Its not as easy as it once was to get one's product noticed by intermediaries, now that the market is down. Lisa Cohen
, president and CEO of strategic marketing firm Momentum Partners
, told The MFWire
that the old strategy of hiring a superstar sales manager or a bunch of wholesalers and just putting them out there in the field is not working so well anymore. Cohen is also one of the stars of Nicsa's new distribution Webinar series. (see MFWire
September 3, 2008)
"The rising tide lifts all boats," Cohen said, referring to the rising market lifting all fund firms. When the market starts to fall, firms are forced to think of different tactics to get their products out there.
The good news is that firms can use times like these to focus on their strengths and come out of the down market cycle with a stronger company, Cohen said.
Cohen's advice for firms is twofold: stick to your core competencies and have a good story to tell intermediaries.
As the market rocks, some are becoming opportunists. Cohen says this is not necessarily a good thing. "Don't sacrifice you reputation to make a buck, "she said.
"A story is also very important to differentiate your firm from all the copycats out there", Cohen said. Your story should highlight what value you bring to the market, she added.
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