Six pillars of Digital Personalisation for Asset Management Marketers

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Taking the step towards realising a Personalisation Strategy will involve many parts of an organisation, drilling deep into different business functions to enable the strategy to be fully enabled. It’s important to validate the viability of the strategy early on and to formulate an achievable implementation programme.

Whatever level of personalisation you want to bring to your customers via website, portal, email or campaigns, it’s important to start with a personalisation model that will help you define your goals and understand the needs of your customers going forward.

 

The tactical aspects for a delivery are best looked at in their simplest terms to establish the scale and depth of personalisation programme that the organisation can successfully achieve. These are driven by four fundamentals:

 

  1. People – Are the right internal resources available to run the programme or will third party resources / freelancers be needed for delivery and maintenance?
  2. Technology – what is the maturity of the technology in the organisation and will it support the personalisation strategy across the full prospect to customer cycle? What type of intelligence will be placed in different parts of that Push or Pull content experience? Will AI be key? Is the framework in place for gated / logged in content?
  3. Content – What is the content strategy and focus? What is the internal and external capacity to delivering marketing content and unique customer information from targeted content to client reporting and distribution?
  4. Budget – It’s time to play the long game. Investment in personalisation will require commitment and time to see through to completion as the incremental release of functionality and features that add value to brand connectivity to its customers and a more personalised experience is often an extended process. On the upside, this should lead to gathering more intelligent data allowing the organisation to get more efficient through the ongoing programme.

 

Digital Marketers in Asset Management need to begin to think of themselves as publishers. However, rather than running a traditional editorial publication where content and assets are defined by what the business wants to do, content delivery is now driven by the customers online behaviours and preferences.

The Six Pillars of initiating a digital Personalisation Programme

1. Create a frictionless experience throughout the customer journey

Successful customer journeys are rarely linear. To ensure that personalisation enhances rather than disrupts these journeys, it must work across devices and channels rather than sitting in silos.  

 

To build a frictionless experience, your strategy needs to be:

 

  • Cross device - Consider how you will personalise across every device your customers may be using in their daily lives. E.g. What would the user want to do on a mobile device versa a desktop device?
  • Cross channel - Reflect consistent messaging across channels to avoid disconnects as people move between them.

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2. Relevance, context & automation

To personalise in a way that is relevant, you need to map the context of your products and strategies relative to your different customer personas. This will create thematic connection that can be built into the different communication channels within the context of your customer personas e.g. web, portal, doc distribution etc.

 

These sorts of strategies are typical within nurturing campaigns driven by marketing automation or third-party AI tools with algorithms to serve content based on taxonomies.

When considering personalisation scenarios, it’s vitally important to know who you’re talking to. You’ll already have personas shaped by your user experience measurement and analysis. Without context however, these personas won’t give you enough fuel to drive your personalisation strategy. After all, acting on behavioural data is the foundation of personalisation. For example, how did the user arrive on the site? Did they use a specific search phrase or arrive from a particular email campaign? This information – much of which you can find in Google Analytics – can clear the way to the defining the user objective.

 

Customer relevance includes:

 

  • Personas – Understanding the Personas and sub personas will determine who has a need or desire for certain products or messaging and result in starting the anonymous journey e.g. via an investor modal with an already tailored content experience.
  • Location – Your personalisation strategy could be based on a multi domicile and time zones with different market conditions and investment themes.
  • Commuting, working, relaxing – What a person is doing right now affects their mindset and what they’re looking engage with – so time of day, day of week and tone of voice are key: This helps you frame messaging as much as the subject matter. A “Friday feeling” is quite different from the “Monday blues”. 
  • Market themes and hot topics – The broader media, off-page from your digital channels, will affect the uptake of your content strategies if they are on point to current trends and market events.
  • Customer journey position – What you offer a first-time visitor in one mindset, may be very different to what you serve a repeat visitor that you know, who will be in a very different mindset. For example, the asset classes and thematic they are interested in as defined by their preferences and previous browsing behaviour
  • Satisfaction – Enable your visitors to score content and personalisation anonymously to help improve future experiences. If someone has posted a negative review, you’ll want to think about the frequency of the marketing activity that you serve to that individual or the frictionless behaviour of your customers self-serving their unique investment information.
  • Motivation – Different investor types will vary in their motivation: either advising / investing on a client or institution’s behalf, or direct investing on their own account – the messaging is very different and the complexity of the personalisation should be varied.

3. Behaviours based in investor type personas

Rather than targeting people based on the basic retail, intermediary and institutional personas, consider how people behave and what this tells you about what might engage them. Think about the sub personas beneath each of the core persona types.

 

Understanding this gives you focus on what might drive them to conversion – maintaining that relevance will help with brand loyalty. This allows you to create conversion strategies that target each behavioural-based persona. 

Behavioural factors these personas could be built on include:

 

  • customer journey stage
  • customer lifetime value
  • frequency of investment
  • satisfaction / proof or hypothetical modelling
  • marketing engagement

4. Real-time intelligence – make the right technology play

If you’re not personalising in real-time, you probably aren’t personalising. Personalisation should enable your brand to react in a split second—as if you were talking to a customer face to face.

To get this right you need personalisation technology that can understand, react to, and optimise customer journeys in real-time. It does this by observing real-time behaviour, considering historic behaviour, and drawing on the wisdom of the crowd. This enables it to deliver the right message, offer, or experience at the right time.

 

Views, or page impressions, have long been the metric we’ve used to measure success of a website. However changing user behaviour, such as tab abandonment, means this is no longer a particularly useful metric to measure whether your personalisation strategy is working.

 

Instead you need to determine what you consider to be a good engagement score for your content. You can revert back to your signals here to see what you can measure and how you can interpret this data – whether that’s examining time on page, depth of scroll, interaction with features, or completion of call-to-actions.

5. Dynamic content based on behavioural signals

As part of your strategy, you will have considered how users work with your personalisation. The ‘Pull’ signals are actively supplied by a user e.g. via gated content form or Linkedin profile sign. On the other hand, the ‘Push’ signals can be registered without asking a user to make a conscious choice to share that information. For example, depending on your website’s terms of use, they could be based on a user’s browsing habits based on asset classes or insights and the related tags and taxonomy.

 

  1. Personalisation ‘Push’ – driven by the Asset Manager
    1. Investor gateway or modal – the easiest way to create baseline persona personalisation and typically forms part of a regulatory requirement.
    2. Marketing automation i.e. Pardot, Marketo etc, – cookie-based tracking of user browsing
    3. Content personalisation – typically driven by a third party such as IDIO that will drive relevant content via browser behaviour
  2. Personalisation ‘Pull’ – driven by the customer
    1. Preference or subscription centre – typically this is will be connected to marketing automation or CRM e.g. Salesforce and this is where the customer can decide on their own preferences and the types of content themes they want to read and any documents they may want to subscribe to
    2. Logged in account – A customer will self-serve client reporting and documentation. E.g. they will be setting notifications to to be alerted when new statements and related investment documents are available

 

Closely connected to the point above, intelligent personalisation needs to be dynamic. Machine learning decides what the best content for each customer is based on:

 

  • Browsing and engagement behaviour – how much has the user updated their preferences or via browsing behaviour and gating content data? What has been learnt that informs the personalisation of content and browsing experience?
  • Customer lifecycle – where are they in the marketing automation engagement score

 

This makes one-to-one marketing a reality. For example, if someone was a frequent browser of Emerging Markets, the best content to insert dynamically might be Thematic Strategies in Emerging Markets or popular EM fund recommendations. Whereas, if they were yet to access an asset class, the content might be simply based on market trends selected for their respective persona.

 

Next-level dynamic personalisation could even incorporate elements like specific fund navs or funds that they have previously browsed and their performance in different market conditions. Interactive tools can drive personalisation, be super relevant, and can drive people to browse and ‘buy’ appropriate funds based on their own outcome-based strategies. Fancy exploring this a little more? Then check out our Personalisation blog, which explores ‘push’ and ‘pull’ a little further.