Edward Jones provided major consultations to their clients , instead of binding them in contracts and accounts through which only the brokerage would benefit they preferred on delivering values to the end clients of the company. The clients of the brokerage were advised by them to buy quality products that would benefit them in the long-run rather than short-run temporary benefits. The enhance consultation and concern for the customers of the company helped them growing their mutual funds by 51%, 17% stocks, 15% bonds, 9% annuities and others accounted for around 8%.
FAs of the brokerage played an important role as well, they actively influenced and encourage the customer to hold on to their investment in the downturn of the stock market, as their investment would recover as the market gets back on track.
Edward Jones had not been manufacturing any propriety mutual funds. They made contractual agreements with a number of credible and feasible partners. To ensure the product quality offering of the brokerage, the partners were selected on the basis of their past performances and growth trends. Strategic alliance through contractual agreements efficiently helped the brokerage in growing their client base.
In the initiation stages of the brokerage organization, they focused on operating rural area. As they rapidly grew their operations in the territory, they were aware of the potential in expanding their operations in urban environments. This efficiently added up to their growing operations as they placed their offices in heavy traffic, convenient and literally mall strips and shopping districts to increase the chances of larger potential customers inflow. They not only strategically paced their offices but they also focused significantly on the architectural structure of the firm.
The firm gradually extended their operations into national dimension by expanding their operations and offices in different territories. The firm allowed their Fas to choose the site for their operations and targeting processes, once the site was chosen by their FAs, the firm would then jump-in in the end to secure the account.
The administration of these offices also played an important role, BOA of the firm used to handle the administrative operations of the firm and welcomed clients to the offices. They were an advanced step to the process conducted out by the FAs.
The firm immensely believed in valuing the customer responses and their different needs of the customers. All the customer of the organization were treated with respect and concern by the FAs, Pricing of the product offerings of the company also did not vary and was maintained by the company to be same. The company strongly believed in stating the same prices for all the customers of the company. Despite the account’s worth of different customers, they were required to pay the same amount on their monthly bill-pay charge.
The firm initially had place low amounts of investments in the marketing perspective of the business and sustained their market share in the industry through providing efficient services to the customer of the company. They motivated and encouraged their FAs to use local media and send out 55 million newsletters and brochures to the residing locals of the territory.
With the changing needs and dimensions of the industry, they realized the need of developing a more aggressive and effective marketing plan for their firm. In response to the changes, Edward Jones significantly increased their investments in the marketing of the company. They developed a $22 million campaign for television network for airing the offerings of the company in the evening timings.The firm took some steps which were of importance with respect to their marketing expenditures and performance in the market, significant steps of the company in the field of marketing their firm’s performance and credibility, competently enhance the growth process of the company…………………
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