Charnley & Røstvold promotes seven imperatives for investment management companies to succeed.
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Listen to the market and position your firm in front of growth
To determine your competitive position and develop an effective marketing plan, you need a clear understanding of the market, its growth patterns and the competitive landscape, and of your own strengths. With market forces constantly changing, you need to: |
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Assess the current environment and the probabilities surrounding future forces |
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Deliver the investment capabilities and services that will fulfill client needs, garner market share and generate profits for your firm |
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Define and implement a marketing plan to capitalize on your strengths and market opportunities, to focus on the appropriate target markets and to build a strategically diversified business |
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Be patient, persistent and consistent - the institutional investment business requires a long-term commitment |
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Organize for success
Once you know your investment capabilities' focus and target markets, you need to organize your talent and resources in ways that will maximize success. You must: |
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Marshall appropriate talent and resources to implement your marketing plan |
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Have a well-defined structure and systems to leverage your resources and strengths |
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Communicate your vision and direction, both internally and externally |
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Establish a realistic time frame to accomplish that vision |
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Modify your plan as appropriate |
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Attract and retain talent
The investment industry is a people business. Investors and consultants want to meet, trust and respect the professionals who may be managing their assets. The most successful firms are able to attract, develop, motivate and retain outstanding talent. Your firm's culture, industry stature and growth potential are as important as individual career opportunities and compensation practices in attracting and retaining talent. |
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Build on your strengths
Credibility is key in the investment markets. You need to identify your distinctions and strengths, and client benefits, and demonstrate them clearly to clients, prospects and consultants alike. You also need to know your competitive weaknesses and develop plans to address them. |
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Maximize communication opportunities
If you have a clear marketing plan and talented professionals, even the smallest or most nascent firms can develop successful comunication programs. Raising your firm's visibility is key and requires a multi-dimensional approach, whether through direct mail, e-communications, social media, consultant relations, website, webinars, active selling or a media campaign. Intellectual capital has become as important as performance. |
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Show, don't just tell
Everyone says they are unique. How are you unique? How can you show it? Develop a proof statement for every one of your strengths and include client benefits. Be credible. Be consistent. |
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Keep improving
Even if you are today's success story, you must view your firm as a continual work in progress. If complacency sets in, setbacks are sure to follow. Visionary leadership and sound business acumen, supported by motivated professionals and knowledgeable risk management, are key to a firm's long-term health. Being willing to adapt, innovate, take risks and make informed decisions to stay leading edge makes the difference between a firm that will stagnate or perish, or a firm that will grow. |
