In Organizations, the marketing objectives can vary across different divisions. For some, profitability may be the objective while another division’s objective may be market share dominance or geographical coverage.
Examples of Marketing Objectives in Capital Markets and Financial Services:
Securities and Equities Trading – At the commencement of the business, one of the marketing objectives of a stockbroking firm may be to become a market leader in the stockbroking business in Nigeria. This can be achieved by ensuring your firm is number one in both volume and value of transaction traded on the Nigeria Exchange (NGX).
Asset Management – A company may set an objective to have a significant market share in the asset management business in Nigeria and the main strategy to achieve the stated objective can be to continually launch new products that will satisfy different categories of clients, both existing and potential. The achievement of this objective can be verified when there is increased portfolio or Assets Under Management (AUM) of the Firm year-on-year.
Investment Banking – An Investment Banking Firm that prides herself in providing best in class services to her investment banking clients must ensure that excellent customer experience is a tool to meeting the marketing objectives of Company. This will result to the Firm enjoying repeat businesses and referrals from her clients.
The 4Ps of Marketing in Financial Services
Product
Product offerings should be the core of a Company’s marketing activities, as they should designed the products to provide investment or financial solutions to different arrays of customers or clients, covering; corporates, retail, high net worth individuals and mass affluent, depending on the type of business.
Price
In order to attract more clients and encourage increased volume of transactions, professional fees or commission charged by a business can be discounted but still competitive in the industry. For a Company to further enhance the marketing objectives of the business, further discounts can be extended to minors whose parents are existing customers or clients so as to increase volume of sales revenue or income.
Place
The business should ensure that her products or services are available at strategic locations to conveniently cater for customers or clients’ need. Some major cities that you will find Financial Services includes; Lagos, Abuja, Kano and Port-Harcourt, this has greatly impacted positively on the marketing objectives of the Firms in the past, as it is a major selling point when pitching for new business.
However, in recent times, financial products that are available online facilitate ease of transaction and customers’ behaviours tend to adopt more of online offerings.
Promotion
Until recently, some Companies were passive in business promotions activities especially social media presence. In addition, many Companies have set up dedicated desk or unit to handle social media business promotions activities and the impact of their activities is reflecting in the increased number of visits to their Company’s website.
In subsequent write up on marketing, we will examine the 4Ps in Fast Moving Consumer Goods (FMCG), stay stunned for the learnings ahead.
Is profit real or an illusion?