Research
Mr. Meise discussed the different intervening publics such as advising firm, family offices, and private banks. As a part of River’s informal research process, interviewing professionals from each of these different environments would help River learn how to reach specifically target each area. InvestmentNews reaches financial employees on a broad level, but are there ways to reach each branch of the industry separately and more directly? River could ask questions about each professional's daily information gathering routine. What are the person's preferences when searching for trade news, and where would the person not look. Through these questions, River could discover how to better reach a private family office versus a family office firm.
The tactics River employed for M3 included press releases, video interviews, articles, television appearances, and direct mailings. During the informal interviews, River could have observed the interviewees’ responses to newer mediums such as podcasts. M3’s website showcases the public relations efforts which, for the most part, take place from March through December of 2008. During this 8 month period, as Mr. Meise stated, repetition is key. Through informal research, River could uncover if employees of the financial industry find other, fairly new mediums credible. If the financial industry does venture past online trade publications for news, River could look into more interactive mediums to further emphasize M3’s message.
Communication
River successfully tailored messages to advisors by emphasizing their need to satisfy their clients. Mr. Meise mentioned the importance of trade event appearances. If Mr. Pheonix presented River’s tailored message to large groups of advisors at conferences, the event would generate immediate discussion among the professionals while endorsing M3’s credibility. If River has scheduled and carried out such appearances, an additional section showcasing videos of these events should be available on M3’s website.
The opportunity to reach investors directly is available. River focused most of its efforts on the intervening publics, but the investors are not unreachable. Major League Investments Inc. http://www.majorleagueinvest.com/ is a family office firm catering to professional athletes and television personalities. River could target a specific group, such as professional athletes, and send a tailored message encouraging them to mention M3 to their advisors if they wanted to save millions.
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3 comments:
I think that the idea of leaving video's of trade show events on the website is a great idea. It would not only reach the immediate audience of the trade show, but would also hit a secondary set of people who visited the website. If someone needed a second explanation of how their concepts worked or wanted to pass the information on to a client, this would be really helpful.
I agree that podcasts and newer technology mediums are a great way to reach this specific target audience. Since they are wealthy, they clearly have access to such mediums and most likely use them regularly. I feel that podcasts would be great because many brokers commute to work and perhaps they would spend this time listening to podcasts over music.
I like the idea of examining different intervening publics to see how they can be used as an aid in reaching the target audience. I agree that interviewing professionals in these different enviornments would be a good research step. Personalized pitches are an important strategy in reaching different branches of industries more directly.
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