Gramercy Institute, Brand New Media & Northwestern Univ. Field Important New Study: "Digital Marketing of Financial Services"
06/01/2010

 
The financial services industry has undergone dramatic changes since the global downturn in financial markets in October, 2008. Some of the world’s most highly‐regarded firms have stumbled ‐ if not fallen – and those that remain scramble to restore trust, confidence and value to their brands. How marketers at today’s leading financial firms respond to these changes is being sorted out at this moment.
 On a separate track, the evolution toward new media channels and digital marketing models has been accelerated. Leading firms are being challenged to develop more sophisticated digital marketing strategies and to efficiently organize resources to execute these strategies. In addition, senior management is adopting a more prominent role in ensuring the proper development of the firm’s reputation and in measuring a return on its investment in marketing.
 
Thus, there is a need to identify best practices that can be employed by financial marketers today to win in this new, digital world. The Gramercy Institute in partnership with Northwestern University and Brand New Media, LLC is conducting an in‐depth, study on “Best Practices in Digital Marketing of Financial Services” over the summer of 2010. The study will help participating financial firms rationalize their investment in digital marketing and media as well as to how to best organize their digital marketing resources.
 
 
An opportunity exists for 6 or so leading financial services marketers to participate in this in‐depth “Best Practices in Digital Marketing of Financial Services.” We are referring to these participating financial marketers as our “Digital Marketing Leadership Council” (or, DMLC). “The Study” is designed to drill deep into the digital marketing practices of each of these financial marketer participant companies to empower marketers at these firms to better understand a) how their practices meet overarching marketing objectives at their own firms, b) how their practices measure‐up against those of other leading financial marketers, c) what digital marketing risks and opportunities may exist for their own and other financial services firms. Moreover, these financial marketers (DMLC participants) will be offered a platform to showcase their leadership as they set a standard for excellence and best practices in digital financial marketing.
 
DMLC members will receive deliverables in three specific areas. Each company will receive: a) a customized in‐depth analysis/briefing, focused on the digital marketing practices and opportunities at their own specific firms, b) a comparative in‐depth analysis of their own practices compared to those of the other leading financial services marketers participating and c) citation of participant companies for their leadership in the financial services marketing community, at large.
 

RESEARCH DESCRIPTION:Best Practices in Digital Marketing of Financial Services

The Gramercy Institute in partnership with Northwestern University and Brand New Media Group will be conducting an extensive research study on Best Practices in Digital Marketing of Financial Services. The Study will have both qualitative and quantitative components.

 
Study Objective
To help participating (DMLC) financial services companies to understand and identify:
 
·         How companies can be optimally organized for digital marketing initiatives
·         How to best select and manage agency and marketing partners for digital marketing initiatives
·         Identify best‐in‐class processes and procedures for developing and executing digital marketing initiatives
·         Identify spending trends on digital media and marketing
·         Identify current and developing metrics for measuring success and ROI of digital marketing
·         Provide a forecast of digital marketing for participating companies
 
Methodology
·         Primary Research
o   Qualitative: Frank Mulhern, Associate Dean of Research at Northwestern University, Frank Dudley, CEO, Brand New Media Group, and four graduate students at Northwestern University will conduct in‐person interviews at financial marketer firms. Confidentiality will be strictly maintained and the final qualitative deliverable will be scrubbed of all names delivered to each DMLC participant company. Interviews may also be conducted with select agency and marketing partner companies in order to get a full picture of how digital marketing is executed within and for these client companies. The qualitative interviews will be consistent so that responses can be benchmarked and inform a unified quantitative survey instrument.
 
o   Quantitative: Separately, a survey of senior marketing professionals at financial services companies will be conducted and analyzed. The survey will be informed by the issues and best practices that are identified via the qualitative component of The Study. The quantitative study results will then be analyzed in light of the qualitative study results.
 

·         Secondary Research

Frank Mulhern, Associate Dean of Research at Northwestern University, Frank Dudley, CEO, Brand New Media Group, and four graduate students at Northwestern University will conduct extensive secondary research of digital marketing in financial services. This research will be used to inform the primary research component of The Study.
 
PARTICIPATION COSTS:
Opportunity exists for up to six-eight leading financial marketers to participate in this important study.  Participants become members of The Digital Marketing Leadership Council (DMLC) and receive benefits outlined below.  The participation cost is $25K per financial marketer.

In addition, a limited number of opportunies exist for agency and media sponsorship of the study.

 

DELIVERABLES
Deliverable (Customized) to Each Financial Marketer (DMLC) Participants:

A final deliverable in the form of:

 
·         Specific recommendations along with key takeaways relevant to each financial marketer (DMLC) participant will be offered in a special (individual) briefing with each financial marketer participant.
·         A digital version will be given to financial marketer participants in PDF format.
·         A PowerPoint deliverable will accompany The Study for each of the financial marketer participants, customized for each financial marketer participant.
·         Twenty copies of a generic printed study will be provided to all financial marketer participant companies ($20K cover price value) for distribution to team members, partners and stakeholders.
 
Deliverable (Comparative) to Financial Marketer (DMLC) Participants:
 
A final deliverable in the form of:
 
·         A detailed comparative analysis of fellow DMLC participants will be offered to each financial marketer participant, outlining leading best practices amongst studied subjects. No confidential information will be shared in this comparative assessment.
·         Results from a survey of leading financial marketers will be analyzed in conjunction with The Study and shared with participants to offer breadth to The Study and directional trends and leanings.
·         Financial marketer participants will be (collectively) invited to an optional special “unveiling” of the research at The Ritz Carlton Hotel on December 2, 2010 in San Francisco.
 
Deliverable (Community) to Financial Marketing (DMLC) Participants:
 
·         Financial marketer participants will cited for their leadership role in this study and, by extension, in the financial marketing community at large. A top‐line generic version of this study (scrubbed of names) will be distributed to the financial marketing industry at large to indicate trends and directions identified in The Study.
·         News releases will be distributed to key members of the press upon publishing.
·         The Journal of Financial Advertising & Marketing will cover multiple aspects of The Study in articles.
·         A generic and top line version (no proprietary secrets shared) of The Study will be presented to numerous leaders in the financial services marketing community through various Financial Marketers’ Alliance and JFAM conferences and summits. Financial marketer participant companies will be recognized for their leadership roles.
·         A generic and top‐line version of The Study, indicating trends on the subject will be made available to the financial services marketing community at large (cover price $1,000 per copy). DMLC participant companies will be recognized for leadership role in printed copies.
 
Projected Timeline
·         The Study is to be conducted over the summer of 2010 (June, July and August). The Study and all deliverables will be completed by October 15, 2010.

 

 

BEHIND THE STUDY:

The Study is organized by Bill Wreaks, CEO of The Gramercy Institute, in partnership with Frank Dudley, CEO of Brand New Media Group and Frank Mulhern, Associate Dean of Research at Northwestern University.

 About The Gramercy Institute
The Gramercy Institute specializes in issues surrounding financial services marketing. The company publishes The Journal of Financial Advertising & Marketing, a professional journal devoted to sharing expert opinions in and about the financial marketing industry. The company also directs The Financial Marketers’ Alliance, a network of over 1100 senior financial marketing professionals, worldwide. Annually, the FMA produces numerous thought leadership conferences in financial services marketing, including The JFAM Financial Marketers’ Summit: EAST in Philadelphia, The JFAM Financial Marketers’ Summit: WEST in San Francisco, JFAM: Live! Financial Marketing Conference in New York City (semi‐annually), The JFAM Strategic Philanthropy Awards and The JFAM Media Strategy Awards. The FMA regularly hosts panel discussions and roundtables in Boston, New York, Chicago, San Francisco and London. GI clients include dozens of the world’s leading financial, media and agency brands.
 
About Brand New Media Group
 Brand New Media Group, LLC, is a world class market research company focused on developing and executing best practices research for senior level marketers. The company is managed by Frank Dudley, former VP of Marketing of Guideline/Opinion Research Corporation and the first Director of the Internet Advertising Bureau (IAB). Mr. Dudley is a prolific speaker and author of research studies on topics ranging from marketing management and marketing accountability to brand building, integrated marketing and digital marketing and media. Mr. Dudley has most recently developed and authored many such research studies in partnership with the ANA, the PMA and Northwestern University since 2004.
 
For More Information:

 For more information regarding our “Best Practices in Digital Marketing of Financial Services” study or joining us as one of our members companies of our Digital Marketing Leadership Council, contact: Bill Wreaks, Chief Executive Officer, The Gramercy Institute, (212) 753‐5131, bill@financialadvertising.com