Technology and the globalization of our economy have together proven to be great equalizers in the field of marketing, creating efficiency and access that has largely leveled the playing field worldwide. This has created its own equal and opposite chaos in the realm of data overload and cyber risk, further complicated by the very fact that this is the money business. Organizations, both institutional and intermediary driven, have tighter processes for screening, selection and ongoing monitoring than ever before. Business is no longer done on a handshake. Regulation is up; technology’s capacity to track, screen and monitor massive amounts of data, both current and historical, is up; global competition is up. Meanwhile, budgets and time are down. What does this mean for marketing and sales efforts? Here is what managers should know about our changing world and how it impacts their marketing and sales:
- Due to cyber security and enhanced firewalls, firm’s marketing campaigns are not always getting through; if they do make it through, they are easily forwarded, trashed and archived with the push of a button.
- Competition is fierce given the ease of pushing ‘send’ on a marketing campaign. Institutions are inundated. Firms must be sure that what they send is as efficient and nuanced as possible to get the attention of the market.
- Materials sent are saved, forever, if they make it into the system. Firms can expect to be asked about content sent 1-3 years ago or more. Ensure that what is sent is something the firm is willing to defend, and represents the best the firm can offer.