blog

SMS OOTB

by Johanna

I recently heard about NearbyNow and Slifter, which are new "short messaging services" (SMS) applied in "out of the box" ways. Specifically, these services help mobile phone users locate things they'd like to buy.

The concept is really quite ingenious. For example, consumers send a text message to the service with the name of a product and the zip code (e.g., Harry Potter, 10021), and the service will return a text message including the location of the nearest store in which the book can be purchased.

There is no charge to consumers because retailers are willing to pay a fee every time their name is returned in a query -- a small price to pay for a service that leads a customer directly to your door. Once they're inside, customers often purchase more than the original item they were looking for.

The concept is particularly effective because it fits seamlessly into the everyday activities of consumers. So: What technologies can asset managers use that fit into the everyday lives of financial advisors? Web sites are a start, but what additional services can firms offer to the overtaxed advisor who spends her day on the road, meeting with clients?

IMHO (In my humble opinion), the firms that first take advantage of technology that brings advisors to their products will achieve G9 (genius) status.