Marketing Plan Parrish Capital PDF

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Summary

Marketing plan and strategy on how to go international...

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Marketing Plan of Parrish C.

Table of Content History of Parrish Capital

3

Mission Statement

3

Education

3

Parrish Capital's Mission Statement

4

SWOT Analysis

4

Internal Strengths and Weakness

5

Strengths

5

Weaknesses

7

External Opportunities and Threats Opportunities Threats Competitive Advantage

9 9 10 13

Cost Competitive Advantage

13

Product/Service Differentiation Competitive Advantage

14

Niche Competitive Advantage

14

Ansoff’s Opportunity Matrix

15

Boston Consulting Group Model

16

Objectives Education Target Market Strategy Education

18 18 23 23

Geographic

23

Demographics

23

Future Target Market

26

Marketing Mix

26

Product

26

Education

26

Service

27

Education

29

Situation

30

Application

31

Product Recommendation #1

31

Place (Distribution) Education Website Recommendation #1

32 32 33

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Promotion Advertising

33 34

Advertising recommendation #1

34

Advertising recommendation #2

35

Public relations Public Relations Recommendation #1 Sales promotion Recommendation #1 Personal selling Personal Selling Recommendation #1 Price Competitive Landscape

35 36 36 37 37 38 38 42

Implementation

42

Evaluation and Controls

43

References

45

History of Parrish Capital Parrish Capital (PC) is an investment advisor firm founded in 2014 by Theodore L. Parrish. PC is a newer firm that is ready to help customers with the best service they can deliver. Theodore Parrish has over 20 years of experience as a Principal, Director of Investment, and total client portfolio manager for an independent wealth management firm with approximately $1.5 billion in assets under management. PC strives to grow further and be one of the largest firms in the

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country. The firm is well known for its founder Teddy Parrish. He has been in the financial industry in all his years in the work force. Parrish is specialized in asset and portfolio management and it is his dream to bring his firm to the next level. Parrish is known from his appearances on television through media interviews, public speaking appearances, online publications, and investment seminars. Parrish Capital works mostly with business to consumers, but also with business to business in matter of helping institutional investors. Even though PC is a newer financial firm the background and founders history shows that the firm seek to have a bright potential future to establish and build a financial boundary that can grow and help clients to invest in the best possible way.

Mission Statement Education The business statement of PC answers all the questions of what type of business they are. It defines their long-term goals, recourses, and profitability. It gives an overview of the services they offer as a financial firm with what benefits the firm can offer to their current clients and future clients. The mission statement has to be clear and state the main purpose of the firm.

Parrish Capital’s Mission Statement Our Mission is to build long term generational relationships with our clients through delivery of world class investment management in route to meeting their goals. Along the way, we strive to foster enlightenment to the virtues of long term investment in growth assets and to ferment trust in the capital market system. In the end, we strive to bridge the gap between current assets and long term horizon targets while imparting trust, knowledge and understanding of the Parrish Capital’s Process.

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Parrish capital’s mission proves that the firm wants to focus on the long-term resources and their ability to service their clients and potential clients the best possible way. Therefore, PC works with their clients to create and develop a long term strategic investment plan that establish their future financial goals. This includes, high service and trustworthiness to provide the best service for their clients. PC value their clients needs and desires as a high priority to be able to deliver the best possible service for the clients.

SWOT Analysis Conducting a Situation Analysis allows a company to identify internal strengths and weaknesses and also examine external opportunities and threats. A company’s strengths are everything a company does well and company’s weaknesses are everything a company does not do well. It is important to understand that company’s opportunities and threats are external to company that does not relate all of the strengths or weaknesses.

Internal Strengths and Weakness Strengths ● Personal selling Personal Selling is defined as is a purchase situation involving a personal, paid- for communication between two people in an attempt to influence each other. Parrish Capital's biggest strength is its ability to build a long-term relationship with the clients and this begins when Mr. Parrish meets with his client for the first time. With a close rate well over 75% upon the first meeting, Parrish Capital’s main strategy should be to get new clients to come to the table in order to create a bigger network of clients.

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● Specialization of Portfolios Parrish Capital does not rely on a generic portfolio like many other investment management firms do. Each client receives a personalized portfolio of different investments that best suits their financial goals. This creates a product that cannot be easily duplicated and is what differentiates Parrish Capital from other investment management firms. ● Research focused brand One of the biggest strengths Parrish Capital prides itself on is its research focused portfolios. Parrish sees this research as the ability to customize the portfolios he makes for each of his clients. ● Past story with Henssler Financial Parrish Capital is a sole proprietorship owned and operated by Teddy Parrish. One of the strengths that Parrish Capital has is Teddy Parrish’s 20+ years working at Henssler Financial. Over the past 30 years Henssler Financial has grown to over a billion dollars is assets managed. Many potential clients of PC are familiar with Henssler and the success Mr. Parrish has had with them. ● Working on tv and radio Teddy Parrish has spent many years doing to television and radio appearances for both Henssler but also for Parrish Capital. This had led to increased visibility for Mr. Parrish and also his firm. ● Has a rolodex of past clients When talking with Parrish Capital, one of the biggest strengths Mr. Parrish mentioned is his rolodex of past clients. This is a list of clients he has created and maintained since he started in the business. This is value added to the firm because this rolodex consists of potential clients that can utilize Parrish Capital.

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● Partner Recently, Mr. Parrish is added a partner to his firm Ryan W. and merged his firm, KRM Capital with Parrish Capital. KRM Capital’s focus was on financial planning which compliments Mr. Parrish’s focus on asset managment. With the addition of Mr. Moledor, PC can expect continued growth not only in terms of a different regional market, as Mr. Moledor works from and in Big Canoe, but it also adds depth to PC’s resources. ● Being new in the industry Parrish Capital is relatively new in the wealth management industry. We consider this a strength because many people with be drawn to a firm whose partners have a combined 37 years of experience in this field and have decided to create a new company that is redesigning how investment management is done. ● Control over margins and growth Parrish Capital has a small workforce which allows them to be in complete control over their margins and how they grow. It is important to both partners that they grow organically and maintain control over their margins for as long as possible. This is considered a strength because this adds value to the firm as they can direct how Parrish Capital develops.

Weaknesses ● Website One of the biggest weaknesses we see is PC’s website. The lack of relevant information is the main weakness. This could lead to fewer people pursuing more information and contacting Parrish Capital for their services. ● Selling strategy via website This weakness goes along with the lack of overall website communication. When we sat

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down with Mr. Parrish one of the first questions we asked was “What products do you offer?” all of our team had looked over his website and yet we still were uninformed about what exactly PC offers potential clients. After discussion we got to understand what his different products. Potential customers want to know specifically what a firm will offer them. ● Brand awareness The second biggest weakness of Parrish Capital is that it does not have a big brand awareness. A lot of the clients that PC has, have come from word of mouth, grassroot sources. That is a good starting point but as PC grows, there needs to be an emphasis on pushing a marketing strategy that increases awareness of Parrish Capital. ● Promotion Promotion of the unique products that Parrish Capital has not been done yet. It is important to not overstate the specialization of the portfolio’s PC builds for clients when promoting PC. As PC grows there needs to be an emphasis on promoting the firm within Cobb County through many different streams. ● No Advertising Strategy Parrish Capital has not invested into much advertising. Advertising in Cobb County is good way to reach the bustling economy. In order for PC to penetrate the market there must be an distinct advertising strategy that gets PC’s name out into the community. ● Social media With PC’s main target market being older, social media still plays a vital role in increasing brand awareness. Keeping up with social media posts and posting regularly will help Parrish Capital’s name circulate and keep the firm on the minds of its followers. ● New customer acquisition The majority of PC’s customers are coming from Mr. Parrish’s past clientele as well as past

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contacts he has had in the business. A focus on the new potential customers in the Cobb County area needs to be addressed in order for PC to continue to grow. ● Lack of marketing plan All of the weaknesses stem from this weakness. In order to further the growth of Parrish Capital there must be a marketing plan in place that is being implemented. ● Marketing Team Although Mr. Parrish is wary of adding to many employees to his firm it is advantageous to his firm to add a couple of people to implement and manage the marketing direction of PC. A firm can only be success for so long before there needs to be an integral push of marketing and promotion. At this stage of PC’s growth it is important to add some employees to help foster the continued growth of the firm.

External Opportunities and Threats Opportunities ● Good stock market A good market will increase the return PC’s clients can expect from their portfolio. This is categorized as an opportunity because it would have added benefits to PC but is not in the control of the PC. ● Downturn in the stock market This may not seem like a positive opportunity at first but when there is a downturn in the market many people reach out to investment consultants looking for some advice. There is a surge of people that will be looking for a product like customized portfolios in order to their investments back in good shape.

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● Henssler Financial’s future success Because the founder of Parrish Capital’s history is tied with Henssler Financial (HF), HF’s success will always be a good thing for the credibility of PC. Especially during the stage of growth for PC. ● Cobb County Population Growth Mr. Parrish wishes to keep his main source of clientele in Cobb County. It is easy to understand because Cobb County’s Population is growing each year as people move away from the city and into a bustling economy in Cobb County. This is an opportunity for PC to grow its assets because more new people with more wealth moving into Cobb County means more potential clients for PC to capitalize on. ● Internship With Mr. Parrish’s connections to the local Kennesaw State University, hiring interns is an optimal investment. These interns can be used in many different areas of PC’s business and will add more value to the PC’s product. This is also supports the desire to keep PC’s growth organic ● Financial Literacy of Geographic Area Because many people are moving into the Cobb County Area this means there is the possibility many of them understand the importance of PC’s investment management. Their knowledge of the stock market and how to manage their own money is an opportunity for PC to capitalize on. ● Lack financial literacy When speaking with Mr. Parrish, he also said that he sees people who are not a financially literate as an opportunity as well. People who do not understand how to invest or how to manage their money can utilize and better recognize the needs PC is meeting.

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● Per Capita income increase in the Cobb County Area Parrish Capital wishes to keep the main source of clientele in the Cobb County area. This area is growing with the addition of many attractions (i.e. SunTrust Park), which means an increase in the wealth of the area. This is an opportunity for PC because these means there are more people with the interest in investing moving into the area. ● Favorable Demographics of Cobb County and Big Canoe These are the two central areas that PC gets their clients from. Both of these areas in Georgia have favorable demographics. These areas offer many opportunities for continued growth for Parrish Capital. Threats ● Prolonged downturn in market If there is a prolonged downturn in the market then this could mean loses on many of the investments that PC clients have. This is external to PC but PC is prepared for it, leaning heavily on their research based firm. The research the PC does beforehand helps limit the effects of the inevitable downturn in the market. ● Obsolescence One of the things Mr. Parrish has learned is that one of the biggest threats to investment firms is their lack of adaptability. This could lead to many consumers distrusting and not seeing the value in putting their assets in a firm. The old-straight and narrow investment in stock market has the potential to become obsolesce which would lead to the lack of ● Regulation Presently barriers to entry are a medium difficulty they could be a whole lot higher. Regulation may force capital requirements rules on registered investment advisors which would hurt the

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industry PC is apart of. The passing of Dodd Frank has helped PC business but future regulation ruling could hurt the external industry Parrish Capital works within. ● U.S. Government Monetary Policy This threat is different from regulation because it pertains to the Federal Reserve's power over the rate of growth of the money supply. This could directly impact the markets short-term interest rates which in turn will affect the short-term growth of PC’s portfolios. ● Market’s transition to mediocrity The stock market has become more cookie cutter over time which has changed how the market is perceived and used. This along with the marginalized professionalism in money management decreases the value of the market. If this continues, many people in PC’s target market may no longer desire investing their money in the stock market. ● Groupthink There is a trend in financial investment to ride the wave of the major companies and invest in companies like Amazon, Google, and Apple. People see their prolonged market dominance as a good sign to invest. This groupthink mentality will cripple a portfolio because if one of these companies falls apart many people will lose big because they primary invested in these corporations. This is a threat to Parrish Capital because many people in their target market may feel the need to ride the wave because that is the trend in financial investment. ● Other Firms Ego, Pride, and Greed Firms will not adapt to change because of companies ego. This is a threat to PC because how other firms operate within the industry and the external market impacts how customers perceive the value of PC’s services. PC always try to do the best for clients especially in terms of the fees they charge. Many other firms charge double fees for their services which may destroy the industry because they are overcharging while failing to add value to their clients investments. As

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this becomes the standard behavior of other firms in the industry this will could impact the external financial investment industry. ● Customer’s Greed One threat to PC’s growth is client’s greed. Mr. Parrish is strict with only bringing on clients he can foresee having a long-term mutually beneficial. In his 20+ years of experience he does not see the benefit of keeping on greedy customers. Mr. Parrish refers to this as the ‘what have you done for me lately?’ mentality. This mentality does not fit with PC’s mantra of long-term success. It is also imprudent to mention that as the millennial generation enters the investment world many investment firms may come in contact with this fast-money approach from their new and younger clientele. ● Unsatisfied Clients Parrish Capital is not a financial investment firm that basis it’s portfolio’s success in the shortterm. The individualized portfolios are built for long-rem growth that can withstand many slumps in the market. This philosophy may turn away some customers who want quick return on investment but this is an external threat to the firm because this pertains to the customers outside of PC target market. ● Competitors success This could can be built on on the previous threat. Customers who want instant gratification will go to some of PC competitors which will increase their short-term success if they can deliver these clients needs. Competitors success could be built of a multitude to different target markets that PC does not cover. This is an external threat to PC because they cannot control the success of their competitors and should not be narrowly focused on competitors success when their product is so different.

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Competitive Advantage From the strengths section, we find that the firm have multiple competitive advantages. According to the 11th edition of Principles of Marketing competitive advantage is a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition. There are three types of competitive advantage: cost competitive advantage, product/service differentiation, and niche competitive advantage. Presently Parrish Capital’s services fit into each type of compe...