HNW Marketing News and discussion - 3, how to get new customers

From the customer points of view to think.....
If you are very rich, and looking for some ways to manage your money, you will find a lot of service providers available from different banks, MPF companies, financial institutions or Insurance companies.

How do you pick the best one for your wealth management activities?
To look into this issue, it can be reflected by your personal preferences.

• You may count on peer experiences and ask for their opinions
• You may find your current bank is providing this kind of service so you use it
• You properly may have some friends who are the private banker, so you ask for their helps
• You may read some TV Ad or Newspaper to promote new products so you have interested to have a trial and ask for the details
• You would like to use the wealth management company which has the best performance consistently
• any other possible reasons?

For the HNW service providers, how to manage this kind of customers' expectations?

For the service providers, how to gain market share can be translated to how to get the new customers.

Based on the discussions above, how can it can be changing business opportunities? Apparently, you can find a lot of different reason which could have different approach to address in order to meet the result of getting new customers. In term of marketing wordings, it is so called Niche Marketing. Or we should say, we needs to have a dynamic and flexible niche marketing skills to catch up with the various and changing HNW customers's preference and needs.

It can be do it for HNW customers as it is costly to design and do so. However, in the dynamic markets filling with expected and unexpected market competition, customers become the KING. Thus, the profitibility of a company is reflected by how the company take care of its customers and market your customers.

A Dynamic Niche Marketing capability is a must for HNW service providers..

How we can able to do so? If we apply the theory discussed in the previous articles, we need to have some ways to

• identify the current organization position and capabilities
• think what is the desire capability (what is the degree of Dynamic and Flexibility Market capability)
• execute this market strategy
• measure how successful or failure of this strategy

Indeed, we can understand that this is the daily activities for many NHW service company already. However, you my find you need a more effective way to do so ... but how?

One of the way to enable your organization to do so is trying to co-operate into a CRM model

That's why we have CRM.

By EC-Couincil, CRM is comprehensive set of processes and technologies for managing the relationships with potential and current customers and business partners across marketing, sales and service regardless of the communication channel.

The goal of CRM is to optimze customer and partner satisfaction, revenue, and business efficiency by building the strongest possible relationships at the organization level.

We will try to continue this discussion in "HNW Marketing News and discussion - 4"