This is the story I presented at the Global Fixed Income Institute's meeting in Amsterdam in March 2013, of how a UK based Fund Management business started its journey in social media through small steps.
Case Study: A UK Fund Manager’s Journey to Using Social Media
1. Global Fixed Income Institute
CASE STUDY: A UK FUND
MANAGER’S JOURNEY TO
USING SOCIAL MEDIA.
Amsterdam, March 2013
SIMON J. RYAN
@simonjryan
Commercial in Confidence
2. Contents
1. The situation
2. Why use social media
3. Mallowstreet.com
4. The project
5. The outcome
6. The lessons
Amsterdam, 22 March 2013 2 Commercial in Confidence
3. The Situation
• How do we deliver value to clients’ beyond
performance?
• How can we maintain a continuous
dialogue and demonstrate our value?
• How do we disintermediate the client
relationship?
• Communications decisions driven by
compliance
Amsterdam, 22 March 2013 3 Commercial in Confidence
4. Source: CEB Marketing Leadership Council, March 2011
Why Use Social Media
The average client is…
60%
…of the way through the purchase decision
before engaging advisors
Amsterdam, 22 March 2013 4 Commercial in Confidence
5. Mallowstreet.com Then
Search
Secure
Blogs/Vlogs
Networking
Video Diaries Private Discussions
Contact
Surveys Management
Thought Pieces
Online Discussions
Messaging
Investment Solutions
& Research
Amsterdam, 22 March 2013 5 Commercial in Confidence
6. Mallowstreet.com Today
Currently
3,000 Users
690+ Pension
Schemes
£1,170 Bn Assets
Back then
350 Users
200 Pension
Schemes
£250 Bn Assets
Amsterdam, 22 March 2013 6 Commercial in Confidence
7. Source: Various
The Project
Deal with compliance
Change the policy and process to allow and
accommodate social media
Listen
Understand what your audience is speaking
about and is important to them
Plan
Develop your view of the conversation and plan
your content new skills
Develop the
Help everyone develop the writing and
engaging skills
Monitor engagement
Look at activity and topics and intervene to
facilitate engagement
7
Amsterdam, 22 March 2013 Commercial in Confidence
8. The Outcome
• Generated some Kudos from early mover
advantage
• Peaked at 12 users averaging 50 followers and an
hour per week
• A third of Mallowstreet users followed a member
of the Manager’s team
• Consultancy Relations team generated massive increase
in contacts and engagement
• Especially from previously difficult to reach
organisations
• Established a customer insight feedback loop , fed back
Amsterdam, 22 March 2013 8 Commercial in Confidence
9. The Lessons
Compliance has to accept it will carry
out post publish reviews and speed
up sign off of new social media posts
Content is at the heart of social
media, but has to be delivered in a
consumable way according to what
the crowd is talking about.
Social media has to become part of
the daily routine for those engaging
Amsterdam, 22 March 2013
unless you have an experienced
9 Commercial in Confidence
10. Thank you
Simon J. Ryan
Social Advisors Ltd.
Mobile +447 446 119 778
E Mail simon@socialadvisors.co.uk
Twitter @simonjryan
Web www.socialadvisors.co.uk
Amsterdam, 22 March 2013 10 Commercial in Confidence
11. Content
Get found Stand out
matters
Become
Get
liked
referred
& trusted
Be
Get even
remembere Measure
better
d
Amsterdam, 22 March 2013 11 Commercial in Confidence
Editor's Notes
This is a quick scene setting slide, establishing that my experience with a London based Fund Manager isn’t different from any fund manager.It is important before embarking on the social media journey to understand what you want to achieve as this will also drive your metrics for success.o What were the triggers which caused the Manager to develop the use of social media for marketing their investment products?o What was the process of developing the project: who needed to be involved in the decision?; What did it take to convince them?; How long did the decision take to make?o What was the budget and resource commitment involved?
This is an important change is any kind of professional selling over the past 10 years and the institutional market is no different.Buyers are more informed as they start the sales process because they can access so much more information before speaking to their advisors or any vendor.o Is social media now a sine qua non for marketing investment products, or can investment firms still do without it?
o What platform was chosen (obviously Mallowstreet) and why?
The Mallow Street site has come along way in 3 years. I will update the exact usage figures closer to the presentation.The site is a combination of Lined In , You Tube, Facebook, Twitter and Blogs, dedicated to the UK, Ireland and Netherlands pension industry with members from fund managers, investment consultants actuaries, the regulator and professional bodies, and of course representatives of pensions schemes.
The Fund Manager didnot start using social media through Mallow Street without first assessing what needs to change and what needs to be implemented in order to ensure active participation on the site started and continued.I will talk through each of these steps and how we addressed them.o How many people were (are)involved in the project?o What internal training needs were encountered?o Was there internal resistance? How did this manifest itself?
Thee results speak for themselves and were all exclusively attributed to Mallow Street alone.The Fund Manager hassince moved on to develop Linked In presence, but there other good practice examples we can discuss around this slide.o What have been the results of marketing through social media?o Can you measure directly how much new business came to the firm as a result of social media? i.e. can you accurately assess the ROI?
These are the 3 min lessons that stand out, and are possibly the 3 hardest things for a fund manager to achieve.o Is social media now a sine qua non for marketing investment products, or can investment firms still do without it?
I will be happy to answer further questions after the event.