Shopper Markeitng Application To Financial Marketing For High Net Worth Individuals

This paper mainly studies how to apply the shopper marketingconcept for retail industry to financial marketing for high net worthindividuals (HNWI). The objective is to explore new ideas and newmodel of financial marketing for HNWI, and apply the new model intoreal marketing practices for helping the financial institutions gettingmore market share in HNWI wealth management market.Starting from the background introduction, this paper comparesbetween shopper marketing and financial marketing, and then point out thecore concept of shopper marketing could help the financial institutionsbetter understand HNWI, and further develop financial marketing.Following this, this paper studies the domestic HNWI developmentbackground, population characteristics, market segmentation and wealthmanagement preferences, and also describes the main business model inHNWI wealth management market for major domestic financialinstitutions, including banks, securities companies, trust companies andinsurance companies. Combination of the above analysis, this paperapplies the core concept of shopper marketing into financial marketing forHNWI. It builds up the new marketing model including three indicatorsand multiple factors, and describes the implementation process andtechnology possibility. Finally, based on the model, a comparative analysiswas done between major financial institutions, followed by developmentand cooperation proposals.As main viewpoints, this paper believes penetration, loyalty, and investment index are core indicators to directly impact the market share inHNWI wealth management market for major financial institutions. Thethree indicators together with6sub-indicators and22factors build up thenew marketing model. The model can be implemented though integrating2marketing loops including customer-centric loop and product-centricloop, and managed with new electronic technologies. Comparing the majorfinancial institutions by using the new model, private banking is still theoverall leader, but other financial institutions also have advantages in somefactors. As conclusion, the financial institutions should further developtheir advantages to build the core competitiveness; on the other hand, theyshould learn from each other and strengthen cooperation to get biggermarket share.