, and what I hope to explain in the next few pages.”

Of course, this isn’t for everyone, and maybe I’m a bit of an investment geek, but I don't think you need to be a CFA to want to continue reading.

While his storytelling does a good job of attracting and engaging readers, his writing also has the potential to elicit a number of different emotional responses (all of which are better than boredom, of course):

Anger and annoyance
Fear and paralysis
Shock
Acceptance and hope

Perhaps more importantly, Bill understands the potential emotions his writing can evoke and he addresses the first three with the following techniques.

First, he prepares his audience for potential anger, annoyance, fear or shock by letting them know he’s about to tell them something they may not want to hear or agree with.

Second, after he drops a bomb, he let’s readers know that there’s hope – that his research shows there is a way out of this mess. He offers tips and insight to allay fears, annoyance or potential shock.

Finally, he keeps it real. He acknowledges the real challenges we face as investors and lets readers know that he appreciates the complexities, assumptions and undertones of the situations we face. He doesn’t come across as if he has all the answers, but he does come across as someone who understands them and that give us confidence. It helps us get to acceptance and hope.

I'll have the plain bagel

Tue, 03 Apr 2012 10:31:51 -0500

Oddly enough, the everything bagel I enjoyed this morning (we should have at least one bagel related post) reminded me of a recent post by Joe Pulizzi, founder of the Content Marketing Institute, titled “Content Marketing for Professional Services: Does It Cannibalize Your Business?”

Joe writes, “Today, a blog is just a ticket to the ball game. 65% of B2B companies have blogs today (according to CMI and MarketingProfs research). In order to be the leading expert for your industry, you need to take story ideas and adapt them to channels, like blowing a dandelion in the wind. For example, with the Content Marketing Playbook, although the eBook was the main content product, we produced a SlideShare version, multiple podcasts, multiple blog posts, a news release, an e-newsletter version, snippets in our print magazine, guest blogs, promotions on Twitter, Facebook, LinkedIn, Google+, and more.”

While I agree with just about every point Joe makes, he also points out that you should “know your niche,” know your audiences,” “know your budget” and “know your metrics.”

If you’re paying attention to all these things then ideally you have a well-defined audience with specific needs and objectives, and like most businesses your resources are limited. As a result, maybe a print version that’s promoted on LinkedIn is the best approach. Maybe only a SlideShare version makes sense. My point is, content marketing doesn’t always require adapting to numerous channels.

Maybe Joe isn’t suggesting that you should always repurpose content to multiple channels, “like blowing a dandelion in the wind,” but I got the impression he is.

His post left me thinking that just like the everything bagel, when it comes to content marketing, our tendency is to want it all. Since we can’t always be certain how our audiences will prefer to consume content, with so many options available, let’s throw everything out there and see what sticks.

I would argue that sometimes the plain bagel tastes just as good. As long as it's from Ess-a-Bagel.

It's not always about being different

Thu, 22 Mar 2012 10:05:47 -0500

With the markets in recovery mode and the recent financial crisis becoming a distant memory, it seems like a good time to reflect on what we’ve learned, if anything.

As I dug a bit deeper on the topic of “lessons from the financial crisis,” which only returned about 40 million results, the idea of rebuilding trust came up more than a few times. I then stumbled upon a presentation that I think offers some interesting perspectives on the topic.

Titled simply “Trust,” the author, Justin Basini, argues that trust building begins with managing risk and clearly communicating them as opposed to marketing products and services benefits.

It sounds simple enough, but it’s actually a fairly radical idea given the investment industry’s historical focus on product benefits, as opposed to managing risks, expectations and discovery of clients’ needs and objectives.

To clarify, Justin is not saying that the industry shouldn’t discuss benefits. He’s simply saying that there needs to be a more balanced approach to communicating benefits, as well as risks and expectations in a clear and simple way.

Unfortunately, this tendency to focus on benefits, as opposed to risks, was amplified during the recent economic crisis.

Most crises’ start with a mistake, and either move into the social conscience as a conspiracy or incompetence. For the entire investment industry, public perception moved directly from crisis to incompetence due to the complexity of the issue and the belief that business leaders simply didn’t manage risk appropriately or didn’t realize what they were getting into.

Top-down communications don’t work right now

The question then becomes, how do you deal with it? Many firms continue to apply a “top-down” approach to communications. Meaning, the CEO or spokesperson comes out with the corporate approved message. The age of top-down communications, however, is dead (at least for the time being). Messages now flow through numerous and sometimes unexpected channels. As a result, marketing and corporate communications need to adapt.

You must empower and arm your entire company with the right messages for partners and consumers. This is critical because society doesn’t trust the face of corporate America – the CEO. They’re more likely, however, to trust their peers.

What this also means is that for the time being, the trust challenge is not solved by differentiation but rather by whom and how your message is delivered.

Making a difference and finding what you truly believe

Companies and the entire industry also need to prove to distribution partners and investors that they’re worthy of trust. One of the ways you can do this is by recognizing and communicating what your role is in the global economy and what your responsibility is to your community and to people’s lives.

In other words, how do you make a difference as opposed to how are you better or different?

It sounds risky, especially given the negative market environment we’ve just experienced, and finding that right message can be difficult, but in reading another interesting post by Steve Gardner, President of Gardner Nelson + Partners it’s clear that the companies that are willing to communicate what they really believe, no matter what the market environment, will be rewarded in the long run.

P.S. As this post was publishing I received an email about John Hancock’s new “Trust” campaign. The ads are aimed at stressing the importance of trusted advisors with one boasting, “People don’t trust the market. People don’t trust the economy. People don’t trust the government. But you, they trust.”

Seems we were thinking along the same lines.

QR codes: Financial services as an early adapter

Mon, 12 Mar 2012 15:11:58 -0500

A study by Competitrack, an advertising tracking firm that began tracking print ads using QR codes in 2011, revealed that financial services has been making extensive use of this technology: 6.7% of all QR code activity, third following retail (21.9%) and technology (13.6%).[1] This is notable, as the financial services industry is generally not an early adapter to new technologies.

Competitrack listed the top 30 companies using QR codes in their print advertising: OppenheimerFunds ranked number one (85%); State Street, number four (61%); Aetna, number eight (33%); American Express, number 13 (21%); and Chase, number 18 (15%).1 According to Competitrack, more than three out of every five print ads run by OppenheimerFunds and State Street in 2011 featured QR codes.

Martha Willis, CMO, OppenheimerFunds, said that the QR codes drive people to GlobalizeYourThinking.com, a site that delivers “snackable” content to advisors who can then send it to their clients, including white papers, investment ideas and multimedia. So instead of handing out brochures, advisors can “share these little streaming infomercials.”[2]

With this program, OppenheimerFunds received the kind of exposure—20,000 video downloads overall, QR code directly responsible for 1,000 views in 2½ months—that “would have taken [them] 20 years using the in-person model.”2

Willis draws attention to the fact that by embracing new technologies, advisors and asset managers project an image of being on the cutting edge. Using outdated modes of communication can be harmful to a brand. Asset managers should make confident use of technology and trends.

Another example of incorporating QR codes into a marketing strategy is Emerald’s QRConnect program. Emerald is a company that provides financial advisors with turnkey seminar systems, websites, newsletters and other marketing materials. For its newsletter and website clients, a QR code is placed on the front of each newsletter. When the end clients scan it, they are brought to additional content hosted on the participating advisor’s website.[3] This encourages the client to visit the entire advisor site and provides a touch point, efficiently and cheaply.

The recent study from Competitrack and Emerald’s early adoption suggest a shift in the industry’s historically skeptical view of new technology and nontraditional marketing approaches.

[1] Competitrack, “Black White, and Read All Over,” 2012. (http://www.competitrack.com/nhpub/2dcodes/index.html)

[2] B2B, “Close-Up with Martha Willis, CMO, OppenheimerFunds,” March 30, 2011.

[3] www.emeraldconnect.com/qr

Twitter anyone?

Fri, 24 Feb 2012 14:53:58 -0500

Conventional wisdom in the Twittersphere is that 1) your tweets should show your personality, 2) you should tweet often or your followers will lose interest or never notice you, 3) tweeting should lead to conversations, 4) doing it any other way is wrong. While #1-3 may reflect best practices, #4 just isn't right.

You can use Twitter as a micro-broadcasting medium.

It doesn't need to sound like a perky, helpful friend.

It doesn't need to be a conversation.

Most social media "experts" are contemplating retail brands and individuals, not the compliance-rich, institutional, intermediary-sale world that most of us inhabit. Do you really think an institutional consultant would mind the simple tweets "Q4 performance for our Small Cap fund is now posted" or "Joanne Smith thinks Latam is overlooked and undervalued", each with a link to the website?

I hear a lot of trepidation from asset and wealth managers about getting into Twitter. But I don't think it needs to be that complicated. Of course it'd be nice to have great company personalities tweeting from company-related individual accounts, but simply posting announcements when you can is better than a void. It provides clients with another way of getting the information they need, increases your SEO, and starts giving you the experience you need to hone a strategy that makes sense for your company.

Social Media Week: February 13-17, 2012

Thu, 09 Feb 2012 16:50:08 -0500

The fourth annual Social Media Week is fast approaching! It will be recognized around the world, with events and programs taking place in New York, Washington DC, Miami, San Francisco, Toronto, London, Paris, Tokyo, Hong Kong, Singapore, Hamburg, and Sao Paulo.

The theme for Social Media Week is "Empowering Change through Collaboration." The goal is to encourage discussion and to focus on how social media engages users and encourages a constant dialogue between individuals and organizations. Here at Wechsler, we hear hear from asset and wealth managers who have told us that the continuing development of their social media remains an important priority. That's why we're planning to attend some of the events here in New York. We hope you will too! To find event locations and times, click here http://socialmediaweek.org/schedule/.

Some of the sponsors include Constant Contact, LinkedIn, Ogilvy & Mather, Yahoo!, Financial Times, Nokia, Event Espresso, and The Guardian, to name a few.

For more information, please visit http://socialmediaweek.org/. At this site, you can even download an official mobile app, so that you can stay in the loop throughout the week.

I second that emoticon

Thu, 19 Jan 2012 14:31:50 -0500

I’m not sure what it is about emoticons and acronyms that rub me the wrong way but it seems as if these amalgamations of characters are now becoming a necessity when sending text messages, emails or social media updates.

I recently sent a text message that was meant to be sarcastic and as always chose to omit the use of an emoticon. Well, in the place of hilarity an apology ensued…mine. The messages original intent was totally lost on the recipient. We live in a world where technology creates needs; I know I cringe every time I see someone break out a non-smart cellphone. Doesn’t that person need to check their Facebook timeline twenty times a day? In today’s 140 characters or less digital environment, brevity is king and the ability to express oneself in a concise manner is quickly becoming a prerequisite skillset. Yes, emoticons can hinder the severity of your content, but if used correctly, they inject personality and ensures against the dilution of the message's original intent.

As most of my friends will attest, I’m not the most masculine guy out there, I sew, bake and love my man purses like a fat kid likes cake, but something about putting a :) or an “lol” at the end of a statement makes me feel like I should be debating if I’m on team Jacob or Edward (let me not get into the whole laughing at your own joke thing). It may be hard to do but it seems as if I’m going to have to either embrace this new way of communicating or go the way of the dodo. We shall see. ;)

Enter the SnapTag

Wed, 04 Jan 2012 10:42:29 -0500

By now you’ve had to have encountered QR codes (Quick response codes) and possibly even Microsoft Tags and just when you thought you understood how to incorporate these scannable codes into your brand marketing a new player enters the fray.

SpyderLynk, which describes itself as a mobile activation and marketing platform company, recently developed SnapTags, which incorporate your logo into a code that can either be scanned using their proprietary SnapTag reader or by taking and sending a picture of the SnapTag to a designated short code using any standard camera phone.

With SnapTags, SpyderLynk is attempting to accommodate the high number of mobile phone users who aren’t able to utilize scanning apps on their current mobile device. They attest that 88% of mobile phones have a camera whereas utilizing other technologies, such as QR codes, require a scanning app on your iPhone or Android device. Another benefit of SnapTags is the ability to receive content directly to your phone whereas QR codes typically take you to a Website thus requiring Web access.

Partnering with SpyderLynk, Toyota Motor Sales recently created what they are calling a ToyoTag and incorporated it into all of its marketing communications. They are hoping to foster interactions with its customers at all points of contact with its products. Michael K. Nelson, interactive communications marketing manager at Toyota stated, “The ToyoTag allows customers to engage with us wherever and whenever they want information.” Toyota isn’t alone in their implementation of SnapTags as Glamour magazine, Orbit gum, Coke and Bud Light have all dipped their toes in the pool of early adopters.

With the ability to instantly receive exclusive content, grow social media, allow for social sharing and build brand awareness, SnapTags seem to be the next big thing in marketing. The need for new methods of engagement and the ability to track and measure consumer interest is something that is important to all brand marketers when creating integrated campaigns. The possibilities for scannable codes seem to be as endless as they are exciting and I for one can’t wait to see what the future holds.