News that BT Funds Management is to be sold is sad, not only for its legion of clients and supporters, but also to people with a keen in-terest in the marketing discipline.
News that BT Funds Management is to be sold is sad, not only for its legion of clients and supporters, but also to people with a keen in-terest in the marketing discipline.
The success of BT in Australia can be attributed to many factors; the most commonly mentioned is its money management abilities. But for mine, BT’s extraordinary success can be largely attributed to its marketing acumen. Is there a better marketer of financial services in Australia? Is there a better marketer in any field?
Let’s look at some of BT’s trademark marketing efforts over the years.
Communicating with clients has been one of the hallmarks of BT’s suc-cess. BT has been at the forefront in sharing information with its customers whether by publishing booklets, fact sheets, newsletters, brochures or on the Web.
These items are reader-friendly, easily accessible and educational. Even its long copy advertising and television commercials are infor-mative.
The marketing intention is obvious but not intrusive. No one is given the hard sell. While the layout has sometimes looked like the prover-bial dog’s breakfast, the BT Investor Circle has never failed in dis-seminating meaningful information. It represents an industry yard-stick for customer newsletters. With each information item, BT rein-forces its brand and builds on its relationship with its customers.
Branding is another strength of the group. Few corporate assets are as valuable as a brand.
Part of the reason why the BT brand is so strong is due to the abso-lute consistency in which it is protected and nurtured. Unlike BT’s rivals who tend to change their marketing strategies every year, BT has basically stuck to the same message and delivery year in year out.
In addition, it has maintained a consistency across all media. Whether in print or electronic form, the style of each BT advertise-ment is generally the same. In fact, at a quick glance, you know it’s a BT advertisement even before you see the logo.
Client relations can be the difference between a good and great mar-keting operation. As a BT client myself I can vouch for the quality of communication and service. While the client relations team has invariably answered inquiries efficiently and knowledgeably, it’s the proactive relationship building activities that impress.
For example, towards the end of each financial year, I receive a friendly reminder of the need to top up my super, but not just in a bland form letter, but as part of a well thought out direct mail piece.
To help me with my tax return I also receive an easy to follow guide. Client relations of course extend to advisers as well. And, in this context, few can argue that BT has been one of the best in helping advisers build their business.
The long-term benefit of BT’s strategic approach to marketing will be further reinforced by their selling price. One can only hope that the new owners will maintain and build on this marketing excellence.
Gary Chow is a writer and consultant to the funds management industry.
