Question

Topic: Strategy

Marketing Strategy For Financial Company

Posted by heidibisbee on 8/13/2008 at 5:47 PM ET 250 Points
My client is in need of a strategy for his financial firm (his expertise is in retirement & 401K planning). His goal is to come up with a strategy/marketing campaign that would help his customers to feel like they are getting special treatment, as the #1 issue for people and financial firms is that they hand over their money, and then are left out in the cold. The initial idea was to offer certain qualifying clients to be a part of a club where they could reap certain benefits. The concept is "old world, knight in shining armor / security. What I am looking for are ideas on what those benefits would include. Some of the ideas have included a scroll-like certificate when becoming a member, as well as a dinner certificate they will receive on their birthday. The demographics are generally ages 50+ so keep this in mind. We are looking for other ideas and benefits for this program as well as ideas on how to successfully launch this are appreciated. Thanks!

Heidi Bisbee
Bizzybee Marketing, LLC
Bowling Green, OH.
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RESPONSES

  • Posted by Jay Hamilton-Roth on 8/13/2008 at 8:59 PM Accepted
    Special treatment could mean: reports (phone calls) more often, seminars (focused on specific issues that your demographic cares about), comparisons between your returns and the rest of the industry (even if it doesn't paint you in favorable terms), or more regular meetings to go over clients' new life events (that would require different financial needs).

    Randall is right - people want to know that their money is not just safe, it's doing better than they could do on their own.
  • Posted by heidibisbee on 8/14/2008 at 8:56 AM Author
    I understand what you are saying, but my client is convinced that these people need to fee special as well as recieve value in the product. For instance, if you recieved a gift certificate to a restaurant on your birthday, it may leave an imprint on you that you are valued - not anything any other financial group is doing that I know of. Of course he is going to give them the value in their finances, but he also just wants to go above and beyond, so I am still looking for creative ideas not related to the security he will already offer them.

    Heidi Bisbee
    Bizzybee Marketing, LLC
  • Posted by Mikee on 8/14/2008 at 10:14 AM Accepted
    A better idea than a gift certificate for their birthday would be to take them out for dinner/lunch on their birthday and review their account. People want to be kept in the loop about what is happening with their finances.

    If he does not already give quarterly reviews on the phone he should. These things take time both in preparation and to perfrom, but definitely show people that you are on top of it and care about how their investments are doing. Giving people valuable information should be his goal.

    Mike
  • Posted by Mikee on 8/14/2008 at 10:16 AM Accepted
    One more thing. He should really try to move his target age down some as people should start retirement plannig earlier if they want it to be successful. People should be starting their 401ks when they start their jobs, not in their 50's

    Just my 2 cents.
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