As “wealth management” becomes more popular and the number of players reaching out to the wealth market grows, establishing clear differentiation in a crowded market becomes both more important and more challenging.
In our view, successful efforts at market differentiation tend to follow a few key steps:
First, providers, particularly those new to the market, must be clear and honest with themselves regarding what their core/distinctive strengths really are, and how they stack up against the competition. This requires considerable organizational insight and mettle as well as some solid market intelligence.
Next, providers must communicate these strengths to the market. This means creating impactful marketing materials and compelling messaging that define the firm and incite interest. It also means expressing the corporate value proposition implicitly across the entire client experience, in effect delivering on the “brand” promise.
Finally, constant monitoring that benchmarks the success of an organization at regular intervals and insures adherence to the provider’s value proposition is a critical element in sustaining a successful market differentiation program.