The Lake Wobegon Defect
By Mariko Gordon*
March 16, 2010
March 16, 2010
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
This past weekend I saw penguins, snakes, cowboys and hula dancers - all in one place, and all without leaving New York City. Big Apple Circus? Nope. It was the New York Times Travel Show at the Jacob Javits Convention Center. Think of planet Earth as seen through the lens of a travel pornographer, where the skies are always clear, the water always sparkles, and the sunsets are always breathtaking. If cosmetics are hope in a jar, travel shows are escapist fantasies on vinyl banners.
Each destination was more beautiful and exotic than the next. And each booth lured travelers in a different way.
SeaWorld had the aforementioned flightless birds stranded on a small mountain of shaved ice (where's the ASPCA when you need it?). Travel to Ukraine offered a starchy sampling of traditional fare. And my pals at the Molokai, Lana'i and Maui Visitors Bureau attracted snow-weary New Yorkers with live Hawaiian music, a hula dancer, plumeria flowers and pineapple chapstick.
One thing did become clear as I roamed the aisles in search of interesting photo ops and The World Cup exhibit: Not everyone has the same travel fantasy.
To you, a ride on a houseboat through the New York canals might be romantic; to me it would be claustrophobic and monotonous. How about a week of backpacking through the swamps of French Guyana with birding binoculars? No thanks. I'll take a week at the George V in Paris instead (don't touch the chocolates on my pillow!).
And that's the point. Effective travel marketing requires not just sticking to the fantasy you happen to be selling - it also requires promoting that fantasy to the right people.
Money management firm marketing is no different.
Here as well, investors have fantasies about what they want in a money manager. And, as with a travel show, everyone claims to be better than everyone else. Superior intelligence; a watertight process; a perfect work environment overflowing with diverse, non-ageist, sharply-attired professionals. To read the websites, you'd think Garrison Keillor's "Lake Wobegon Effect," where "all the women are strong, all the men are good looking and all the children are above average," was in full force.
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