Today’s large fund administrators service hundreds to thousands of fund managers and institutional investors. Automation is driving down margins across the investing industry. Price competition has become fierce.
There is a great deal of talk about technology being an edge. And executives are turning to automate repetitive and time-consuming tasks. The goal is to reduce their cost in servicing middle and back-office processing.
Data Ops in Fund Administration Require a Human Touch
It feels like a nightmare scenario for those in the middle and back offices. It’s scary for those who fear the value of their experience and soft skills is not appreciated. Will they be rendered obsolete, at least in the firm’s mind, by software algorithms.
And if the firm pursues mindless automation, the fears are right. Automation that attempts to put aside the knowledge capital in a firm fails.
Change management and growth loops
It doesn’t have to be that way. It shouldn’t be that way. Forward-thinking industry leaders realize that both nuanced human experience and automation processes need to be looped together to get the full value out of both.
Sure, that may seem contrary to most people’s concept of automation in business, specifically in number-heavy industries like fund administration. But those who look to raise profit margins by replacing skilled people with the software will soon find those margins diminishing.
I’ve seen the axiom “smart money does not invest in witless AI,” shared by at least one asset manager in the space.
Applying an 80/20 rule to the matter, what organizations need to understand is that machines do well with predictable situations. You can train machines and program software based upon rules and expected parameters. But machines don’t necessarily understand the complexities of financial managers and how they process their funds.
The concept here is to let the machines do what they do best while letting humans do what they do best, as they work to complement each other. Rather than eliminating the need for human brainpower, machines learn best from people.
Jacques Bughin and Eric Hazan have conducted research on this. They see AI implementation working, for instance — when executives plan to grow rather than cut. They invest in technical capability, but also new managerial capabilities to guide change management.
Successful executives commit to getting digital transformation right. But they’re also open to revising their strategic goals as they move through the process.
While they may be flexible on the strategic goals, they are inflexible in requiring rigorous and high-quality data operations. Better data operations make for a better foundation for fund administration.
They also nurture AI ecosystems, which is another way to say they don’t just deliver orders or extract value. They develop communities where members share, celebrate achievements, and back each other up when inevitable challenges crop up.
This is a good general framework for supporting the right change environment. It’s also supported by work that Google has undertaken. They’ve shown the quality of the human touch in management impacts the quality of the technology outcome. Relational leadership, for instance, works.
Making the loop easier
In the end, the employee-machine relationship needs to be better understood to get digital transformation right for fund administration. There needs to be human governance to address the more complicated cases within each process. But the machine needs to use employees’ time efficiently.
The seasoned employee can spot if the automated spreadsheet looks off.
Then they can work with the software to solve the problem quickly. The key is to make this relationship one that grows. That’s better than the human constantly cleaning up after the machine.
The co-existence of man and machine in the fund administration industry works best with exception-based machine learning. This is a relatively new way of approaching middle and back-office data operations.
It’s superior to the market standard extract translate leverage (ETL) approach. There is a subtle but vital difference between the two.
If done right, the nuance amounts to an exponentially faster turnaround time in statement processing when using exception-based machine learning. Faster output means sharper and tuned in the employees.
So, exception-based machine learning makes employees more motivated to stay on top of the process. Employees are more motivated to see the impact of their work. They continue investing in the growing value data operations can deliver.
How to Write Blogs your Clients will Actually Read
Blogging is the best strategy when marketing your products or services to a niche audience for whom you customize your content. As discussed, some flawless writing skills exist to captivate such audiences and improve your website visibility.
4 Ways to Write Blogs your Clients will Read
Millions of blogs with daily content releases reach the target audiences intending to relay particular information daily. However, such blogs face glaring setbacks evident in the competition from similar bloggers in the same niches offering superior content. It is, therefore, commonplace to find them struggling to fight for a share of the scarce attention afforded by the audience.
We outline strategies one can employ to emerge as the leading source of readable content clients want to see on their screens. But first, we examine a client’s thought process from the time they see a blog post to the time they finish reading.
What is a Client’s Thought Process when Encountering Blogs?
Many readers go through the ‘AIDA’ experience whenever they encounter a blog touching on a particular topic. The acronym stands for ‘attention,’ ‘interest,’ ‘desire,’ and ‘action.’ These four steps in the prospect’s mind define the major attack points you can use to make your audience glued to your content. Let’s break each one down individually:
- Attention: the prospect comes across a blog whose headline captures the attention of their gaze.
- Interest: the individual notices relatable words or phrases that interest them.
- Desire: the internet user becomes captivated by the blog’s content, making them read through the article.
- Action: the client follows through with the blog’s call-to-action elements, effectively fulfilling the blogger’s desire.
Despite the millions of blogs online users encounter, adherence to the blogging best practice requirements will take your readers through these steps. Understanding how to summon your writing prowess for each of the four pieces of the puzzle to fall in place is essential. The following pointers will help impose your content onto the audience without appearing needy and boring:
How to grab the attention of the audience
Simple: People like what they see. If you want to captivate an audience, the question is, “what will the clients think when they scan the article?”
Simply put, audiences want to encounter an easily scannable blog; an easy read is always welcome. This is also crucial when you’re starting a blog – you need to get it right from the get-go, so you don’t end up having to fix certain issues once your blog starts growing.
The following details will help you better your chances of making the blog easy to scan:
Create a consistent article structure
The structure of your piece will make you the best-read blog in no time. The audience will sense careful organization in your work, making it easy to pick out the critical parts quickly. People have short attention spans when on their devices because there are other distractions like messages, calls, and phone notifications. Additionally, they have a constant urge to visit social media sites and see what is happening worldwide. Social media has become an obsession for many people, and social media listening is one way to track this activity.
However, creating blogs with simple formats will make them less anxious to look away because they can quickly scan captivating parts of your content. You can consider these points when designing your blog outline:
- Use titles, subtitles, headings, and subheadings to break your content into small readable parts. The user can quickly identify the content under each section without reading everything there.
- Write brief and straightforward sentences. Leave out any fluff which will make your sentences overly lengthy and tedious.
- Write short paragraphs with up to five short sentences. Long sentences will discourage your readers and divert their attention to other less stressful content.
- Use numbered lists to break down the paragraphs and highlight important points. You can alternate with bullet points for diversity.
Use appropriate images
Images can capture user attention better than words can manage. Prospects scanning your pieces notice the imagery and graphics in your article before they notice the detail of the terms. However, it is essential to use images appropriate to the context of your article content to avoid misleading readers. Images also have a few rules of best practice, including:
- Ensure the pictures are clear and contain insights into the textual content.
- Always label the images using descriptive words for instant context creation.
- Use alt text when uploading images to your blogs to make them appear in search results when users type in the keywords.
- Always indicate image sources to avoid copyright infringement reports that will limit visibility.
Relevant topic headlines
Your titles and headings must contain relevant topic keywords. Users will quickly identify and appreciate the relevance of your headlines to what they desire to read.
How to write content that captures user interest
After capturing the audience’s attention, the second point of focus is to cultivate their interest in reading through your articles. Here, you must be keen on the detail of the text in the body, which will inform the users’ interest. Every reader is looking for a few indicators of an exciting piece, as detailed below.
Use simple language
Simplicity, as stated, is the best way to captivate readers. The people going through your blog want to get the scope of your writing immediately after they begin going through your work. Please ensure the words are simple to understand without needing to digest or refer to other sources to understand meanings.
The flow of the story should also be flawless, with transitions between sentences and paragraphs allowing for instant follow-up. Avoid using jargon that will put off the audience by confusing them without revealing the actual context of your content.
Use authoritative phrases
Be simple but authoritative with your writing if you must keep readers interested in your work. They must know that you understand your facts and can relay the same without appearing uninformed. It would help to employ scientific, niche-specific, and descriptive language whenever needed to stir your readers’ minds.
Avoid overcomplicating things using such words and phrases with reasonable breaks between instances. You can use Google to identify the correct use of some word constructions concerning the topic.
Be keen on grammar
Grammar is key in keeping audiences hooked on your piece long enough to follow your drift. Many readers will instantly close your blog post and find other relevant material if they encounter regular mistakes in your work.
Material that strictly adheres to grammar rules indicates professionalism which people admire and respect. The readers will readily exhaust the entirety of your piece if they see consistent, grammatically correct sentences and phrases. You can use free or subscription-based tools to check and correct any grammar issues. Examples include Grammarly, QuillBot, etc.
How to make the audience desire to read your pieces
Capturing the audience’s desire means you are deeper into the client’s mind with your blog post. Many writers fail to reach this level of client engagement because the two previous steps contain glaring mistakes that discourage readership. However, if you make it this far, the rest is almost child’s play: the reader is already willing to go all the way. Read on to learn how.
The following aspects will be forthcoming in shifting client desire in your favor:
Employ a conversational tone
A blog is an educative and informative piece aimed at a large audience accessing your website at convenience. Therefore, ensure your material engages as if in conversation with an eager student searching for knowledge. Tailor your content to make the audience appreciate your knowledge base and yearn to read on for more.
The best way is to use language that implores them to continue reading to discover what you have in store. You should be convincing and create a vocabulary that reflects a tone people are comfortable reading. Be sure to employ the active voice instead of the passive one because the audience will quickly see interest.
Understand your niche
The subject and tone of your article rely on the topic you are covering. Your delivery will also depend on understanding the niche you decide to cover with the content. Consequently, it is necessary to research extensively to know what, why, and for who you write. The niche also defines the characteristics of the audience your work targets. The following questions will help you understand the place and define the topic and tone of the content:
What content am I advertising? It enables you to define the nature of your product or service.
Who is the target audience? It helps define the characteristics of your audience. Your tone must align with the people reading your work. Are they adults? Children? Women? Men?
Why am I advertising this content? The point defines the solutions you are offering to the audience. It helps you figure out the type of language suitable for the context.
Use real-life examples
Readers will always relate to real-life situations which reflect on their lives or provide relatable contexts. Ensure to include the most relatable examples and case studies in your blog if you address particular product details. For example, when advertising a product, you can quote previous situations where it was helpful to a different audience. Your audience will quickly develop a connection to the item if they have a relatable problem.
Use statistics to back your statements.
Statistics are always helpful when you want to display your knowledge about the effectiveness and reliability of a product or service. The end game is to make the readers interested in understanding the implications of a service or product based on quoted metrics. Such insights also help in decision-making steps if readers want to take action. Thus, always provide authoritative links to said statistics so that they can confirm the truth of your words. They will be willing to try out the item on offer after that.
State and answer FAQs
Frequently asked questions (FAQs) offer the perfect chance to address additional client concerns. The readers will see the questions touching on relatable topics and quickly read on to see how you responded. They will then get the desire to discover more about your writings and what you offer outside the blog, cementing the purchase intent.
How to make the audience take action
The best way to ensure that your readers take action after exhausting the detail of your written content is to tell them how. At this point, readers already understand your intention, your solutions, and the benefits they stand to gain. Therefore, you must direct their next steps so they can follow up to buy, receive updates, or discover more content. The following call-to-action (CAT) moves are ideal:
Ask the reader to engage with the blog post.
You can implement various CAT buttons on your page to direct the client to engage with the blog post as desired. First, you can have buttons for sharing, commenting, and liking your post after reading its entirety. It helps expose the content to a bigger audience since the individual helps spread it to friends and followers.
Ask the audience for feedback.
You can ask the audience to give feedback about the post or make suggestions about future posts. Here, you get to understand their perspective of the blog post or needs you did not address. It helps you prepare your following content.
Ask the prospect to subscribe.
You can request the prospect to click and subscribe to your content notifications for future posts. Here, subscribers indicate serious interest and become targets for new content before everyone else gets access.
The piece explores the different strategies that can strengthen your reach by enabling optimal engagements on your blogs. The avenues explored ensure audience satisfaction by ensuring that your content reflects positively on the audience. You will find that the ideas are simple yet effective in helping build a brand with loyal readers who follow your work religiously. The trick is to keep them engaged every step of the way through content that reveals your attention to their needs.
Images, sentence structures, keywords, tone, and grammar are some pointers that will inform audience interest. However, the article explains their application in a way that underscores the effort by successful bloggers to win over a loyal audience. Careful application of the details herein opens your blog to new followers who will make you a popular destination in your niche.
Featured Image Credit: Photo by Suzy Hazelwood; Pexels; Thank you!
How to Nail the Art of Visual Email Marketing
Interesting subject line ✅
Engaging and relevant copy ✅
Actionable CTA ✅
All these make up a high-converting email. But there’s one more thing that helps in getting maximum ROI from your emails. That’s attractive visuals. Vennage has revealed that 49% of marketers rate visual marketing as “very important” for their marketing strategy. Three days later, people will probably remember only 10% of the information they hear but 65% of the information if it is presented with a suitable image.
So, if you want your emails to make a difference and prompt the subscribers to take action, using visuals is a must.
That said, let’s take a look at all the different types of visuals and rich media you can use to enhance the email’s aesthetic appeal.
Static images come first, as they are a basic yet compelling part of visual email marketing. Whether you want to display your product with a pretty picture or break down the content with vectors, images come in handy. If you want to pull the plug on lengthy text, use relevant images along with a crisp copy.
Take a look at this email by Touch of Modern. They have nailed the art of product photography and included the perfect image that would attract shoppers.
Illustrations can be used as a powerful storytelling tool in emails. According to a survey, illustrations and infographics are performing better than many other visual elements when it comes to yielding engagement. Rather than using stock images, you can use meaningful illustrations that add more value to the emails.
Here’s an email by Harry’s that uses an illustration to depict the awesomeness of their face wash packs.
3. 3D Images
3D images originated in the 1970s. They established their identity in web designing and gradually made their way to emails. These images add depth to the flat email design and bring freshness to the subscriber’s inbox.
Burberry has incorporated a nice 3D image to promote their open spaces in the email.
Let me take you back to the earliest usage of GIFs in emails.
In the year 2007, Lake Champlain Chocolates incorporated GIFs in their emails, and to their sheer surprise, it brought 49% higher conversions.
Then, in 2014, Dell drove 109% revenue (marketingsherpa) with the help of an animated laptop image in email.
Animated GIFs prove to be extremely beneficial in various use cases, as discussed below:
- Displaying the huge range of products available in your eCommerce store
- Inspiring wanderlust in the readers with enticing images of the destinations
- Demonstrating the usage of your products
- Promoting a new show released on your OTT platform
- Executing occasion-based email marketing
- Animating the typography to draw attention to an important message
Anthropologie has used action-packed animation to show its products. It portrays comfort and aesthetics and lures the readers to buy.
5. 3D Animations
3D animations are a step above GIFs. If you want to further enhance the user experience, use 3D GIFs as Lyft has done.
6. Animated Illustrations
Illustrations with animations are a visual treat. They help in telling a story to the subscribers. If you go by the “Show, don’t tell” adage, try using animated illustrations in your emails.
Grammarly sets the perfect example of using animated illustrations in their email promoting the midnight sale. The animated owl and clock form a great combination to convey the message.
GIFs are snippets taken from a video or an animation played on a loop. On the other hand, cinemagraphs are sophisticated animations with a seamlessly endless loop that take the subscriber back to a past moment.
Here’s an email example by Detour Coffee Roasters showing the use of cinematography in their welcome email.
Like GIFs, you can use cinemagraphs in the telecommunications industry and add visual oomph to your emails. It will pique the subscriber’s curiosity and make them buy an OTT subscription to watch the show.
You can add videos in emails in two ways.
- Place a video thumbnail with the play button and take the reader to the landing page.
- Embed the video in the email itself and let it play therein.
The first option is pretty straightforward in that you just have to embed a static image in the email that emulates a video thumbnail.
Here’s an example.
The second option requires some coding expertise. You have to consider email client support too, if you want to use embedded videos in email.
Take a look at this email template to experience an embedded video in it.
Some Additional Ideas to Make Emails Stand Out
- You can use a monochrome design layout with a single color in the emails.
- Add gradients to reinforce visual hierarchy and get the emails read till the end. You can even experiment with innovative CTA buttons with gradients.
- The key to using visuals effectively is to follow the principles of visual hierarchy. Arrange the email components in a Z or F-shaped pattern to guide the readers. Also, adhere to the accessibility best practices.
Pro-tips for Adding Visuals in Emails
- The text-to-image ratio should be maintained at 80:20.
- As email clients block images by default, add a suitable alt-text with every image. This will also be useful if the subscriber views the email with images turned off. It is an important accessibility best practice and aids the screen readers in conveying the message to subscribers with visual impairment.
- Don’t add important information and CTA in the images.
- An all-image email will trigger spam filters and hamper your email deliverability rate.
- Avoid stock photos at all costs. Real photographs work better if you want to leave a lasting impact on the subscriber’s mind.
- Animations should not flash between 2 to 55 Hz; otherwise, it will aggravate the condition of photosensitive epilepsy.
- Keep close tabs on the email file size to ensure fast loading. It will prevent cutting into the user’s Internet bandwidth.
- While adding GIFs and embedded videos, include a suitable fallback to curb rendering issues.
- Use images judiciously without getting over the board.
- Test the emails so that they render well across all the major email clients and devices.
Remember those times when it seemed impossible to format emails with anything more than an image? And now, we have so many different options to explore and make our emails more fun and entertaining. Besides visuals, you can even use interactivity to add to the visual appeal. Test and see what works best for you.
Put your creative hats on to create email designs that resonate with your email subscribers. It will, in turn, bring you unmatched results in terms of open rate, click-through rate, conversion rate, and ROI.
Featured Image Credit: Provided by the Author; Thank you!
6 Ways to Prepare Your Business for the Upcoming Holidays
The holiday season can be incredibly disruptive, especially for small businesses and their customers. You could either be in a very slow season looking for things to accomplish or so overwhelmed by business that you feel like you got run over by a reindeer. If you haven’t started making preparations yet, you need to start today.
Simple adjustments can help you gain more business or handle a heavy influx of holiday patrons. Here are several ideas you can consider implementing to end the year on a high note:
1. Decorate With Holiday Spirit
Any customer that enters your business will feel the holiday spirit if you’ve got the right decorations in place. You don’t have to go overboard with inflatable pumpkins or flashing Christmas tree lights, but some well-placed decorative touches can really bring the place together. Plus, this makes the workspace festive for your employees as well.
You can choose to highlight the general themes of the seasons or focus on specific holidays. For example, autumn leaves and fall colors can get you well into November. You could also mix things up by putting up ghosts and jack-o’-lanterns for Halloween and switching them out for turkeys and pilgrims for Thanksgiving.
The same can be done for winter. Snowflakes and snowmen will work for the entire season. If you want to get specific, you have Hanukkah, Christmas, and New Year’s decorations to consider.
2. Work Out Employee Vacation Times
Everyone wants to take time off during the holidays, and for good reason. This is one of the best times of year to gather with family and enjoy life together. Unfortunately, some businesses can’t afford to have all of their employees taking time off simultaneously. Your job is to make sure everyone is getting fair time off while still staffing important dates around the holiday season.
How you approach this task is up to you and how you think your team will respond best. You might think it’s fair to let the most tenured employees select their days off first. You could also develop a rotation so that the same people don’t hog the same days off every year. Even a first-come, first-served approach could be considered if you think your team will be OK with it.
Remember that you deserve to take some time off as well. Being an entrepreneur is incredibly demanding and time-consuming. Taking even a couple of days off to enjoy the holidays with family can help you recover mentally and physically.
3. Encourage Calendar Collaboration Among Team Members
To ensure everyone on your team is on the same page with project deadlines, essential meetings and events, and client needs, it’s essential to collaborate on a team calendar. Most calendar software today offers team calendars.
Make sure everyone on your team has access to one another’s calendar so they are aware of when they are available. Then, team members can collaborate to help each other take on things that could otherwise be missed.
Thankfully, there are many collaborative calendar integrations available for teams to utilize in order to maximize their time. By utilizing these tools, teams can work more efficiently together. Therefore, they can minimize the chances of missing deadlines, missing meetings, or making clients unhappy.
4. Make Holiday Business Hours Known
Your customers also deserve to know how your business will operate throughout the upcoming holidays. You should communicate in advance the days you plan on being closed. This way, customers and clients won’t be disappointed when they try to visit, and nobody is there to receive them.
This is extremely important for schedule-based businesses. The sooner you block off certain days, the less likely you will have to reschedule a meeting or appointment that was booked in advance. Clients who have their end-of-year scheduled meetings rearranged or moved at the last minute will not be happy.
Consider sending out an email that details your holiday hours to any customers who have provided contact information to you. Additionally, you could also consider adding a note on your email signature that states when your business will be closed. You could implement this early on, especially for the winter holidays. At the very least, put up a notice on your front door and website that makes the revised schedule known and accessible.
5. Plan Marketing and Promotions
The holiday season is for family and friends, of course, but it’s also a commercial opportunity for businesses. (There’s a reason they call the day after Thanksgiving “Black Friday.”) While you shouldn’t lose sight of what’s most important, your business should be thinking about some promotions to run. The right marketing campaign at the right time can dramatically boost your revenue.
Marketing plans practically write themselves this time of year. Black Friday and Christmas sales are common and desirable. A salon could run cut-price haircut specials on Black Friday for those who want to escape the shopping fray. A mani-pedi promotion could capture the attention of those primping for holiday parties. Put your business’s personal twist on the season, and you’re likely to see sales increase.
What’s most important to prepare for is the increase in business during a holiday promotion. Make sure you are appropriately staffed for busy days with numerous consumers cashing in on holiday deals. If you’re not prepared to handle the business you’ve attracted, you’ll have a blue Christmas.
6. Consider Getting Extra Help
If you’re feeling overwhelmed by all of the business coming your way over the holidays, consider contracting some extra help. Plenty of businesses hire seasonal workers to lend them a hand for a couple of months. Your business doesn’t have to be an exception.
The great thing about seasonal workers is that there’s no long-term commitment. You can get an extra receptionist, hair stylist, or stockroom organizer for just as long as you need. These workers are looking for some extra holiday cash and simply want the additional hours before life returns to normal.
You may even consider contracting some digital help. A webmaster can help you keep your website up and running even with double the online traffic. Your clever marketing strategy could be implemented by a third party so you can focus more fully on your customers.
Of all the above steps, the most important common denominator is to be sure your clients and customers are aware of when your business will be out, so they can plan ahead as well. This will help your business avoid the inconvenience and disappointment the unavailability may cause. Be sure to encourage in-house collaboration on important dates, in addition to collaborating externally with your clients and customers.
Keep your business on the nice list by being prepared for every upcoming holiday, whether it’s the longer holiday breaks in the winter or the shorter holidays throughout the year. With the above holiday preparation planning tips, your business can plan well ahead for this holiday season so nothing slips through the cracks.
Though it’s an extremely busy time for everyone, the holiday season doesn’t have to get stressful. There are so many ways to avoid all of the stress by planning well. The better you work together to prepare, the jollier the holiday season can be for your business and your customers as we head into the 2023 new year.
You might not feel entirely ready for 2023 just yet, and that’s fine. But by taking steps to prepare for the new year now, you’ll position your business to succeed beyond your expectations.
Published First in Calendar. Read Here.
Featured Image Credit: Photo by Quang Nguyen Vinh; Pexels; Thank you!