1) Mr. Meyer said his core customers are typically upper class, 40+ years old, located in the northeast and well-educated. The problems they have (and why they come to him) is that they don't have the time, know-how, or technology to invest their money successfully.
Having worked for Mr. Meyer and participated in weekly portfolio reviews of all his customers, I'd agree with his idea of Meyer Capital's core customers.
2) I had trouble finding people who fit this description and one potential customer agreed to an interview but did not want the video posted. Here is the transcript (I'll use the letter J to identify myself and M to identify Mary):
J: I'm here with Mary, Mary what are your unmet needs when it comes to wealth management?
M: I am currently happy with my wealth management situation but, like everyone, would like to see even better returns on my investments than I already am.
J: Ok thank you, how did you find your current wealth management service?
M: A recommendation from a friend led me to the company that currently manages my money.
J: Ok, what type of media do you consume?
M: My two main sources of media consumption are television and the internet.
J: If you don't mind me asking, how old are you?
M: I am 56 years old.
J: Where do you live?
M: I live in Philadelphia.
J: What is your profession?
M: I am an attorney for Subaru.
J: What is your education level?
M: I have a law degree.
J: Ok, thank you for your time.
3) Mr. Meyer seems to have a good grasp of his core group of customers. He says he has been able to identify this group from gathering data from his current customers and composing an average profile. I believe he understands their problems and needs very well and this explains why he is so successful.
Hello Jake,
ReplyDeleteGreat potential customer videos. The wealth investment industry seems to be gaining a head of steam again and it's important that wealth management experts are extremely involved with the investors who are contributing money. They need to look out for the interest of the investors, and not get sucked into helping companies succeed. http://flgatorblogging.blogspot.com/2016/02/half-way-reflection.html
Hi Jake! Great customer interviews, I assume it was hard finding customer fitting that demographic. It would actually be nice to have wealth management service for us younger people so that we too can learn to invest and save. Word of mouth seems to be a popular way of marketing in this industry. In my interviews I asked my customers what the main demographic they believe that company attracts rather than asking them about their personal features. If you have a chance check mine out! Great job, again.
ReplyDeletehttp://andreasentspace.blogspot.com/2016/02/80-20-rule.html
-Andrea