Grizzly Bear Financial Managers
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Grizzly is entering its first year of operations. Grizzly offers financial planning, investing services and estate planning and has identified two market segments that it will serve. Grizzly has gathered a fair amount of information about its target customers and will leverage this information to meet the needs of the targeted customers. The basic market need is a comprehensive financial planning and estate planning consultancy.
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Within the entire financial service market, Grizzly will concentrate on two distinct market segments. Grizzly has researched these two market segments and will use the captured information to better understand how to serve these segments, their specific needs, and how Grizzly can best communicate with them.
|Estate planning customers||8%||38,745||41,845||45,193||48,808||52,713||8.00%|
Grizzly Bear Financial Managers is providing its customers with comprehensive financial and estate planning services for middle to upper income customers. Grizzly seeks to fulfill the following benefits that are important to its customers.
The market trend for financial planning has been an increase of individuals doing their own planning. This trend is likely to be short lived.
As the market recovered from the initial Internet enthusiasm, the number of day trader transactions by non-financial people decreased significantly as the reality that the amount of information available does not make it efficient and profitable to undertake activities that previously required a fair amount of time, research, and information to accomplish successfully.
In the year 2000, the financial advisor market generated $9 billion in revenue. Financial planning is a profession that requires lots of information and time to achieve success. Most people do not have the time to do a proper job so they turn to professionals. Since financial planning for the retirement years is especially important, the need for financial services will not likely be significantly diminished any time soon.
The financial market as a whole has seen a 5% growth rate for the last four years and it is forecasted to maintain this rate for another three.
The following SWOT analysis captures the key strengths and weaknesses within the company and the opportunities and threats that the industry faces.
Competition comes from many different sources:
The buying patterns of consumers are often based on networking or who the person knows. This is because the industry of financial planning is so populated it is quite hard to make a decision for choosing a service provider. Since many/most people after a certain age have at least visited a financial planner it is not difficult to get a referral for a planner.
Grizzly Bear Financial Managers is a comprehensive financial planning consultancy. Grizzly is a financial and estate planner.
Financial management is a populated space, just like real estate. There are literally hundreds of financial managers serving the Minneapolis metropolitan area. The secret is specializing (concentrating on a specific area in the market, helping you to be differentiated from all the other service providers) and networking (building your business through personal/professional contacts). Although the financial market is pretty full, there is room for new providers that specialize and offer unsurpassed customer attention.
The following are the keys to success, the factors that make the difference between success and failure:
Grizzly Bear Financial Managers is still in the speculative stages as a start-up business. The critical issue that it faces is that expansion of the service providers must be done to ensure superior service provided. It should not be undertaken because of a perceived increase in future demand, but done to meet current demand.
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