The big battle is on two fronts

Vanessa Stoykov,  creator,  No More Practice

It’s been a fascinating week in the world of content - as Apple TV + launches its own content platform, and Disney+ launches its own dedicated streaming service too. And it’s an interesting thing to watch two mega companies battle it out to break into the lucrative subscription market and into our homes and devices in a very different way.

Disney, of course a content house, has a jam-packed offer of its old classics, some great new reworks, and dedicated channels for Star Wars, Marvel and National Geographic. It’s an offer that literally has something for everyone. And its only $8.99 - roughly half of market leader Netflix.

Apple on the other hand, is a tech company - that’s now thrown its hat in the content ring. And as you would expect from the global giant, it gone in big. Oprah has her own show with BookClub, there’s movie stars like Reese Witherspoon, and Jennifer Anniston in their own TV news program, and the new game of thrones alternative, See. Impressive. And also, half the price of the market leader.

So why have these giants gone to such lengths to capture the market through storytelling? Surely Apple already had distribution via its giant tech network. And Disney distributes through every other platform. But both companies know the truth - that to own distribution, and the long-term revenue attached, you must deliver to the hearts of people - and you only do that with quality storytelling.

I believe the same thing is true in financial services. As the dust settles from the Royal Commission, we are seeing advisers either leave or go through formal education; fund managers adjust their distribution strategies; and banks go back to what they know best. 

The distribution battle for the hearts and minds of people in the wealth management industry will be fought on two fronts. The first will be the challenge of actually getting products and services out there. Less advisers in the market means funds managers will be challenged to distribute their investment product that way. And advisers themselves are battling to get distribution for their services due to changing the model of charging and combating a serious lack of trust.

It’s now time for the consumer to decide - on both advice and investing. Where that lands will be highly dependent on the quality of the message, and the underlying services and product attached to it. And it’s not all about having distribution that will see winners emerge in our industry. Without a compelling narrative to go with it, no product or service will achieve serious market penetration. The marketing departments in every business will be more challenged than ever before, to cut through in new and creative ways, that also satisfy compliance and legal. And advisers will have to become their own storytellers, and work on amplifying that.

It a battle on two fronts - where it lands will be largely dependent on an equal focus on getting both right.

Interesting times.

Until next time,

Vanessa 

 

 


The opinions expressed in this content are those of the author shown, and do not necessarily represent those of No More Practice Education Pty Ltd or its related entities. All content is intended for a professional financial adviser audience only and does not constitute financial advice. To view our full terms and conditions, click here.

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