View more on these topics

Lagging behind on marketing

I was not surprised to hear IFAs criticise the marketing methods adopted by financial services companies in H2B&#39s latest research.

Too many companies in int-ermediated industries persist in the belief that brand adver-tising is the be all and end all of expanding the customer base. Although brand building through mass advertising is an essential component of the marketing mix, establishing and nurturing relationships directly with consumers and with the IFA community is arguably even more key to driving up profitability in the long term.

We regularly commission research among senior mark-eters representing key industry sectors and find time and time again that intermediated indus-tries lag behind other sectors in the sophistication of their marketing efforts.

Insurers were found to trail, for example, in their ability to successfully re-activate or re-recruit lapsed customers while both pensions and insurance firms were laggard in their use of customer surveys to get to grips with customers&#39 habits, tastes and preferences.

Pioneering companies are using this customer lifestyle data to put IFAs in the best position to sell and bundle their products in the most appealing fashion. Insights into the various customer segments are also an invaluable resource in selecting intermediaries who are the best match with the customer base.

Despite the laudable efforts of the pioneering few, interm-ediaries are not getting the support they need across the board and this will impact upon the bottom line if the situation is not remedied.

Steve Clarke

Client services director,

CDMS,

Whiston, Merseyside

Recommended

Life companies struggle for IFA repeat business

Some life insurers are finding it harder to get repeat business from IFAs, according to data from financial research company Henry Samuels Marketing Services. Most life companies gain high penetration levels within the intermediary sector, with some product providers used by 90 per cent or more of the IFA population. But only a small number […]

Davy slams &#39multi-tie madhouse&#39

DBS founder Ken Davy has slammed providers for creating a “multi-tie madhouse” ahead of depolarisation. Simply Biz chairman Davy has hit out at reports that Prudential plans to take 25 per cent of Sesame and Inter-Alliance&#39s business after depolarisation. He says the last thing IFAs need to be told is that they will be “expected” […]

Package deal

Some packagers will be falling outside the regulatory net after October 31. What regulatory risks are posed for lenders and intermediaries who use them? Webb: It is true that some packagers will be regulated by the FSA and some will not. Those which will not are ref-erred to as pure packagers. A pure packager is […]

Survey picks premier league providers after depolarisation

Standard Life&#39s position in the premier league of product providers after depolarisation has been called into question by a Datamonitor survey. Datamonitor analyst Annabel Gorringe, the author of the UK IFAs 2004 – Post-depolarisation Strategies report, puts Norwich Union and Prudential in the premier league and says Friends Provident and Legal & General are likely […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com