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Monday
Nov252013

The 4 Presentation Tics That Show You’re Left Over From The Last Century

Unlike my esteemed colleague Investment Writing blogger Susan Weiner who says she’s planned through March 2014, I don’t plan and write these blog posts months in advance. I bookmark ideas, write a few lines here and there, and once a week something gets published.

As we draw toward the close of the year, I’m organizing what’s left to say in the remaining posts of 2013. There’s one idea that’s been brewing all year. I’ve been putting it off while adding to it. It doesn’t quite meet my loose standards for a Rock The Boat Marketing blog topic: needs to be relevant to mutual fund and exchange-traded fund (ETF) marketers, should offer something helpful and take an overall positive tone.

However…if I promise extra jolliness in subsequent posts, maybe you’ll indulge my following gripes about presenters at conferences whose topics touch on but are not limited to digital marketing at asset managers. Helpful? Gosh, I hope something below helps in some way to minimize these presentation offenses in 2014.

There are few business activities I love more than attending conferences and sitting in on sessions. I’m not making voodoo dolls out of most presenters, I promise. And, yes, I do have a sense of humor usually. But, what century are some of these presenters from? The following is directed to the offenders.

1. Butchering the name of the speaker you’re introducing and laughing it off. 

You’ve been asked to introduce someone and didn’t go to the trouble to learn the pronunciation of the speaker’s name? Don’t try to enlist the audience in your attempts to obscure the fact by guffawing your way through a name.

People’s names aren’t an occasion to poke fun or point out differences, their names are who they are. Nobody in a 21st century audience laughs along, and you are up there all alone. If you are not a xenophobe, why act like one?

2. Blaming everything that goes wrong on “technology.”

Granted, this may have been an audience sympathy winning move at some point, back when speaker and audience stared at each other waiting for the AV guy to zoom in to save the day.

But look at the audience you’re presenting to in 2014—that is, if you can see their faces behind their smartphones and tablets. They’re not technophobes and Luddites, and they know that “technology” isn’t the bogeyman that inexplicably sabotages presentations. What’s the deal? Internet access? Display issues? Files gone missing?

Give your audience a little credit for being able to distinguish between a hapless presenter and setting-specific challenges.

3. Making jokes at the expense of women.

“The wife” is still a go-to source of inspiration for would-be jokesters. For as commonplace as this is, it still stuns me when it happens, which was at least once at every conference I attended this year. Examples: The portfolio manager who repeatedly referred to “the wife’s” dress size. The payments presenter who explained that alerts could be used to curb “the wife’s” spending.  

People attend presentations to hear something new, not to be taken back to the days of Jackie Gleason and the Honeymooners. This tic antagonizes women, but all in the audience are dumbfounded.

Do this at the risk of completely losing your audience. It’s impossible to pay attention to someone so gleefully disrespectful and hanging on to an earlier time.

4. Ignoring the social back channel.

Time doesn’t stop between the day presentation materials are due and the date of the presentation. The best presenters keep current and will refresh their slide content on the fly during the presentation. But that isn’t enough anymore.

Hello! In almost all public presentation contexts today, there’s a back channel on Twitter, blogs or other forums. Your audience is sharing what’s on their minds, what they’re interested in, even what they’re hoping you’ll be covering. 

Nowadays, following an event's hashtag is the least a presenter can do, to get a sense of the attendees and the overall tone of the conference.

The slide below is from a presentation that Morningstar's Leslie Marshall gave on hashtag conference use at financial services events at a Business Development Institute forum in October. 

You have two choices:

  • To take the stage oblivious to your environment and deliver a hermetically sealed presentation. Just so you know, things can turn south when you step into something and it’s obvious that you haven’t been “listening” to what’s being said. The back channel works before, during and after your remarks.
  • To check in on Twitter or other appropriate networks and learn what you use as an opportunity to deliver a relevant, timely talk. At the minimum, you’ve shown your audience that you care about what they say. Additional, positive social lift for you and your content is a possibility, too. 

C’mon, let’s get it all out before the holidays’ official start: What tics tick you off?  

Note: The December 12 RegEd Webinar with Blane Warrene and Susan Weiner, which I mentioned when I published this post, has been postponed. Watch for an update from RegEd.

Tuesday
Nov192013

Fund Fact Sheets: The State of the Art

Mutual fund and exchange-traded fund (EF) digital marketers can and should make big plans. But everyone knows that the accurate, on-time publishing of quarterly fund fact sheets is Marketing Job #1 at asset management firms. Nothing gets done until the fact sheets are updated. It can be a life-sucking experience.

Because it’s been a while since I’ve been in the line of fire for this work, I asked Kurtosys to answer a few questions on the state of the art.

I became acquainted with Kurtosys, “a global provider of digital marketing and client reporting tools that help asset managers attract and retain investor assets,” via Twitter and I like their blog, too. Kurtosys is in the business of selling solutions and in the process of preparing this post it was sometimes impossible to de-couple their response from their philosophy and their underlying product. Still, I think their market perspective is worthwhile.

Beyond the relationship we established in our back and forth for this post, Rock The Boat Marketing has no business tie to Kurtosys. If another provider of fund fact sheet automation solutions wants to submit a guest post with answers to these same questions, I’d be happy to publish it, too. The more we can all share about who's doing what to get the fact sheet monkey off our backs, the more time we'll have to do value-added work.

The answers below were provided by Gerritt Graham (Commercial Director-Americas). 

Q. What’s the standard today for how quickly and efficiently the majority of asset managers are producing fact sheets?

Gerritt Graham, Kurtosys

Graham: These days, we’re hearing that fact sheet production takes from one to three weeks or longer. Depending on the size of the asset management company, there’s a tipping point where automation becomes a necessity, and that usually happens when a firm manages 10 funds or more. Larger organizations that produce hundreds or thousands of fact sheets already have automation in place. In these cases, any edit to the system becomes a “Change Management” issue, and they typically work to continuously improve this process.

Q. Are firms waiting for the data for all funds to be available? Or, are they publishing on a staggered basis reflecting the fact that data for some funds can be available earlier than other types of funds? 

Graham: Generally, all fund documents are produced simultaneously at month or quarter-end. More often, it’s staggered by delivery channel, which is a big problem. The asset manager’s Marketing team says, “OK, we have our fact sheets done and posted on the Web, now we have to key them into all of the Website’s charts and presentations!” 
 

Different organizations prioritize this differently. Some don’t even post data on the Website, but those that do are scrambling to do it in synchronicity with their PDF reports to clients, PowerPoint decks and other sales and marketing materials. And that’s no small trick, as this fund performance info can have multiple versions, domiciles, languages and document types for different devices.

We talk to our clients about keeping all data and documents in a unified data model (UDM) that enables the same fund performance info to flow through all distribution types. This takes a combination of two processes: 1) understanding and classifying all this financial data in a unified way and 2) mastering all of these output types: Websites, monthly or quarterly fact sheets, longer fund/strategy reviews, pitchbooks or sales aids, and increasingly, mobile applications. It’s essentially implementing one solution and delivering five kinds of output. 

Q. The industry has had automated solutions for publishing fact sheets to print, PDF and Web for years now. What's the status of publishing to presentation decks? 

Graham: Creating data-driven pitchbooks is a massive problem across the board. Asset management firms build automation to output PDFs and they don’t want to break it by moving to other output types like pitchbooks or presentations.
 

As a standard document, fact sheets usually come first—most firms have established calendar deadlines to publish these, so that’s the priority. Too often, any subsequent works based on those fact sheets are error-prone as the derived content is entered by hand and these manual processes introduce errors. We believe that the goal should be to automate the creation of pitchbooks or presentations, enabling dynamic updating as the underlying data changes. 

Q. Are there other state-of-the-art applications? Are there any advances in Web delivery of fund marketing data? 

Graham: The truly disruptive game-changer is harnessing the analytics behind newer, interactive fund tools. Most fund marketers already understand how tracking the investor’s online journey can help you test and tune your Website to get significantly better marketing results.

But financial service marketers need to get beyond the basics of just knowing which pages are attracting the most visits. That won’t cut it when it’s time to justify exactly which fund marketing efforts make a difference. Tracking ROI with real marketing revenue means getting smarter about this. Meta tags on drill-down data like fund type, domicile and other identifiers can help asset managers turn Web traffic into actionable intelligence. That’s what’s happening now. 

Q. Back in the day, the most difficult data requests tended to come from national account relationships. There was the case of a valued distribution partner that used a different categorization of our funds than we did. And, most firms used just a handful of funds versus the full range. The request was that we provide monthly and even daily updated data on just those select funds, using the partner’s asset class designations, to the firm’s Intranet or Extranet.

What’s happening today? Has anything changed in terms of how those one-off requests get handled?  

Graham: The industry is so behind in using technology that issues like these are maddening for most asset managers. Firms can’t assume the position that “We deliver data just this way.” They should be looking at what their target investors and partners really want. That’s what stirs real innovation.

This market is report-centric. The first thing everyone asks about is output: “What do I need to show and how should it look?” The second step is to build a pipe to get the data.

As a result, everything is fit for one purpose. Every new classification, mapping or output type needs a new purpose-built solution (or it becomes a stapled, duct-taped mess). This approach isn’t scalable. We believe in unifying the data so changes like this simply become “Let’s turn on this switch,” and out comes another type of reporting. 

Q. The industry has extensive experience in feeding data to outside services (e.g., Morningstar and Lipper), but what can you tell us about distributing selected data (not every fund, not all data, etc.) to other applicationsfor example, a display ad with a data reference that must be updated?

Graham: We don’t hear a lot of questions about that currently. But there is a huge opportunity to inform the asset manager about all the places where their data appears—and where it’s wrong. Because of manual processes or unchecked data feeds, outside data services can end up showing incorrect data. 

This happens today—from the fact sheet to the presentation to the asset manager’s own Website—with data that’s not just out of sync, but completely wrong! And you can imagine how your typical Chief Compliance Officer feels about this. An “entitled distribution” process can enable a firm to choose which information—at both the document and meta-data level—is permissioned to be sent to each recipient before it leaves the system. 

Q. Finally, what are your smartest clients talking to you about?

Graham: Our most cutting-edge clients are thinking creatively with us about improving workflow, analytics and display technologies. But in the end they want to use technology to attract and retain assets. That means understanding the different needs of their audience, whether they are deep-pocketed and conservative institutional investors or their influential consultants or even individual investors who have increasingly high expectations for sexy, impressive presentations.

Check out [above] what JP Morgan UK is doing—beautiful layout and groundbreaking use of embedded data and performance charting. They’re doing the work of getting to know the audience, A/B testing interactive pages, and delivering the message in the appropriate way and channel.

Gerritt Graham is responsible for managing all sales, account management and long-term revenue strategy at Kurtosys in the Americas. His nearly 20-year financial services and technology career includes a variety of senior, global business development roles at The Oracle Corporation, Thomson Reuters and the Gerson Lehrman Group.

Wednesday
Nov132013

A Glimpse At What Goes On Behind Closed Doors

Today online, there’s no telling who’s going to share what about a business, taking advantage of low-barrier publishing capabilities and distribution via social networks.

The investment industry is taking part in this trend toward full disclosure (if you will), and that's quite a departure. When investment communications were bound by the physical distribution of printed materials, investors were provided with the bare minimum that was required and maybe a shareholder newsletter printed on tissue paper. The economics prohibited fund companies from going much further.

Now that peeks at the culture, capabilities and processes are being posted by investment firms, advisors, investors and others, the rest of us are gaining a betteralbeit randomidea of what's going on behind your closed doors. 

Inside SEI

I actually laughed out loud when I saw this tweet from SEI yesterday. Desks on wheels as a brand proof point! 

This Meeting Is By Invitation Only But...

The notion of a closed meeting or conference call is falling by the wayside. Organizations including "the elite gathering of the nation's pre-eminent independent advisors" (#BarronsTopAdvisors) are announcing hashtags. And, even when tweeting from an event isn't fully sanctioned by the sponsor, at least one or two attendees more often than not will.

The Camera Doesn't Always Lie

The next example is not from the wild, the photo appeared with others in an ad campaign/microsite. What I love about it is its realism, even if it was directed realism.

This looks pretty faithful to how work gets done at MFS, across three screens in probably three locales. Nobody spruced up, nobody’s smiling, there’s no glamorizing the job whatsoever. 

What Would You Watch?

Fidelity wrote a smart hashtag to accompany this photo of "the largest plasma screen in the world." Note the 19 retweets and 12 favorites. 

Can I Get A Witness?

Let’s wrap up this skip through the Rock The Boat Marketing scrapbook by looking at a few tweets sent by investors sharing details of their investment firm experience. The images they upload are designed to both elicit a response and appeal to the court of public opinion. Not shown in the embeds are the firms' responses.

Monday
Nov042013

Is Financial Services Content Marketing The New Black?

Orange may be the new black in streaming video, but is financial services content marketing, and digital marketing in general, the new black online?

Probably not. But it does seem as if content marketing produced about financial services content marketing is in vogue lately.

When you toil in relative obscurity, as most mutual fund and exchange-traded fund (ETF) marketers (and those who support them on the outside) do, the spotlight can be jarring. The initial reaction may be giddiness that somebody is paying attention...and then there's unease, “Hmm, let's hope they’ve paid close enough attention to get this right.”

Most of what's being published is "right." Some of the reports include useful insights. What I object to are the sweeping generalizations, the reports that are lightly researched and/or derivative, and the errors. If this is financial services content marketers' day in the sun, I'd like to see the breakthrough work that's being done, including the creative and innovative solutions that are being identified, get acknowledged. 

Financial Services Trails And Often Fails...

In March, I took exception to the start of a Content Marketing Institute post that sized up the state of content marketing in the financial services industry this way:

…financial service providers often fail to build and execute dynamic content marketing programs. Instead, they frequently rely on tried-and-true, but far less creative, tactics. Cue the deluge of exceedingly dry white papers and webinars, and the direct mail magazines that often just wind up in the trash.

To be clear, the problem isn’t a lack of effort, and it’s certainly not a lack of high-quality content. Instead, it’s the way the industry seemingly operates under the misconception that its heavy regulatory burdens both preclude and exempt it from taking a creative approach to content. Remember, those regulations are predominantly focused on what’s being said, not the style and delivery of the message.

Another problem is a palpable anxiety about the unknown that clearly stifles innovation and discourages a clear point of view.

The absence of a point of view? Uh, no, that doesn't characterize 90% of the work I see. I felt that this was a narrowly informed assessment. It partly redeemed itself by singling out three examples of creativity from Putnam Investments (the Retirement Savings Challenge blog), Credit Suisse (The Financialist digital magazine) and SunLife Financial's BrighterLife Website.

Or Maybe Financial Services Is Pioneering...?

A few weeks ago, an entirely different sentiment was expressed.  

In what must be one of the least commented (1 comment) and shared Huffington Post posts ever (financial services marketing may not yet be a mainstream topic), a strategist from Contently.com on October 15 proclaimed: "Over the past few years, we've seen some of the biggest brand publishing success stories come from the financial industry and across the full spectrum of financial services.”

You can download the 26-page ebook Banking on Content: How the Finance Industry is Pioneering the New Marketing for Contently’s take featuring mostly U.S. examples from BlackRock, Prudential, Fidelity, Putnam (again with the Retirement Savings Challenge blog) and Credit Suisse (The Financialist again).

They lost me on page 4 with the statement: "…the industry has to contend with two major agencies that regulate their media use: the Financial Services Authority (FSA) and the Financial Industry Regulator Authority."

The FSA was a regulatory body in the UK abolished six months ago. It’s the Financial Industry Regulatory Authority. And, there's no mention of the Federal Financial Institutions Examination Council (FFIEC) or the SEC?

The Rise Of Digital Marketing In 2013?

It’s not unusual for marketing automation provider Marketo to publish ebooks focused on digital marketing and verticals. There’s “The State of Content Marketing & Social Media in the Medical & Fitness Industries” and “The Doctor Will See You Now: Lessons for Marketing in the Healthcare Industry.”

Marketing automation makes sense for many firms in this space and I know of implementations where it's adding value. My issue is limited to Marketo’s financial services ebook, which starts with the title: “Don't Get Left Behind: The Rise of Digital Marketing in Financial Services.”

According to the Financial Brand, 40% of financial marketers’ budgets was devoted to digital in 2013. In order to command that much of the budget this year, the rise of digital marketing would have been years ago.

I'll also push back on the assertion that “…financial institutions are holding themselves back by being unwilling to change with the times.” The statement appears on the same page as a bar chart that shows one of the top concerns in adopting digital marketing tactics is "inability to prove ROI." Seems like a legitimate concern, and one that's more on-point than willingness or unwillingness to change with the times.

You can download the report, which cites Credit Suisse (whose The Financialist is cited again), SunLife (BrighterLife again) and Allianz among others.

A Smarter Take

As I was wrapping up this post, I heard from someone who’s in the B2B content marketing business. Angela Long of Reputation Capital and I had talked several weeks ago, and she was following up with her whitepaper titled—wait for it—“Content Marketing for Financial Services.”

Although most of the content is directed to financial institutions, one of the case studies is about Putnam. I’d rank Putnam as one of the top content marketers in this space, and this pieces shows they have more to talk about than just their retirement blog.

There’s little to fault in this information-packed paper, which includes a few quotes from me. You can download it here.

Take It From Someone Who Does It

Ultimately, industry practitioners may be the most reliable source to turn to for an accurate, real-time look at how financial services digital marketing, including content and social tactics, is evolving.

Slowly, the investment strategists, money managers and product people are finding their public voices. I can't wait until CMO-types start getting out there, pointing to what they recognize as ground-breaking and promoting their own firms’ good work. This will help all around but most especially in recruiting the kinds of creative and innovative talent that mutual funds and ETFs need to go forward.

It’s from August, but here’s a best practice presentation from Augie Ray, Prudential’s Director of Social Media Strategy that I came across in a post published last week on Social Media Today.

How are financial services firms, including Vanguard, Fidelity, Ameriprise, USAA and Zurich, using social media to help resolve the trust gap? Ray provides excellent context and good examples.

Tuesday
Oct222013

Some Level-Setting About The Sharing Of Mutual Fund And ETF Content

Investment firm marketers need to take what’s known and reported about the social networks overall and then do their own thinking about the opportunities for the business they’re in and for their firms.

That second step is important, given the hoopla surrounding social media activity and results. Some of what builds expectations about the benefits of social media doesn’t apply to the largely business-to-business wholesale distribution context that most mutual fund and exchange-traded fund (ETF) firms operate in.

Interest in social interaction is keen for several reasons. There’s the opportunity to build awareness by being social and there’s the potential to demonstrate relevance as a member of an online community. Near the top of the list of reasons, in part because it’s eminently measureable, is the promise that social networks will help spread asset manager-authored content. It’s a wish, a hope and a prayer of firms that have social accounts and also those that don’t.

How much sharing of homegrown investment company content is there, really? 

Based On A Sampling Of September Posts

You and your firm have access to the best, most complete data on usage of your own content, including Web analytics. But to get a sense of what’s happening across the board, I’ve reviewed some sharing data across a sampling of continuously content-producing asset manager sites.

My objective wasn’t to identify what firm's content is being shared the most. Sharing is a function of the size of the audience initially reached, which in turn is a function of brand, promotion, firm size, energy the firm devotes to social networks, timing of the content posting, etcetera etcetera.

For this exercise, the focus was on the extent to which content published on mutual fund and ETF domains gets a lift from those who share links to their social networks. Based on the social sharing counters on some sites and on some other signs, I had a hunch.

Please note that what follows is a look at asset manager content sharing that’s limited in scope and time. The review was contained to investment commentary-type content published, mostly on blogs, by 10 firms. Included were all posts published by these firms in September, a total of 111 posts. The mix included 22 updates in the month from BlackRock on the high end and 4 from MFS on the low end. An additional 22 financial advisor-directed September posts also were reviewed, you'll read more below about those. 

The sites whose content was included:

The tool I used was the SharedCount multi-URL dashboard, which I believe to be reliable based on checks against my own site and other sites’ analytics. A few counts disagree with the counts published in the social sharing icons on a few asset manager sites.

SharedCount reports on multiple sites, but sharing of investment company content appears to be contained to four sites: LinkedIn, Facebook, Twitter and Google+. 

I looked at the September URLs from the sites and then exported and combined the sharing data as of October 15 to produce scatter charts. You could do the same with your competitive set.

A Few General Insights

This data suggests:

  • We may need some level-setting about the prospects for others’ sharing the content that firms create and publish on their own domains. As you’ll see below, sharing is at low levels, most definitely not on the same scale as in other industries. 
  • It’s unrealistic to expect all content to be shared to the same extent. Your content portfolio is going to have top performers and also-rans. According to an InboundWriter study published in September, 20% of companies’ online content drives 90% of their Web traffic. 
  • At the same time, we may need a reality check about what’s shareworthy. People share content they believe others will respond to. In that respect, market and investment commentary—the bread and butter of asset manager content—has a few strikes against it. It can be dry, esoteric and, occasionally in this polarized environment, explicitly or implicitly political. To think more about why people share, I recommend that you download The Psychology of Sharing, published by The New York Times last year.
  • If you're serious about supporting the sharing of your content, you might take a look at how you present your social sharing icons. Move them up top and make them so big that they're impossible to miss.
  • Firms large and small are reporting more success with their content syndication efforts. Making content available on other, better trafficked sites with better reader engagement is a critical piece to making sure your content gets the attention it deserves. 

LinkedIn

Public sharing from asset manager domains to social networks is at its highest on LinkedIn, based on how LinkedIn sharing (1,533 total shares) trounced all other sharing to other networks in September. Here's a look at the distribution of the LinkedIn sharing data from each September post. 

Even so, few asset manager posts attracted more than 50 shares in September. See the Track Social site for an idea of how leading brands are doing. The top 10 brands on LinkedIn attracted more than 3,700 Likes last week—with LinkedIn itself topping the leaderboard with almost 15,000 Likes.  

Facebook

A total 722 Facebook Likes and Shares ranked Facebook second on the list of shared mutual fund and ETF domain content published in September. Facebook users' support of Franklin Templeton content had a lot to do with it.

For reference, according to Track Social, the top 10 brands got at least 45,000 Likes on their posts per day, as of data reported last week. Fox News tops the list with 117,000 Likes per day. 

Twitter

Most September asset manager posts prompted fewer than 20 tweets, for a total of 601 shares.

The Track Social data is not relevant here because the closest measure would be to look at brand retweets. However, not everything that a brand tweets is about content it’s posted on its domain. The top 10 brands got more than 4,000 retweets of their tweets per day last week, with ESPN getting more than 15,000 retweets. Yes, not much of a benchmark for this space.

A low level of content shares will limit a firm’s prospects for awareness-raising and relevance. But remember that this kind of content-sharing analysis goes only so far. The next step is to understand the amplification effect of the content shares.

Amplification is something that Twitter is particularly good at, and fortunately for us, several tools are available to analyze what’s happening for an account on Twitter, including its reach and even effectiveness.

Below is a screenshot from Topsy showing the total number of tweets and the total number of “highly influential tweets” to a PIMCO post. Topsy tags the top 0.2% most influential of all Twitter users as “highly influential," and “influential” tags are used for the top 0.5% most influential Twitter users. 

Fewer Twitter shares by influential accounts capable of amplification have the potential to get you just as much or more reach than LinkedIn shares by accounts with limited connections and reach. Unfortunately, in a spotcheck of Topsy of the September posts in our sample, very few were tweeted by highly influential accounts. And, that’s something to work on. I would do that before I gave up on Twitter.

Google+

Google+ brings up the rear, with asset manager September content appearing only rarely (20 shares in total) on public posts. It’s possible that more sharing is happening in private posts, not trackable by SharedCount.

Content shares on top-performing brand Google+ pages are much lower, too. The top 10 brands got about 117 shares, with YouTube topping the Track Social list with 313 shares, last week.

Financial Advisor Content Sharing

We’ve taken a look previously at where financial advisors are sharing content, thanks to the data that RegEd Arkovi regularly publishes. It’s a safe guess that those shares include asset manager-created content.

But, an analysis of the content published on blogs that are specifically published for advisors shows even lower level sharing. Included in the analysis were September posts from:

LinkedIn is again the network the advisor-directed content is most shared to, followed by Twitter.

  

Let's start with the fact that the universe of potential sharers is small. And, a fraction of the approximately 300,000 U.S. financial advisors have social accounts and are likely to be sharing content on any given day. Also, surfacing content that other advisors will find valuable is not an advisor’s first priority in establishing a social presence.

A cursory review of other advisor-directed Websites (media sites and prominent bloggers) suggests more sharing than asset managers are experiencing. Unknown, though, is how many of the sharers are advisors versus others in the financial advisor ecosystem. On those sites, sharing via Twitter rivals the level of LinkedIn sharing.

Thoughts? Your comments are welcome below.