March 2021 Issue: Can a Marketing Plan Successfully Encompass Multiple Markets?-Can a Marketing Plan Successfully Encompass Multiple Markets? by Stephen Wershing

Can a Marketing Plan Successfully Encompass Multiple Markets? by Stephen Wershing

Pdf Summary

This article discusses the challenges and strategies associated with executing a marketing plan that encompasses multiple target markets in the financial advisory industry. The author presents two contrasting viewpoints on the topic. Larry Heller, president of Heller Wealth Management, asserts that his firm successfully attracts clients from various target markets through targeted strategies aimed at developing centers of influence and offering educational sessions specific to each market. On the other hand, Rick Helbing of Suncoast Advisory Group argues that selling to multiple markets is different from marketing, as marketing requires one-to-many communication that cannot solely rely on personal interactions and persuasion.<br /><br />The article suggests that a firm can execute a successful marketing plan for multiple target markets if it follows certain strategies. Firstly, the firm should establish an overarching brand that promises something attractive to all target groups. For example, Atlanta Financial uses the concept of "Financial Independence Together" as their master brand, which provides an umbrella for various sub-niches catering to different client groups. Secondly, the firm should have individual experts specializing in each target market. This can be achieved through acquisition or hiring experts in specific areas. Furthermore, the firm should ensure that its marketing messages are engaging, emphasize differentiators that resonate with each target client, and highlight the firm's expertise and qualifications.<br /><br />The article concludes that while marketing to multiple target markets may not be suitable for every firm, it can be successful with the right strategy in place. Firms should consider their unique circumstances, establish a master brand, direct prospective clients to the relevant channels quickly, and organize their content and communication strategies accordingly.

Keywords

marketing plan

target markets

financial advisory industry

challenges

strategies

branding

experts

marketing messages

differentiators

prospective clients