The practices of these industry “Goliaths” have spawned many financial services “Davids” who believe that financial marketing success lies in following example of these behemoths. Unfortunately, these “me too” marketers are squandering a lot of their limited marketing resources since they can not effectively compete simply by mimicking financial marketing practices used by industry giants. For most financial services marketing organizations, trying to pursue every marketplace opportunity is futile. A much more pragmatic, cost-effective financial marketing approach is to maximize impact of their limited marketing resources by focusing messages on only most receptive markets. That focus is achieved through careful market segmentation.

Market segmentation is process of partitioning marketplace into customer/prospect groupings that have similar characteristics and are likely to exhibit similar behavior. As a key component of an effective strategic marketing plan, market segmentation can facilitate insightful market analysis, discovery of underserved niches, and use of approaches that achieve competitive advantage. The basis of successful market segmentation is well conceived market research that provides insights into meaningful customer traits and guides prioritization of possible target markets and marketing techniques.

General Motors offers an early example of successful market segmentation. In early 1920s GM redefined its marketing strategy by segmenting car buyers into price/quality brackets. They then differentiated their offerings by focusing products, as well as their advertising and marketing promotion, to meet needs of each class of buyers. Thus began renown family of GM products—Chevrolet, Pontiac, Oldsmobile, Buick and Cadillac. Ford, which offered its standardized Model T in “any color as long as it’s black,” was caught flat-footed and was forced to close its main River Rouge plant for nearly a year to retool in an attempt to regain a competitive stance.

My calendar list focuses on major holidays when most Americans have been trained to spend extra money or participate in a ceremonial activity. Generally speaking, you want to link your marketing promotions to a time of year when customers have their wallets out. Thus, you're simply positioning your product or service as perfect gift or solution for celebrated event.

Be Prepared You can never be too early in preparing your marketing campaigns. For example, in order for typical small business owner to prepare for a Valentine's Day direct mail campaign, you'll need to get most of your materials printed and ready to go by third week in January and in mailstream by last week in January, certainly no later than first week in February. I recommend you plan two months in advance. Thus, you should start planning your Mother's Day campaign in early March. Obviously, more involved campaign, more lead time. What's more, some advertising vehicles have extensive lead times, specifically magazines that need your camera-ready ad approximately 6 weeks [possibly more or less] before publication, and newspaper inserts also require a reservation approximately 6-8 weeks before publication.