New research shows that the vast majority of asset managers and insurers are still in the early stages of marketing maturity.
New York, (January 24, 2012) – kasina’s new study, Digital, Data-Driven, Differentiated: The Future of Marketing for Asset Managers and Insurers identifies ways for today’s marketing teams to move from being cost centers to demonstrating impact on profitability. While 52% of marketing teams report to the strategic C-level, few have impact-oriented goals. kasina surveyed and interviewed 29 asset management and insurance companies to include benchmarks that help marketers compare goals, staffing strategies, budgets, and elevate marketing’s impact on corporate profitability.
“Astute CMOs don’t believe that marketing will go entirely digital,” says Steven Miyao, CEO and co-Founder of kasina, “but most firms aren’t devoting an adequate portion of their resources to interactive initiatives.” On average, 59% of firms’ marketing staffs are focused on traditional and 41% on digital responsibilities. To seize on opportunities and market share, firms must integrate digital initiatives into their overall marketing strategies. While less mature marketing organizations silo their digital efforts in e-Business, mature marketing organizations disperse digital responsibilities throughout teams across direct marketing, product marketing, design and advertising.
Data analysis and interpretation is fundamental to developing successful marketing programs that help acquire and forge profitable customer relationships. Yet, as kasina’s research found, over 55% of firms have no marketing staff performing data analysis or interpretation. Without access to demographic and behavioral information, firms cannot develop and nurture deep customer relationships and remain competitive. Marketers must drive the use of customer intelligence throughout the organization and leverage customer data.
Some firms have already integrated predictive analytics to derive implications from customer data and have developed effective targeting strategies. Such sophisticated monitoring and tracking systems enable marketing to be more effective, productive and accountable. “Marketers that have powerful digital resources and comprehensive data to draw on can help create differentiated and sustainable brand experiences across all channels,” says Miyao.
The new study includes kasina’s Marketing Maturity Model, which helps firms measure the maturity of marketing organizations. The model shows that 45% of marketing teams maintain a supportive ad-hoc role within the organization, where responsibilities and goals are tactical in nature. Only a few firms integrate digital and traditional marketing to reach customers with targeted initiatives. Miyao advises “CMOs to develop capabilities and strategies that connect with advisors and build loyalty, advocacy and assets.”
kasina’s commitment to innovating distribution in the financial services industry has made it one of the most influential strategy consulting firms in its sector. kasina works with a wide variety of clients from five continents, including firms representing 90% of the total assets under management in the US. An overview of services offered by kasina is available at www.kasina.com.