Brokerage, Mutual Fund Firms to Benefit From Solution

Share this content:
Prime Response, Denver, and Hewlett-Packard Financial, Palo Alto, CA, have developed a version of their RapidValue customer relationship management solution specifically for the retail investment industry, which includes brokerage and mutual fund firms.

The tool contains an investment-specific data model and consulting and marketing software. Brad Braddock, director of business development at Prime Response, said that since its introduction Nov. 30, RapidValue has attracted five to six prospects ranging from online discount brokers to full-service financial advisory firms.

Braddock said few investment firms maintain sophisticated marketing programs, relying primarily on mass marketing; and the entry of full-service banks with CRM expertise into the investment industry has increased competition and the need for improved prospecting and customer retention tools.

"As financial services consolidates, a lot of the players with experience with these types of technologies are getting into this particular industry and putting pressure on the more traditional players," he said.

The challenge facing investment firms seeking to grow assets under management, Braddock said, is finding a way to coordinate marketing campaigns and the data gained from those campaigns across different channels that include direct mail, telemarketing, the Internet and retail brokers.

A study conducted by the American Productivity and Quality Center, Houston, for HP, found that although brokerages will spend billions of dollars on mass market advertising this year, it's through CRM that these firms can lower customer acquisition costs and increase the profitability of existing customers.

Next Article in Marketing Strategy

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above