Investment Marketing - a relatively new direction, somewhat isolated from marketing in its classical understanding of free market relations in a globalized economy.

The subject of investment marketing is the analysis of investment activities, the disclosure of the potential of each investment area, a clear rationale for decision-making in the development and implementation of investment projects and programs. Investment marketing is able to study more deeply the process of forming portfolio investments and their use in the investment process, for example, in real estate financing, mortgages.

The goal of investment marketing is to equip investment specialists with advanced scientific, innovative and market-practical knowledge in the field of investment and, as a result, to promote in every possible way the activation of the investment process, raise the country's competitive production potential and bring Russia to the forefront of the global investment market leader. The goals of investment marketing can be profit maximization, investment volume, and market share increase.

If we proceed from the applied value of investment marketing, then the main tasks of its study are to disclose the following issues:

• o procedure for evidence-based decision-making in the field of investment;
• o investment risks, their assessment, ways to prevent or reduce;
• o sources of financing capital investments and methods of choosing the most profitable and reliable;
• o formation of an optimal investment portfolio;
• o methodology for the economic justification of capital investments;
• o investment planning.

The science of investing is closely related to the science of managing market marketing processes, which means that investment professionals need a certain set of knowledge, skills and abilities in the field of investment marketing management. Investment marketing, also related to economic theory, financial practice, investment management, sociology, political science, philosophy, is needed primarily for training investment specialists for successful enterprise management and financing investments in the real economy.

Characteristics of investment processes in marketing

Investment marketing serves to provide managers, decision-makers with reliable, reliable, complete and timely marketing information about the market, the structure and dynamics of demand, the preferences of corporate and private investors, as well as competitors and means of ensuring a stable position in the market.

The functions of investment marketing, its individual types and directions, separated from classical marketing as a result of investment specialization, are as follows:

• o analysis (monitoring) of the global investment market, study of its state, trends and dynamics;
• o segmentation of the investment projects market;
• o positioning of investment projects and programs;
• o analysis (monitoring) of competitors' activities;
• o forecasting the investment market conditions;
• o development of the most effective investment projects;
• o marketing control;
• o planning of investment and marketing activities.

The basic principles of investment marketing include:

• o the need for constant study of the state and dynamics of the global investment market;
• o investment adaptation to its conditions;
• o active influence on the Russian and cross-border investment markets;
• o formation of investment products in the most profitable sectors of the economy.

Investment marketing methods are:

• o activities for the study of the global and domestic investment markets;
• o development, distribution and promotion of investment products, projects and programs;
• o management of market processes in combination with investment management methods.

The concept of investment marketing considers investments as the basis of the economic activity of the state as a whole and of an individual enterprise. Investment projects in this case are the means to achieve the goal.

Investment Marketing Strategies - it is the determination of the means and methods to provide advantages over competitors, as well as the allocation of resources necessary to achieve marketing goals. Investment marketing strategies are aimed at increasing the controlled market share based on the use of key marketing factors. They are the result of strategic business planning processes.

In the market economy, the investment process is implemented through the investment market mechanism. And in investment marketing - strategies. One of the main indicators of the effectiveness of investment marketing is the investor satisfaction index, which is characterized by many "investment" criteria. It is a comprehensive qualitative and quantitative assessment of the satisfaction of private and corporate investors, based on regular strategic and comparative analysis of data on the investment sector of the economy through regular collection of data on the country, carried out by independent organizations.

In the investment business, the investor satisfaction index is calculated as part of an international project "Evolution luvest", carried out by the Expert-analytical and information-rating company "Unipravex".

The purpose of the investor satisfaction index is to supplement the quantitative calculations of the Federal State Statistics Service and other state bodies with the qualitative parameters of the investment segment of the market. The Investor Satisfaction Index helps to identify new trends (trends) of development and possible points of growth of investment projects through their correct comparison and rating using a special method. The index helps to better navigate the investment market, make more balanced administrative and managerial decisions, and serves as a decisive criterion when assessing the comparison of investors' expectations with real risks... Important factors of the index, defined but multivariate scale "costs / benefits", contribute to the adoption of optimal and well-considered decisions in the formation of an investment portfolio.

In conditions market economy an active role in regional strategic development belongs to investment policy, which includes the main elements: selection of sources and methods of financing investments; determination of the timing of implementation; selection of the authorities responsible for the implementation of investment policy; creation of the necessary regulatory framework for the functioning of the investment market; creation of a favorable investment climate.

Under investment climate the environment in which investment processes take place is understood. The investment climate is being formed under the influence of political, economic, legal, social and other factors that determine the conditions for investment activities in the region and predetermine the degree of investment risk. Investment climate assessments range from favorable to unfavorable. Favorable considered a climate conducive to the active activity of investors, stimulating the inflow of capital. Unfavorable climate increases the risk for investors, which leads to capital flight and damping of investment activity.

Investment climate assessment is a creative process. Each business is individual, and depending on the situation, its cost can vary significantly.

Exists three basic approaches to assessing the value of a business. First involves an assessment of the value of a business as the sum of all its assets for initial, residual or replacement value. Second assumes a business valuation "by analogy". Third provides an estimate of the future profits of the business. Here, the value of the business is calculated as the net present value in the planning horizon on a cumulative basis plus the liquidation value of all tangible assets at the end of the period.

Investment marketing is an innovative business service that is still rare for the Russian market, which has recently appeared in the investment sector of the economy. This relatively new direction, somewhat isolated from marketing in its classical sense, serves to provide company leaders with reliable, reliable, complete and timely business marketing information about the market, the structure and dynamics of demand, the preferences of corporate and private investors.

Relatively recently, a new innovative business service for the investment sector of the economy appeared on the Russian market - investment marketing. Its goal is to equip the customer of this type of business service with advanced scientific, innovative and market-practical knowledge, skills and abilities in the field of investment. And also - about competitors and means of ensuring a stable position in the investment sector of the economy. And, as a result, in every possible way to promote the activation of the investment process and the rise of competitive production potential.

Investment Marketing Philosophy

Investment marketing is a relatively new direction, somewhat separate from marketing in its classical understanding of free market relations. Although, both in the classical and in the investment aspects, marketing means - the market. But, as Russian practice shows, conventional marketing techniques do not work in the investment business. This requires innovative business marketing technologies.

Investment marketing is needed, first of all, to manage the organization and finance investments in the real economy. His methods are:

• activities for the study of the global and domestic investment markets;
• development, distribution and promotion of investment products, projects and programs;
• management of market processes in combination with investment management methods.

Despite the fact that investment management, in other words, investment management, at first glance seems to be a relatively simple matter (business), without a combination with investment marketing mechanisms its capabilities are severely limited. The use of investment marketing in a market economy is an objective necessity.

The basic principles of investment marketing include:

• the need for constant study of the state and dynamics of the market;
• investment adaptation to its conditions;
• active influence on the market;
• formation of investment products (projects, programs) in the most profitable sectors of the economy;
• a comprehensive system for monitoring the state of the competitive environment, including indicators and criteria for its assessment.

Investment marketing is focused on profit, and its integrated target philosophy is to identify and take into account the needs of investors and their real implementation in production, stimulate demand and promote goods and services from producer to consumer, and successfully implement investment projects and programs.

On a note

Investment marketing is a relatively new direction, somewhat separate from marketing in its classical understanding of free market relations

The concept of investment marketing considers investment as the basis of economic activity in a single organization. Investment projects are considered here as a means to an end. And the goals of investment marketing can be: profit maximization, investment volume, increase in market share.

The applied value of investment marketing determines its main tasks and methods, which consist in disclosing the following issues:

• the procedure for scientifically based decision-making in the field of investment;
• investment risks, their assessment, ways to prevent or reduce;
• sources of capital investment financing;
• methods of choosing the most profitable and reliable sources of funding;
• formation of an optimal investment portfolio;
• methodology for the economic justification of capital investments;
• investment planning.

The main provisions of the theory and practice of investment marketing, ensuring the implementation of its goals, are based on the following principles:

• comprehensive research of the investment market;
• planning and coordination of investment activities;
• ensuring high competitiveness;
• ensuring a highly profitable investment process;
• activities focused on the requests and needs of investors.

The functions of investment marketing, its individual types, and directions, separated from classical marketing, as a result of investment specialization, are as follows:

• analysis (monitoring) of the investment market, study of its state, trends and dynamics;
• segmentation of the investment projects market;
• positioning of investment projects and programs;
• analysis (monitoring) of competitors' activities;
• forecasting the investment market conditions;
• development of the most effective investment projects;
• marketing control;
• planning of investment and marketing activities.

In the course of implementing an innovative business service for the investment sector of the economy - investment marketing, in order to calculate the cost of work, the customer should choose a strategy: financial, economic, financial and economic, complex or another. The range of services on the “price / quality / terms” scale will depend on this choice.

Investment Marketing Strategies

Investment marketing strategies are an integral part of a global investment strategy that identifies the means and methods to provide an advantage over competitors, as well as the allocation of resources necessary to achieve marketing goals. Investment marketing strategies are mainly aimed at increasing the controlled market share based on the use of key marketing factors. They are the result, inter alia, of the processes of strategic business planning, which, in combination with investment processes, act as the aggregate movement of investments of various forms and levels.

After all, the implementation of the investment process presupposes the presence of a number of conditions, the main of which are: a resource potential sufficient for long-term successful functioning, the existence of economic entities capable of providing the investment process on the required scale, a mechanism for transforming investment resources into objects of investment activity. In the market economy, the investment process is implemented through the investment market mechanism. And in investment marketing - strategies.

There are mainly two strategies prevailing in investment marketing: the spyglass strategy and the boarding strategy. The first type of strategy involves a careful study of the business space from afar using mechanisms and technologies that do not allow you to recognize your actions and intentions in advance. Analogy with a telescope. So naval commanders study the enemy fleet before proceeding to active offensive operations. Therefore, the second strategy is decisiveness and vigor. Both strategies should take into account the forecasts for the development of the investment environment (pessimistic, optimistic, realistic-probable, force majeure), changes in the structure of investment market segments, the likely dynamics of price and value changes, as well as the real and forecast models of competitors' marketing behavior. For clarity, we will present two models of marketing strategies typical for classical and investment marketing (Table 1).

If we consider strategic planning for investment marketing in the context of the entire investment process, then it can be defined as a normal management process for creating and maintaining strategic alignment between the goals of the organization and its potential in the field of investment marketing. Investment marketing planning indicates what marketing actions the organization should take, why they are vital. Determines who is responsible for their implementation, where they will be undertaken, when and how they will be completed. The strategic planning process in investment marketing consists of the following interrelated stages:

• defining goals,
• justification of goals,
• setting investment marketing goals arising from the goals of the organization,
• conducting a situational analysis,
• development of a marketing strategy,
• development of tactical steps,
• control over the result.

The most important part of planning is developing a preliminary marketing strategy for going to market with a new investment product. Having made a decision about this concept, the organization's management can begin to assess the business attractiveness of the proposal. If the results of the analysis are positive, it decides to start direct contact with the investor, having previously developed an appropriate action plan.

The development of an investment marketing action plan provides the following opportunities: firstly, the planned use of resources to achieve marketing goals, and secondly, the establishment of a logical sequence of individual activities and procedures for setting marketing goals, choosing marketing strategies and developing measures to achieve them for a certain period based on assumptions about the future conditions of the plan.

The goals of investment marketing can be: maximizing profits, investment volume, increasing market share ...

The main goal of investment marketing when creating a comprehensive plan is to create a communication environment between the organization and the investor. The result of competent marketing planning is a marketing plan that serves to implement a marketing strategy of the selected type, as well as the entire marketing 4P paradigm (a set of controlled variables of a classic marketing mix: product, price, place, promotion Its main purpose is to set goals, indicate deadlines, outline specific actions (tasks) for all performers. Marketing plan is a basic document used in the process of marketing management. It includes:

• an investment policy action program;
• main priorities and strategies of marketing activities for the planning period with details by type of investment;
• organization, assessment of the strengths and weaknesses of its marketing activities, threats and market opportunities (SWOT analysis);
• marketing budget.

The basis of a marketing plan is marketing goals and targets. An obligatory and most important part of the plan is an analytical overview of the state of the market and competitors. The marketing plan establishes specific tasks for each area of ​​activity, and a general cost estimate is drawn up. The form and procedure for developing a marketing plan depends on the goals, objectives and professional training of the marketing team. In an approximate form, it looks like this (Table 2).

Strategy is followed by tactics. And then sync them up. Investment marketing tactics is a set of measures to implement the goals of the organization in each market and for each type of investment for a given period of time. It is formed on the basis of the marketing strategy and the dynamics of the actual current market situation. The tactics are primarily aimed at:

• achieving a sustainable level of profit,
• active market behavior,
• sensitive response to changing situations,
• taking adequate responses to the actions of competitors,
• adjusting goals in accordance with changes in investor requests.

The tactics of investment marketing in investor relations will be discussed in the next section.

Investor Relations Marketing Tactics

It's no secret that relationships with investors can develop in different ways. Accordingly, the tactics will be different in each case. How can investor relations influence the development of the investment business? And the most direct one. After all, the main basis of these relations is the openness of information, data, and in general - all business information.

The main objectives in investor relations are as follows. Firstly, this is an increase in the value of shares, and secondly, a decrease in the cost of investment capital. How can this be achieved? First of all, by increasing the degree of shareholder confidence and ensuring the attractiveness of shares for:

• institutional investors,
• private investors,
• financial analysts.

The purpose of this activity is to reach the maximum limit of the market value of the shares. To achieve it, the following tactical steps are taken:

• the first is the constant maintenance of shareholders' interest in the company,
• the second is the regular provision of shareholders with new information.

On a note

There are mainly two strategies prevailing in investment marketing: the "spyglass" strategy and the "boarding!"

In addition, during the implementation of investment marketing plans, the following functions are carried out by investor relations specialists, as a result of which:

• development of information strategy and tactics;
• drawing up recommendations for the implementation of the developed strategy and tactics, and their synchronization;
• assessment of loyalty (fidelity) of shareholders, legislators, financial experts to a specific company or, in general, to the sector of the economy in which this company operates;
• a set of special events for certain target and contact groups of investors, financial analysts, representatives of influential media (open and closed presentations, study tours, business trips abroad);
• preparation and distribution of press releases;
• a system of measures to assist in the preparation of thematic publications (annual reports, reports, appeals to investors).

Along with this, the tactics of marketing relations with investors involves the implementation of the following types of information support, namely:

• information and analytical services for investors, including at their requests;
• expert support of the top management of companies on the issues of integrated communications with the media;
• analytical monitoring of the legislative and regulatory framework.

The tactics of marketing relations with investors also presupposes intensive work to reduce all kinds of risks that plague the investment business.

... the "inverted" classification fully characterizes not only the frequency of communication with each of the groups. But it also schematically reflects the system of public-private partnership ...

The most important area of ​​tactics in marketing investor relations is working with contact groups. They are, accordingly, subdivided into a large number of subgroups, but in their main classification they look like this:

• investors (corporate and private).
• current and potential shareholders.
• financial investors.
• exchange analysts.
• specialized business media.
• investor relations specialists.

And, finally, the most influential, seventh group, is the Government of the Russian Federation.

Such, at first glance, a layman, "inverted" classification fully characterizes not only the frequency of communication with each of the groups. But it also schematically reflects the system of public-private partnership. The purpose of all work in this direction investment marketing is to attract investment through the formation of an attractive investment climate in the country, which can affect not only the price of individual shares.

In conclusion, it can be noted that innovative marketing is based on the principle of the so-called. "Enlightened marketing", in which the organization must continually improve its marketing products and tools. It is not without reason that the most advanced clients have noticed that "innovation is always in high esteem for investment."

Victor Zimin, General Director of the Expert-analytical and information-rating company "UNIPRAVEX", member of the Board of the Moscow Chamber of Commerce and Industry, for the magazine "Consultant"

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Investment project is a product that is promoted to the investment market and competes with other projects for raising funds and is a formalized proposal to change the activities of an enterprise pursuing a specific goal.

Projects are usually subdivided into tactical and strategic. TO strategic projects include projects that provide for a change in the form of ownership (creation of a rental company, joint-stock company, private enterprise, joint venture, etc.) or a radical change in the nature of production (release of new products, transition to fully automated production, etc.). Tactical projects are usually associated with a change in the volume of products, an increase in product quality, and equipment modernization.

In the new economic conditions, the enterprise, represented by its owners and top managers, must independently resolve all strategic and tactical issues of investment activities. The procedure for the formation of the investment activity of the enterprise in relation to a specific project is formalized in the form of the so-called project cycle, which has the following stages.

The first stage is the formulation of the project. Management analyzes Current state enterprise and determines the priority directions of its further development. The result of this analysis is formalized in the form of a strategic investment goal, which is aimed at solving important problems for the enterprise. At this stage, several directions for the further development of the enterprise may appear, if all of them seem useful and feasible, then several investment projects are developed in parallel in order to make a decision on the most acceptable ones at the final stage of development.

The second stage is the development (preparation) of the project. This stage requires a gradual refinement and improvement of the project plan in all its dimensions - commercial, technical, financial, economic, institutional, etc. The issue of extreme importance at the stage of project development is the search and collection of initial information for solving individual project tasks. It is necessary to realize that the success of the project depends on the degree of reliability of the initial information and the ability to correctly interpret the data that appears in the process of project analysis.

The third stage is the examination of the project. If the share of the strategic investor (credit or direct) is significant in the financing of the project, the investor himself will conduct an examination, for example, with the help of any reputable consulting firm. If an enterprise plans to implement an investment project primarily at its own expense, then an examination of the project is also highly desirable to verify the correctness of the main provisions of the project.

The fourth stage is the implementation of the project. All types of activities are monitored and analyzed as they are performed, and are monitored by supervisory authorities within the country or by a foreign (domestic) investor. This stage includes the main part of the project, the task of which, ultimately, is to check the adequacy of the cash flows generated by the project to cover the initial investment and ensure the return on investment desired by investors.

The fifth stage is the evaluation of the results. It is carried out both at the end of the project as a whole, and in the process of its implementation. The main purpose of such an assessment is to obtain real feedback between the ideas laid down in the project and the degree of their actual implementation.

After formulating the strategic innovation goal, it is necessary to analyze the state of the economic sector to which the company belongs and the comparative position of the company within the industry. This analysis is the content of the preliminary stage of development and analysis of the investment project. It is customary to analyze the maturity of an industry by referring it to one of four developmental states: embryonic, growing, mature, and aging. In accordance with the second criterion, it is necessary to establish the competitiveness of an enterprise within the industry to which it belongs.

Analysis has a unified structure, which includes special sections that assess the commercial, technical, financial, economic and institutional feasibility of the project (Figure 5.7).

Analysis of the commercial feasibility of the project (marketing analysis) consists in the answer to two simple questions: can we sell and how much profit we will get. Marketing analysis should include: analysis of consumers and competitors, which identifies consumer needs, potential market segments and the nature of the buying process.

Based on the results of marketing analysis, a marketing plan. It should define

Rice. 5.7.

product development strategies, pricing, product promotion and sales, as well as organizational, financial, production and procurement aspects of its activities. As part of a marketing plan, it is desirable to predict the reaction of competitors and its subsequent impact on the ability to fulfill this plan.

When developing an investment project, it is necessary to highlight all the marketing aspects of investment planning. Currently, there are four main blocks:

• 1) market analysis;
• 2) analysis of the competitive environment;
• 3) development of a marketing plan for the product;
• 4) ensuring the accuracy of the information used for the previous sections.

I would like to dwell separately on market analysis. The purpose of market research is to identify consumer needs, market segments and the buying process to improve quality and speed up investment marketing decision-making. Structural market research should begin by identifying competitors, public or private enterprises, local, national or international companies, traditional or new, labeled or unlabeled products. It is very important to use quantitative estimates in the process of marketing analysis.

Technical analysis carried out to determine the technologies that are most suitable in terms of the goals of the project; checking the potential for planning and implementing the project. Technical analysis is usually carried out by a group of the company's own experts with the possible involvement of narrow specialists. A standard technical analysis procedure begins with an analysis of existing technologies.

The financial analysis is an analysis of the financial condition of an enterprise, which has the following structure:

• analysis of the financial condition of the enterprise during the three (better than five) previous years of the enterprise;
• analysis of the financial condition of the enterprise during the preparation of the investment project;
• analysis of break-even production of the main types of products;
• forecast of profits and cash flows in the process of implementing an investment project;
• evaluation of the effectiveness of the investment project. Financial analysis can be subdivided into calculation main financial ratios, definition breakeven point and the definition investment needs of the enterprise. The financial analysis of the previous work of the enterprise and its current position is usually reduced to the calculation of the main financial ratios that reflect the liquidity, creditworthiness, profitability of the enterprise and the effectiveness of its management. If an investment project is being prepared to attract a Western strategic investor, the financial statements should be transformed into the format of the country from which the investor is supposed to be attracted.

It is important to conduct break-even analysis. It includes a systematic work on the analysis of the structure of the cost of manufacturing and selling the main types of products and the division of all costs into variables (which change with changes in production and sales) and fixed (which remain unchanged when the volume of production). The main purpose of the break-even analysis is to determine the break-even point, i.e. the volume of sales of a product that corresponds to zero profit. The importance of such an analysis lies in comparing the real or planned revenue in the process of implementing an investment project with a break-even point and then assessing the reliability of the profitable activity of the enterprise.

When forming the investment part of the financial section of the analysis, it is necessary to determine the investment needs of the enterprise for the project, to establish the sources of financing the investment needs, to estimate the cost of capital raised for the implementation of the investment project, to make a forecast of profit and cash flows due to the implementation of the project, to assess the indicators of its effectiveness.

Economic analysis is carried out only for investment projects for which, in addition to assessing their financial efficiency, it is customary to analyze economic efficiency and economic attractiveness, i.e. the degree of compliance of the project with the priority tasks of the state. The procedure for assessing economic efficiency can be presented in the following sequence.

• 1. Present the results of financial analysis.
• 2. To form a new classification of costs and incomes from the point of view of economic analysis.
• 3. Convert the financial values ​​of indicators into economic ones.
• 4. Estimate the cost of other opportunities to use resources and obtain the same product.
• 5. Exclude all settlements for internal payments.
• 6. Compare the annual economic flows of funds with the initial investment.

If an enterprise develops an investment project, independently attracting investors, it ultimately focuses the general interest of the project on the benefits of its participants, mainly those individuals and legal entities who provided financial resources for the project. And if the state is not among these persons, the economic analysis of the project can be omitted.

Institutional analysis assesses the possibility of successful implementation of an investment project, taking into account the organizational, legal, political and administrative environment. Its main task is to assess the combination of internal and external factors that accompany an investment project. In the process of institutional analysis, an analysis of the capabilities of production management, an analysis of labor resources, an analysis of the organizational structure is carried out.

It is necessary to analyze how the decision-making process takes place in the enterprise and how the distribution of responsibility for their implementation is carried out. It is possible that the management of the implementation of the investment project being developed should be separated into a separate management structure, moving from a hierarchical to a matrix structure of enterprise management.

Risk analysis involves taking into account all changes: the cost of raw materials and components, capital costs, maintenance costs, sales costs, prices, etc. In the process of risk analysis, the following scheme is used. Kuchin B. L. Investment marketing: monograph / B. L. Kuchin, S. P. Kazakov. Moscow: MATI, 2008.