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Digitization and latest technology are changing the course of many businesses. Mutual fund distribution business is no different.
In a webinar with Cafemutual on ‘10X Your Business Growth – Digital Marketing Strategies for MFDs’, Amit Shah, Founder & CEO, Wylth shares how MFDs can leverage the latest technological tools to grow their business. Shah has over 15 years of experience in the financial sector.
Here are the key takeaways from the webinar:
- MFDs have seen phenomenal growth in recent years. But with growth of online platforms, it will be important for MFDs to build long-term relationships with their clients
- MFDs should embrace digitization and leverage latest tools like chatbot and real time reporting to achieve sustainable growth
- Digital marketing allows MFDs to scale their business with customized content. It can be used for lead generation and drive business growth
- Many people think that digital marketing is only for bigger businesses but in reality, it is a cost effective tool to grow business
- As a first step, MFDs should have digital presence and have their own app to compete with big brands
- Next step is to use content marketing by writing blogs and conducting webinars with investment experts like fund managers and clients who have achieved their goals
- You can also do email marketing to share your thoughts on the latest events that impact investment
- Nielsen survey shows that advisors spend 40-45% of their time in query resolution and doing mundane activities like issuing account statements and capital gains statements. By using technology, you can get more time to expand your business
- It is important for MFDs to review their existing digital support. It will decide whether their business will grow to Rs. 100 crore or Rs. 1000 crore
- Many MFDs are hesitant to use latest technology. It is a matter of time that someone with technology will eat up their business
Tips to use social media for digital marketing
- Data and quotes are a good start for digital engagement but not enough. Instead, MFDs should focus on educating clients through success stories, case studies etc.
- They should share testimonials on how their clients achieved their goals
- Posting videos of interactive sessions can help them increase your engagement
- It is necessary to be consistent in the use of platforms for better engagement
- Instead of using company’s account, MFDs should use their personal account to promote business as it can help them build trust and engage with clients emotionally
- Your blogs should be original and consistent
- Do not hire ghost writers as they are not connected emotionally to your business
- It is important for MFDs to be constantly active on LinkedIn in order to improve visibility
