Press Releases

IFAs Slow to Embrace Online and Digital Marketing
4 November 2008, London

Matrix-Data Solutions, the company behind www.MyLocalAdviser.co.uk, has recently conducted a survey of UK IFAs in order to gauge how the current financial market conditions are affecting their marketing strategies. The survey placed a particular emphasis on how ready IFAs are to use new technologies to improve their return on marketing investment.

A small percentage of IFAs are embracing new technologies, with 10% of IFAs very happy with their online strategy. In contrast with 29% of those surveyed who are still without a company website. Even those who do currently have a website do not appear to be taking full advantage of it, with 28% believing it does not generate real business for their company at present.

75% of the respondents feel that the economic climate will be the major business challenge over the coming 12 months, but over 50% of IFAs surveyed have no previous experience of marketing in a recession. This lack of experience is reflected in the fact that they realise that their strategies need to change - only 32% of companies are still confident of their current marketing strategy, and almost 90% of those surveyed agreed that they will have to change their marketing plans to some extent in light of recent global market events. More than 20% have put all marketing spend on hold for the moment.

Despite the acknowledgement of a need for a change of tactics, IFAs remain over-dependent on traditional marketing methods: whilst 42% of IFA firms rely on traditional advertising, more than any other form of prospect marketing, only 1% of firms appear to receive significant new business leads from this activity. The overwhelming majority of new business leads still come from referrals (91.7%).

IFAs have identified that existing customers should be the major focus in difficult times, and unsurprisingly 90% of those surveyed say they know their customers well or very well, and 97% can identify their most profitable customers. Because of strong client relationships only 15% are worried about client retention.

David Lovell, Sales and Marketing Director, Matrix-Data Solutions adds, “Increasing your businesses online presence is as easy as registering your company details with an online directory like MyLocalAdviser.co.uk, which is completely free. There are a whole range of digital and online services which IFAs can use, for data cleansing, profiling and prospect marketing. Within the MyLocalAdviser.co.uk site we have a dedicated Adviser Zone with lots of information about how you can utilise online and digital marketing tools and techniques to improve customer retention as well as acquisition, and greatly reduce company marketing budgets.”

For more information please contact Nicky Gardner, via the website, via email info@matrix-data.co.uk or by telephone on 020 7074 1200.