Prioritizing Resources Based on Market Feedback
Have you thought about how to prioritize resources? Firms have budgets and time constraints. Often resources are defined based on the most convenient and/or cost-efficient solution. Firms are encouraged to think about resources from the perspective of what the market cares about. How important is a specific function? From this vantage point, we might prescribe different resource allocations.
Firms will also come to a resource allocation discussion with different attributes and histories. Some may be quite strong in online marketing but fail at basic collateral. Others might have excellent materials, but lack presentation skills. A self-assessment of firm strengths, or engaging an advisory board or outside consultant in evaluating firm strengths, can be invaluable in defining where to prioritize resources.
Firms may benefit from considering resources across the following parameters, as outlined in The Road to AUM: Driving Assets Under Management through Effective Marketing and Sales:
De Minimis: Functions that are not very important to prospects
Core: Functions that are expected to be in place, but do not need to be a ‘wow’ factor
Priority: Functions that are important, and can serve as differentiators in the marketing and sales process
Game Changer: Functions that have the most significant impact on prospect perceptions and business development outcomes
The Road to AUM provides the institutional investment management research consensus on prioritization. Firms who are marketing in other channels are well served by identifying prospect priorities in a similar light.