Marketing MWS

Overview

The average person whether he/she be a business owner or an employee, when it comes time to consider wealth maximization (they don't refer to it this way) is presented with a bewildering array of companies presenting so-called "Solutions".

These range all the way from Banks and financial corporations. selling mutual funds, to private "Wealth Building" companies involving a variety of strategies and services.

Examples:

FBC Tax Strategies

-Apprenticeship Tax Credit
-Income Splitting
-long or short term tax plan
-selling your business or transferring to your grown children
-are you paying too much tax?
-does your accountant have experience in the construction trades industry?
-as a new business owner would you like to learn more about incorporation?
-HST
-Financial Statement guarantees
-Tax Reduction Strategies
-Audit Protection guarantees

The Henderson Kochan Wealth Advisory Group

• - Simply a listing of "Experts" operating under the BMO Nesbitt Burns umbrella of standard financial offerings

TD Canada Trust

            Like most banks, this organization concentrates on mutual fund sales

Blackwood wealth planning

• - Comprehensive Planning & Management
• - Life Insurance
• - Investment Management
• - Will & Estate Planning Documents
• - Family Meetings & Governance
• - Executive Benefits
• - Employee Benefits-

RitePartner Financial Services (Note the words "will be able")

Value Statement:

As our team of associates grows, Ritepartner.com will be able to provide the consumer with Canada-wide expertise in respect to the three cornerstones of financial security; Protection, Accumulation and Retirement, thereby offering a planned approach to making your Retirement, Investment, Tax and Estate Planning (R.I.T.E.) goals and objectives a reality.

These are some examples which appear to show that many companies are struggling with their actual identities with the result that their value propositions and mission statements (Except for Banks) are often confusing and in some cases misleading.

This environment presents an opportunity for MWS but also a variety of important challenges.

MWS - SWOTs (Strengths, Weaknesses, Opportunities and Threats).

Strengths

• - Individual expertise of owner
• - Strong network of experts
• - Clear idea of direction and offerings
• - Strong existing client base

Weaknesses

• - Lack of brand recognition
• - Lack of collateral presentation materials - brochures etc.
• - No marketing plan
• - Lack of consumer understanding of finance in general (see opportunities)

Opportunities

• - Confusion in the marketplace (cut through the clutter)
• - Lack of competition in specified niche
• - Lack of consumer understanding of industry (too much jargon, many acronyms)
• - Testimonials because of strong client base

Threats

• - Timing - one can expect other companies to "get their acts together" eventually. A tip-off is  that some of them profess to "Work with your existing experts" and although this is only one factor, it is a heads- up that they are starting to get the idea.
• - Friend or relative "In the business"
• - In view of the clear direction and mission of MWS, as well as a commitment to marketing action, immediate threats are minimal.

Summary of SWOTs

Timing is excellent, challenges are fairly easy to meet and the opportunity to make some sense of the financial services sector. On the downside, trying to educate consumers can often be expensive and time consuming.  The opportunities to achieve brand awareness and simplify the perception of the industry are there and definitely do-able.

Recommendations

        
1. If there is one overriding consideration to all of MWS's marketing it should be SIMPLICITY. All 
    material should pass the "understanding sniff test". ie. 

              o Layman's language wherever possible,
              o Concise explanations of offerings' features and benefits
              o Concentration on "Door opener" only - not too many details for the prospect to consider 
                 and therefore delay the purchase decision.
 
2. Realization and adherence to the principle that this is a personality sensitive business and the goals should be centred on developing relationships and earning trust. The close may take some time but with this approach, the business is more permanent and makes getting referrals or testimonials much easier. 

3. Nothing should be assumed. To most people, the world of financial planning and investment is a very mysterious place. For example, many don't know the difference between separately managed accounts, segregated funds and mutual funds. We need to approach each potential customer in the most basic terms possible. The caveat to this is that we need to get a good "Read" on the customer so as not to insult his/her knowledge and intelligence.

Creative Strategy

• - A strong theme needs to be developed

                 - Some examples of existing themes:
                 - We make life less taxing
                 - Building lasting legacies for Canadians who care
                 - Where above the line planning impacts bottom line results

These are either too cute or too complex and this is generally true throughout the industry.  The theme for MWS must be strong and simple without buzzwords or jargon.  A good example can be found in the Sobey's Campaign.  It doesn't encompass al the products, the produce, the bakery, whatever.  It simply says "Ready to Serve".  It identifies directly with their mission which puts customer service above price pointing.  It is powerful and memorable. This is an ideal direction for MWS to follow.

MWS - we're here to help

Rationale

We don't need to say that we're here to help financially because we will be talking to people who are qualified to at least that extent.  When assessing wealth management or investing strategies, people want HELP.

This theme speaks to the development of personal relationships which is one of the core aims of MWS.

It's short, simple and powerful - no confusion, no buzzwords, no jargon.

It's inclusive - it doesn't commit us to one type of product or service

"Help" implies working with people you already work with. HELP - not TAKE OVER

M W S - we're here to help

Creative Strategy (Cont'd)

Who we are is important and helps establish credibility and trust but the main emphasis should always be on "What we can do for you".

It is vital that products and services be presented with features, benefits and advantages to be sure the "YOU" factor is always present.

Use testimonials from existing clients

No mass media - strictly targeted to qualified prospects

Deal with the "Friend or relative in the business" barrier

Media Strategy

Use Internet as much as possible.  Try to use vehicles other than e-mail as this vehicle is beginning to be ignored - depending on targets.  Younger people are not as receptive to email due to other preferred media - ie. texting and social networking.

Production of Video

• - Targets

              o Existing customers for increased business, increased awareness of services offered                                                                                                                                               
              o Potential new clients (prequalified to some degree)                  

              o Web-site

Summary
      

     The opportunities to target a niche are there. Timing is appropriate but there is some urgency to move the project along.  Competition cannot be expected to remain weak.

It is time for MWS to position itself as the market leader - a position which is, at least for the present, available.


Respectfully submitted,

Dave Foreman Consulting Services Limited