A survey released today from Prosek Partners, a global leading integrated marketing and communications firm for financial services, found that private markets professionals are increasingly turning to social media to support their business objectives. The survey, which gauged the sentiment of more than 100 general partners (GPs), limited partners (LPs) and service providers for the private markets industry, highlights the importance of proactive marketing and brand-building in a challenging fundraising environment in 2023.
Results of the Prosek Private Markets Survey found that a significant majority of respondents (83 percent) currently use digital platforms like LinkedIn to support their business objectives. In fact, LPs cited due diligence (52 percent) and manager selection/identification (45 percent) as the top reasons for using social media platforms like LinkedIn. With 72 percent of respondents indicating that marketing/branding is more important to support fundraising efforts in a more challenging fundraising environment, the majority of respondents (56 percent), plan to increase their use of these platforms in 2023.
Jennifer Prosek, Founder and Managing Partner of Prosek Partners said, “The findings from the survey highlight the importance for private markets firms to maintain a strong, active and up to date digital media presence, particularly for GPs looking to get in front of LPs in a tougher fundraising environment. This survey is the latest evidence that building and maintaining an active presence on channels like LinkedIn is no longer a nice to have, but a core tenet of any marketing and communications strategy."
The majority of GPs surveyed (70 percent) cited marketing/branding efforts as the top reason for using digital media platforms like LinkedIn. However, nearly one in five respondents (18 percent) say the main reason for not using digital platforms like LinkedIn, or not using them more, is because they don’t know how to go about it, stressing the need for greater education around digital marketing strategies.
“We’ve seen an enormous increase in demand for digital marketing services from private markets firms, and this survey confirms that both GPs and LPs recognise the value of a strong digital presence in meeting their commercial objectives. However, there’s an education gap that needs addressing to ensure firms don’t miss out on the opportunities and benefits of a thoughtful but proactive digital marketing strategy,” Prosek added. “Whether firms are looking to launch digital media strategies or strengthen existing programmes, the most important elements are consistency, timeliness and authenticity.”
Additional findings from the survey revealed:
- Videos are considered by LPs to be the most engaging type of content on platforms like LinkedIn, with 31 percent citing video as their preferred content, followed by written thought pieces like whitepapers and blog posts (24 percent), news articles (24 percent) and infographics/data (17 percent)
- Conversely, GPs consider news articles to be the most engaging content on LinkedIn (31 percent), followed by infographics/data (29 percent), written thought pieces like whitepapers and blog posts (23 percent) and videos (7 percent).
The Prosek Private Markets Survey was conducted in November 2022 and comprised responses from 106 private markets professionals, including general partners, limited partners and service providers.
About Prosek Partners
Every brand has a story to tell. And we’re experts at telling it. Prosek Partners is a certified Woman-Owned Business, among the largest integrated, independent communications and marketing firms in the U.S. and one of the few domestic, mid-size firms that offers global capabilities through its London office and international network. Specializing in providing a full range of communications solutions to financial and professional services companies, the firm delivers an unexpected level of passion, creativity and marketing savvy. Services include digital and traditional media relations, financial communications, public affairs, investor relations, transaction services, crisis communications and issues management, content creation, publishing, media training and more. Its strategic branding offering – Prophecy by Prosek – takes a holistic approach to creative branding and storytelling, with capabilities spanning every facet of advertising, strategy and design to deliver breakthrough results. The firm has been named PRovoke’s “Best Agency to Work For” and “Global and North American Corporate/Financial Agency of the Year,” an Inc. 5000 Fastest-Growing Company, a Best PR Firm in America by Observer, and a “Top Place to Work in PR” by PR News. For more information about Prosek Partners, please visit www.prosek.com or follow the firm on LinkedIn.