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If you wanna walk the walk, you better talk the talk

In this age of segmentation, wealth managers are increasingly targeting micro-markets based on a wide array of defining characteristics including:

1.Age

2.Gender

3.Source of wealth

4.Lifestyle preference

5.Personal situation

6.Risk profile

What we often find, however, is that companies put a nice wrapper around the same old package. Firms may say they understand “millennials, women, entrepreneurs, etc.” but they then offer little of substance to validate their claims. In fact, some do not even put sufficient effort into the wrapper.

In one notable example, a firm had an entire page on their website devoted to an explanation of how they support empowering women by providing resources and helping them network, but the visuals on the page were all of professional men in a traditional boardroom setting.

Another pitfall we often see is the “bucket” approach, where a firm assumes everyone in a target segment is exactly the same. For instance, all millennials:

1.Like to travel

2.Spend all of their time online

3.Live on social media

4.Want work-life balance

5.Invest aggressively

6.Value social conscious investing

Right? Well, maybe not. Firms that are successful in segment specific marketing recognize that they need to be able to deliver on the promise – solutions designed and packaged specially for the target market. And, solutions must demonstrate an understanding that not everyone in a demographic category behaves in exactly the same manner.

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