SALES & MARKETING BREAKFAST FORUM
The Importance of Global vs Local
A lively round table discussion held on 21 May gathered more than 20 Heads of Marketing from some of the City’s best known names in asset management. Chaired by Emily Morris from Acanthus Consulting and hosted by The FISER Group CEO Robert Thesiger, the assembled company shared a range of insights.
Consensus was strong on the importance of brands built from the inside out and the importance of “bringing people with you” not only to ensure the creation of credible brands but also to making global campaigns work locally. Strong internal buy-in and understanding better facilitates the development of local variants on global campaigns that retain strong alignment with the core brand identity and “the spirit of the brand”.
The push/pull of global vs local was felt particularly strongly when it came to working with agencies. Marketers are keen to work with “the best of the local agencies” but face a myriad of constraints including difficulties in identifying the best agencies in new markets. Solutions to the coordination challenge vary from managing agencies internally to using a “principal” agency to manage a network of different providers. Those who have – usually due to resource constraints – used one agency everywhere agreed that this didn’t in itself guarantee consistency across markets and one participant warned: “don’t let the agency own the brand identity!”
Translation agencies came in for particular criticism on the issue of consistency but there was 100% agreement on the importance of local language against a default into English. Finally a quick discussion on digital failed to find any enthusiastic support for the view of one global management consultancy that social media was about to become “the dominant tool to establish brand identity” in asset management!
A number of guests were able to join us for a lively discussion, including representatives from BNY, Schroders, LGIM, PIMCO, HSBC and BNP Paribas to name a few.