Dec 19, 2013 11:29 AM EST
Fidelity Investments presently allocates a 40% investment toward digital with efforts to find competitive leverage in technologies such as its Android mobile application with mobile as one of the technologies that exploded during the financial downturn. Jim Speros, Chief Marketing Officer of Fidelity Investments was recently interviewed by eMarketer regarding Fidelity's commitment to competitively leverage online and digital marketing which increased during the financial downturn. Speros stressed the importance of staying on top of digital trends as well its complexities; fluctuating market changes and challenges within the regulated banking industry.
“There’s a fundamental belief in marketing at Fidelity, and what all the research has shown over the years — and not just here, but within the advertising industry — is that marketers who maintain their marketing pressure during an economic downturn usually come out of it stronger than competitors. We’ve seen that in our own business."
Speros statement for is very true. In an economic downturn organizations tend to become quite the opposite by cutting budgets during times of crisis. By increasing spend in digital while competitors are withdrawn, the organization is able to rely on its resilience by increasing market shares, return on investments by leverage lower budget costs. And even despite bank regulations Fidelity Investments outlook is positive for mobile.
Developing new strategies for digital during tough economic times should be embraced where people look for leadership and value. Effective campaigns for example, like Fidelity Investments “Green Line” which uses a financial GPS system to indicate a correct route on a gps device can benefit management’s ability to profit for the organization.
Jim Speros discussed “ During 2008 to 2009 when we saw a huge decline in the market, we stayed the course and invested in the Green Line campaign [a print and digital effort, called “green line” to mirror the green line indicating the correct route on a GPS device]. I think our message was spot on because the whole idea was that it signified guidance and navigation. During that period in particular, people wanted guidance [on] what they should do with their money. That’s what the Green Line stood for … just like a GPS system … we were their financial GPS system during this economic downturn. That really served us well, and while others were pulling back on their spends, we actually increased our spending during that period and did quite well.”
I would agree. If you remain “bullish” during economic downturns ROI is optimistic and so is organizational rebalancing. An organization can also rely on its existing client or customer base for loyalty during such times. People seek out “thought leadership.” For example, capitalizing on awareness within an industry by executing campaigns centered around thought leadership, digital and mobile,, tradeshow and conference exhibitions, sponsoring and forming strategic alliances people likely return to those familiar brands they know and trust.
There are numerous lessons that can be learned from economic downturns. Organizations should take note in understanding that managing a “successful” digital campaign has to be sustainable, fresh and able to provide long term value for the company. Going “long term” is crucial for success. Campaign objectives that survive for long-term and sustain momentum result in delivering proper competitive advantage.
According to Fidelity’s recent study, this year’s stock market performance is not the only all-time high for 2013. Fidelity Investments®’ fifth annual New Year Financial Resolutions Study found a record number of Americans (54 percent) are ringing in 2014 by considering a financial resolution — a number that has increased by 54 percent since the tracking study began in 2009. A key reason for this strong resolve: 26 percent of survey participants say they are in a better financial situation than they were this time last year, up from 19 percent in the previous year.
The Next Generation Fidelity App for Android allows Android users to trade and track their accounts from virtually anywhere, anytime with the latest mobile app. The app also allows users to connect with Fidelity Instantly to customer support by tapping Call a Rep. There is also interactivity of Google MapsTM to integrated in the app.
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