To thrive in the post-pandemic environment, asset managers must adopt digital-first selling. Digital-first selling does not mean replacing salespeople with digital technology; rather, it refers to selling paradigms that enable salespeople to perform better by leveraging digital tools.
According to our research conducted in association with Horsesmouth, 20% of advisors say they will not meet with an asset manager salesperson under any circumstances. For these advisors, your digital approach is paramount because it’s your only avenue to get your products in front of them.
But digital avenues aren’t just for advisors who don’t want your salesperson to visit. Of the advisors willing to meet with a salesperson, 77% are open to virtual visits. Advisors want your distribution organization to leverage digital channels in your sales interactions and most also want in-person interactions. However, more than 80% of the interactions between asset managers and advisors happen before a sales visit. Digital experiences are important to driving the meetings that will occur. However, only 38% of advisors say that the digital experience that they receive from asset managers is of similar quality to the digital experiences that they enjoy with firms outside of the industry.
Advisors also tell us that if a firm provides good digital experiences, it increases confidence in the firm overall, increases the likelihood of the advisor buying additional products from the firm, and often leads to recommending the firm.
Digital-first selling is much more than applying robust data and advanced technology to traditional sales and marketing thinking. Instead, it’s about transforming the firm’s go-to-market approach, converting practices currently built around the salesperson to a broad set of strategies built around the customer’s journey and preferences.
In our "Leveling Up Distribution in a Post-COVID World" blog, we discuss why digital-first selling requires embracing a more holistic strategy. The distribution landscape, catalyzed further by the pandemic, has uncovered the growing need for asset managers to close the gap between their digital experiences and those outside the industry.
Read our "Leveling Up Distribution in a Post-COVID World" blog for recommendations to level up your distribution strategy to prepare for the post-COVID world.