According to the latest figures provided by the Inland Revenue Dept. HKSAR, around 75% of total income tax is contributed by 100,000 people in HK. As we know that HK's population is nearly approach to 7 millions, it cannot be denied that HK is transforming to a "M" society. How can it be related to HNW marketing?
Latest HK Market news 2
At the same time, HSBC released their MPF research figures yesterday. About 75% of people has no ideas about whether their MPF is enough or not for them to cover their expenses after their retirement and less than 20% of people believe their MPF is only be able to over less than 10 years of expense after retirement.
What's your HNW marketing strategy?
The 1st first is convincing for people to anticipate that the MASS marketing strategy (non-differentiated marketing) may not be effective to market to the 100s thousands of people in the HNW segment.
One of the example, the recent 5 elements Fund from JF which is using the MASS marketing strategy may not be able to capture the HNW segement. (for details for discussion for this fund, please refer to the WSM article by editor posted in last month) However, it can create a good enough public awareness and an atmosphere, which may be able to capture the attention from some of the hidden potential HNW segment of people. So for marketer who spending to use this resourceful marketing strategy should be:
carefully identity what positive effect can be brought out by the MASS marketing
follow up to approach to the customer following the positive effective (it is usually missing by the service providers).
On the other hand, from the economic point of view, MASS Marketing is not worth to do so. But from the other MPF providers, it is not bad to take the follower strategy (at this moment). See below...
Suggest to all Smart HNW Marketers....
Being a Smart service providers shall make full good use of this "awared and educated" moment to deploy the related service or try to link your existing deliverables to those 2 news and remarket your finance services and products to the HNW customers. The KEY issues.
SPEED:
- It is a matter of time. The public awareness cannot be last for long time (as HKer is very busy and easy to get diverted to other businessed). Hence, your marketing activites should be "VERY FAST"
Make use of your "Warm" List:
- it is a high time to recompile your existing customer list to provide direct and cross selling to them by making a warm call/ invitation to your existing NHW customer.
Incentive Offerings:
- an ad hoc and short term incentive scheme to attract the NHW customer at this moment may induce a better result than spending the money to the MASS media.
- As editor discussed in the previous WSM article posted before, nowadays in HK, incentive and compagin marketing is most effective way for inche marketing.
- being customer centric to consider what kind of incentive is attractive and then package to to tell your customer
If I have a big team of agents
- If you have a big team of agents and IFA, you should reinforcement their selling activities by provide instant direction and guideline to them about how does those news can be related to your products and service and to show them where are the sales opportunities.
- offer tempoarey incentive program is required.
What should I do for the next step?
if you found you may not be fast enough to take the agile marketing activities to capture this instance chance, then you may consider to how to get your organization to have this kind of capabilities. To win in this competitive and dynamic marketing, how to being agile is the key. But to archieve this? Many people has different ideas and simple conclustion like using outsouring consultants etc.
For the Editor points of view, it is not just an simple conclustion to do so or to follow. We should discuss about it subsequently.
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