| In recent few years, Chinese economic system has gradually been moving forward on the right track of development. With the loosening of financial control, Chinese financial industry is becoming increasingly important in promotion of economic growth. As the liberation of financial industry goes deeper, the competition within the field is also getting more intense than ever. With the rapid development of domestic joint-stock commercial banks, the expansion of local banking institutions has also been sweeping over the whole nation in a tremendous speed particularly in municipals like Beijing, Shanghai, Guangzhou and Shenzhen. Especially in the wealth-management business market of high net worth customers, under the support of their great demand, financial institutions and others alike outside the banking system are also feverishly joining in the contest. The flourishing of trust and stock brokers' wealth management is accompanied by a growing popularity in the investment of both public and private-raised funds. In the meantime, headed by Noah, the rise of third-party wealth management companies and Internet finance has widen our investing channel and therefore made the wealth management products more abundant. As a result, the intensity of competition between commercial banks has risen to an unprecedented level in the high net worth customers' wealth management business. Foreign developed countries started the wealth management business of high-net-worth customers much earlier therefore they have already formed a highly-efficient operation system. When compared with them, China's domestic commercial banks are still in initial stages while its process of strategic reform and transform is relatively lagging behind. They are also suffering from insufficient experience of active marketing and obsolete scope of precise marketing. Thus commercial banks are now confronted with considerable problems when using marketing theory to practice active and precise marketing, which also leaves them a large room of improvement in terms of high net worth customer service and precise marketing.This paper is aimed to discuss and study how to apply the tactics of precise marketing when developing the wealth management business of high net worth customers for a branch of one bank in such fierce competition. Based on the theory of market segmentation, family life-cycle and the‘7Ps', it analyzes the problems and causes which exist wealth-management marketing business of high-net-worth customers in SIP Branch of Bank of China. Through market research plus statistical and comparative analysis, the paper finally offers several suggestions as well as a strategic plan of precise marketing in order to solve the mentioned problems.Based on the result of its research and analysis, this paper points out that during the precise marketing in the wealth management business of high net worth customers, what needs to be done in the first place are market segmentation and target location. Commercial banks should practice the rule of differentiation both in pricing tactics and the design of wealth management products and undertake reasonable planning of capital allocation according to target group of high net worth customers. Bank managers must try hard to consolidate the improvement and innovation of products and service, in order to complete a multi-level service system of high net worth customers' wealth management business, building a professional group of wealth managers, thus creating an image of experienced consultant specializing in wealth management service. On the other hand, commercial banks should strengthen and speed up the progress of building customers' information management system to meet and create further investment demands of high net worth customers. Only through active polarization and market categorization could commercial banks possibly enhance their comprehensive competitiveness and win the customers' favor by means of personalized and differentiating financial service. |
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