Transcript Meaghan Paff - Digital Marketing for Financial Services

Email Marketing Unlocked –
Enhance Segmentation and Revenue Generation by
Understanding Advisors and Customers
December 10, 2014
Agenda
• Intro (5 minutes)
• Overview – Marketing to Financial Advisors (10 minutes)
• Case Study – Evolution of SSGA IBG Marketing Program (10 minutes)
– Moving from direct marketing > tactical optimization > relationship marketing
• Segmentation – Key Learnings (5 minutes)
• Segmentation – Advanced Programs (5 minutes)
• Q&A (10 minutes)
SSGA Global Marketing
S&R Group Overview
Head of Strategy & Research
Client Engagement
Strategist
Value Added
Programs Manager
Social Media
Strategist
Direct Marketing
Strategist
Direct Marketing
Manager
Direct Marketing &
Social Media Trafficker
Marketing Automation
Specialist
Direct Marketing &
Social Media Trafficker
Direct Marketing
Associate
Email Marketing to Financial Advisors
Barriers
• Access to many sources for similar information
• Email overload
• Short attention span
• Adverse to “marketing messages” – content is critical
• Tone is important – playful often doesn’t go over well
• A diverse audience with differing needs – from basic education to advanced portfolio
implementation ideas
• Differentiated business models – what is relevant to a Family Office professional may
not be to a Broker/Dealer
• Inconsistent use of technology across audience as a whole
• Difficult to connect marketing activity and ROI directly
Email Marketing To Financial Advisors
Planning
Ideal State
Research
& Intel
Centralized Planning/Coordination, Calendar Management
Testing/Optimization
Objectives & Programs
Generate Leads
•
•
Targeted,
subscription
based emails (3rd
party
publications) and
direct mail
Paid search
3rd Party Data
Measurement
•
Welcome Kit &
onboarding
process
Lead scoring and
grading
•
•
Outcomes
•
Qualified, opted in,
engaged leads
Better customer
experience (introduction
to program) &
prioritization of leads for
sales
Research
Drive Engagement
Nurture Leads
•
Competitive Intel
Segmentation and targeting
strategies based on historical
activity, firmographic information,
audience channel, research, etc.
Consistency across multiple
touch points: DM, Social & Value
Added programs (Gamification,
Education)
Opportunistic follow-ups
More relevant 1:1
communications, consistency
and integration across programs
= stronger, more meaningful
engagement
Enable Sales
•
•
Provide talking points on
broader initiatives and more
complex products & themes
Integrate sales into the
conversation through
follow-up strategies and
dedicated call programs
Connect marketing and sales;
put the sales rep at the center of
the relationship with the
client/prospect
Relationship Marketing Program Evolution
Case Study: Evolving Direct Marketing to Relationship Marketing:
Intermediary Business Group, State Street Global Advisors
Direct Marketing – Early Stage
Audience In CRM
Campaign Execution
Reporting/Analysis
Tactical Optimization – Program Evolution
•
•
Tactical Optimization—Improving campaign performance through process formalization, testing and research
Tactical optimization delivers:
– Maximization of ongoing campaigns and the existing content pipeline
– Insights and best practices that can improve future campaign performance
– A more customized user experience for clients
– Better resource allocation through improved planning
•
•
•
•
Quarterly Campaign Scheduling
Campaign Execution
Basic Behavioral Segmentation
Testing
Viewer/Non-Viewer
Engaged/Non-Engaged
Topic preferences
Campaign based activity - strategic follow-ups
•
•
•
•
Content format
• On-demand webcast vs Live
• Whitepaper vs. video
Time of day/day of week
Messaging by audience channel
Subject line
• Single campaign test and deploy winner
• Thematic testing for future campaign use
Qualitative and Quantitative Research
Relationship Marketing – Current State
Direct Mail
Paid Search
New SalesForce
Lead Generation
Eblasts
Registration Form w/opt in & preferences
CRM – Email, Direct Mail
Engagement
Welcome Kit/Onboarding
Week 1: Welcome Kit
Week 2: Sample of content
Week 3: Profile solicitation
Week 5: Released into active stream
Active Stream
Segmented by:
- Audience type
- Historical Activity
- Content Type/Preferences
- Geography
- Sales Tag
- SPDR U Registrant
- Profile Completion status
- Interaction with Sales
- 13F holdings
- Lifecycle Stage
- Lead Score
Inactive Stream
Segmented by:
- Early inactivity
- At Risk Inactivity
- 12+ Months inactivity
- Historical view/non-click
Key Segmentation Learnings
Activity Based
Methodology/Rationale
Active/Inactive
Having a dedicated Inactives program helps to keep active lists clean as well as win back IP’s who have stopped paying attention
to our emails (average of 79 registrants per email)
Redeploys to NonViewers
For timely content, redeploying to non-viewers has increased engagement by 50-100% and view rates by 35-50% with minimum
impact on unsubscribes
Follow-ups to engagers
Furthering the conversation with engagers on a certain topic through a “next steps” or additional related content approach
generates view and engagement rates are typically 200-300% above what we see on the initial promotion
Follow-ups to
viewers/non-engaged
For viewers that didn’t click, depending on the content we may break it down and make it more digestible; this approach has
yielded very strong results has been seen to double overall engagement depending on the topic
Historical non-openers
(versioning)
On recurring campaigns, copy and subject line testing to historical non-viewers is a proven method for getting new views/clicks
– averaging between a 14-16% view rate on one of our flagship campaigns (ETF Industry Guide)
Historical openers
(versioning)
Versioning annual campaigns to speak differently to historical viewers/engagers has proven to be very successful – we saw a
34% view rate and 4% engagement rate with this group on a recent annual Tax Paper promotion (vs. 20%, 3% average)
Implicit interest
Version by engagement with a prior topic/asset class/product launch
Audience Based
Methodology/Rationale
Channel/Region
Version by channel if a product, asset class or content promotion should be positioned differently based on an audience
segments preferences and/or business models
Sophisticated vs. nonsophisticated
Combination of channel, firm, historical activity on campaigns with sophisticated topics; may result in copy speaking to the
more advanced elements versus broken down more (WDYN approach) for the non-sophisticated group
ETF Power Users
•
•
Sub-classifications
Provides some understanding of who the person is within the firm, used as a data point in segmentation (ETF Specialist) but
would ultimately be interested in understanding how these roles can be used to inform targeting/versioning
Based on a tag in the CRM to indicate ETF power user, differentiated product positioning
13F filings can inform how to version messaging for product launches (does the firm hold a competitor fund, etc)
Advanced Segmentation Approaches
Audience
Methodology
Activity Score
• Through our marketing automation software, we will evaluate opportunities to message based on level of engagement
with our communication stream
Grade
• Based on firm level information in the CRM and input from sales re: what constitutes a valuable lead, a grade will be
established through our marketing automation software
New IP’s
• Using research findings + DM & Social activity + seek data sources that could indicate age or tenure
Tactical IP’s
• Using research finding + email activity + seek data sources that could indicate individual trading activity
Profile/Persona Based
• Leverage IP Personas and/or profile data to construct more relevant, 1:1 communications
Key Firm Targeting
• Leverage what we know about this audience already—compile and analyze
existing data by focus firm from all sources (profiles, engagement activity, sales, surveys, etc.) to help identify “best
practices” for key firm targeting
• Develop and field a survey to existing and new friends of each focus firm to uncover perceived value of our brand,
preferences for communications and market needs to further shape “best practices” for key firm targeting
• Calculate current firm penetration and set penetration and engagement goals
Business Need/Model
Based Segmentation
• With inputs from Business Intelligence and Sales; construct a pilot program that speaks to the ways in which IP’s use ETF’s
within their business model (i.e. Portfolio Manager, Passive Allocator, Home Office Outsourcer)
The views expressed in this material are the views of the SSGA Global Marketing Strategy and Research Group through the period
ended November 30, 2015 and are subject to change based on market and other conditions. This document contains certain
statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any
future performance and actual results or developments may differ materially from those projected.
All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no
representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such
information and it should not be relied on as such.
The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties
without SSgA's express written consent.
State Street Global Advisors, One Lincoln Street, Boston, MA 02111-2900
Web: www.ssga.com
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IBG-13387
Exp Date: 11/30/15