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Change Is In The Air Fall 2009 |
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 When we are no longer able to change a situation, we are challenged to change ourselves. ~Victor Frankl
Change is inevitable and a constant in our business. Our team here at A.S.A.P. understands the pace of change and the need for speed without sacrificing quality. Whether it is registering our clients in new databases to help them meet their marketing objectives or efficiently and accurately meeting consultant deadlines, we do so with the understanding that change is likely right around the corner.
This issue of ManagerQuest News aims to capitalize on change by encouraging our readers to take a closer look at the new Ps in the investment marketing space and the importance of strategic database selection. We also feature an article from Rogerscasey, an organization dedicated to providing investment solutions and enabling technologies to clients worldwide.
As always, all of us at A.S.A.P. welcome your comments.
Melanie Horvath
Executive Vice President
Director of Global Sales & Marketing
866.922.8733, ext. 2
melanie.horvath@asapas.com |
| The Data Pipeline
Source: Rogerscasey |
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In the game of Broken Telephone, the first player whispers a secret message to the next player who whispers it to the next player and so on, until the message reaches the last player who recites it aloud. The last player wins the game if the original message is repeated accurately. Inevitably, messages are jumbled as they are passed along, with words scrambled or simply lost in translation. When investment data is provided to manager databases and then passed along to other sources, the scenario is much like this game. So, what should you do to ensure the accuracy of your data's journey through the database pipeline?
First, it is important to articulate and actively maintain a very clear message. Passive participants in the database process who routinely submit data without knowing where it is going or how it is used are, in effect, treating their data the same way as a message in the telephone game; they hope their information will be interpreted as intended in an effort to win new business. On the other hand, active participants focus on providing valuable content that accurately reflects their firms' brand and positioning in the marketplace. In other words, active participation means utilizing databases as vehicles for communication, distribution, and product positioning.
Second, know how to be heard. While Requests for Proposals are the standard communication vehicle for some investment consultants, they may not be used routinely by others. Some consultants rely on their proprietary or a third-party database as their primary source for manager research. At Rogerscasey, we developed a standardized questionnaire, EQuest, which provides us with pertinent information to continuously evaluate and rank managers. We can pre-screen quantitative and qualitative data, and analyze holdings and performance results in advance of a manager meeting, thus providing more time for an asset manager to describe the details of their investment process and how they have achieved their results.
Next, know who is listening. Like Rogerscasey, some databases supply information and universe data to other sources and services, such as wealth management platforms, analytical applications, and investment research systems. Many consultants and advisors will utilize more than one resource, so we encourage managers to be timely and consistent in all questionnaire responses.
Finally, know what your audience is listening for and communicate that message. Which questions are most important for getting hired? It depends. Any combination of data may be used in a client's search criteria. Some managers intentionally leave questions unanswered believing they will have another opportunity to explain themselves or because they prefer to negotiate an item, such as a fee. A blank answer can easily eliminate a potentially qualified manager from a client search. Spend the time completing questionnaires. Especially important are the narrative-based questions where you can describe, in detail, the attributes that differentiate your firm and process from everyone else.
Remember, it is your data, your voice and your distinct message moving along the data pipeline to those decision-makers who can ultimately make your telephone ring.
Susan Benedetto
203.656.5932
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| Database Selection - Where Should You Spend Your Time & Energy? |
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Superior performance may not help an investment manager attract new assets if it does not reach the right market. Many managers mistakenly distribute their product information to the wrong investment markets and, consequently, never achieve the desired results. Despite the time and care managers devote to the development of their marketing plans, they often omit a critical step - strategic database selection.
Databases come in three basic varieties: third party databases, proprietary consultant databases, and a combination of these. A good understanding of the differences between the three types should serve as a starting point for any manager seeking institutional exposure. Over the years, many third party databases have emerged which distribute manager data to  consultants who do not collect data directly. Among the best known are eVestment Alliance, Informa Investment Solutions (PSN), Morningstar, and Nelson Information. The larger consultants, such as Callan Associates, Cambridge Associates, and Mercer Investment Consulting, utilize proprietary databases for internal distribution only as a means to screen managers for their clients. Finally, some consultants such as Rogerscasey, Wilshire Associates, and Zephyr Associates collect their own data through a proprietary database but also distribute this information to other sources.
As part of marketing plans, managers need to develop a database strategy in order to optimize their exposure and reach their optimal target markets. For example, a manager with limited resources may consider marketing to the third party databases first. This effort will enable a manager to have a presence in the institutional space without having to dedicate a lot of time to relationship building. Registration with these databases will extend a manager's reach to consultants who may be focused on their particular product type. As in the case of the Informa (PSN) database, more than 80 consultants use the PSN platform to search for managers.
A manager new to the institutional space can take advantage of this expanded distribution to reach their target market. Unlike third party databases, consultant databases require face time, as well as complete, accurate, and current data in order to be considered for a search. Regardless of the type of database, managers must be registered and provide current firm and product information before they are able to meet with consultants catering to their target markets.
It is imperative that managers to understand the market segments of each database and the relevance of their product to these markets. For example, some consultants serve foundation and endowment clients. If a manager's product would not appeal to this particular client type, distributing information to these consultants is a waste of time and resources. To increase database marketing effectiveness, managers must determine their target markets and identify the consultants and databases that cater to these types of investors. Information regarding various consultants can be obtained using industry directories, third-party marketers, or by partnering with database experts.
When embarking on an investment database marketing campaign, strategic database selection is essential to yield superior results over time. |
| Investment Marketing - The New Ps |
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| September is a big conference month for investment marketers. We're hearing some feedback from our clients on a number of them. One of the more interesting things we've heard this season is an expansion of the three Ps of investment management marketing: People, Process and Philosophy.
In addition to these three, we often hear Product and Performance. One of our clients adds Profile and Price for a total of 7 Ps.
The expanded list of Ps for the Fall '09 lineup of investment marketing wisdom includes a few more that reflect the competitive nature of the business.
PASSION - Not the Jim Cramer, screaming, gesticulating, salivating kind of passion. Rather, the kind of passion that engages the listener because the manager knows his or her product, believes in it and can convey conviction using terms appropriate for the listener's level of investment acumen.
PERSISTENCE - President Calvin Coolidge once said that persistence is the only characteristic necessary for success. Plan sponsors are busy. They don't have time to talk to every marketer who calls. Consultants face the same dilemma - they're overwhelmed. One must be persistent in order to find the correct place, circumstances, and time to position product properly.
POSITIONING - Consultants and plan sponsors are looking for investment solutions these days. Style boxes are dead; risk management, alpha and customization are in. How your product fits with a client's needs and complements his or her other managers is the way top tier sales professionals lead conversations in today's environment.
PREPARATION - Plan sponsors, consultants and leading marketers are repeating the same refrain "Do Not Waste Your Prospects' Time!" Plan sponsors do not want to spend their time discussing "what they're looking for." Today, they expect you to tell them what they need. Between the Money Market Directory, the Internet, their consultant and your contacts, marketers need to call with prospective solutions, not requests for dates just to 'catch up'.
PERSPECTIVE - Finally, we've learned that the most successful marketers going forward will be those who can put themselves in their audience's shoes, whether the audience is a new trustee or a sophisticated research consultant. Failure to speak either simply or technically enough erodes credibility and will make the next meeting next to impossible to secure.
So, as you plan your calls this year and prepare your presentation material, keep these new Ps in mind. |
| ManagerQuest Clients' Corner |
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Thank you to all of our clients and industry experts who have recommended us to other investment professionals needing marketing support or data management assistance. Our business has been steadily growing because of you.
If you would like to add additional investment consultant or third party databases to your ManagerQuest campaign, please contact your account manager. Click here to view the full list of databases. Also be sure to review the Data Checklist on your ManagerQuest site periodically and keep us informed of all changes at your firm, including:
RFP Assessment Offer
Proposals are a critical component of your sales process and provide a powerful competitive edge. Proposals must be written by professionals and deserve the full attention of your sales team and subject matter experts. A proposal is a "packaged sales presentation," designed to position your company to win new business. Unlike an oral presentation, your company's written proposal will be examined, parsed, and judged without benefit of any verbal explanation. Your proposal must stand on its own as compelling proof that your firm is the best candidate for the job. If you'd like our assessment of one of your completed RFPs, contact your acccount manager today.
Did You Know...
You can add internal and external members to your ManagerQuest site? If you choose to add an external member, you can send a link to any document on your site. You can also limit access to any section or page.
Data Security Audits
ManagerQuest technology is proprietary to A.S.A.P. Advisor Services Inc. so the system, which features automated programs and tools, is unmatched. It is designed to give you an edge, in time and money, over your competitors. We are continually refining our programs to meet your needs and expectations. Your data remains readily accessible to you and your colleagues, as authorized users, yet secure and safe from unauthorized access. We recognize the value of conducting audits on a regular basis to ensure that all security policies, practices and systems are effective in ensuring the security of our clients' data. The following measures are in place to that end:
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Annual independent security audit is conducted by one of the Big 4 accounting firms.
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Independent Audits include a Penetration Test and an attempt on the system through known entry points in the hacker community.
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Regularly scheduled internal security audits.
Contact Us
If saving time, money and resources are important to your organization, we can help. Our database experts will manage the distribution of your product information to investment consultants, third party databases, industry publications and other interested parties. Just see what our clients have to say. Partnering with A.S.A.P. Advisor Services has proven to increase their productivity while saving valuable budget dollars. For a free consultation, please contact Shari Cruz at 866.922.8733, ext. 6 or at shari.cruz@asapas.com.
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