Most financial professionals understand the necessity of an on-going marketing effort to maintain and grow their client base and some have even created a cohesive marketing campaign. However, for many their marketing efforts are implemented in a haphazard way, kind of a “do-as-the-need-and-opportunities-arise” effort.
Your Target Market
To more effectively get your message across to existing and potential clients, your marketing campaign should focus on three things:
1) The message you want to convey to clients
2) Points that differentiate you from your competitors
3) The needs of your specific market
Of course, it’s important to know who your target market is prior to beginning. Remember the 80/20 Rule? Eight percent of your clients bring in 20 percent of your revenues, while 20 percent bring in 80% of your revenues. That’s why it is so important to identify who that 20% is. What characteristics do they have in common – values, goals, demographics, needs, professions, family?
Who is your “perfect client?”
Once you have identified who your ideal client is, it’s important to develop a message specifically for them. If you found that the majority were business owners, then you will want to build a marketing plan that focuses on issues they’re interested, e.g. employee benefit plans or tax saving info. And of course, the needs of the ultra-wealthy are different from those of the middle class.
Your Differentiation Factor
There are a lot of professionals out there who do what you do. That’s why it is so important to know and share your “differentiation factor.” What makes you different from your competition? This isn’t about the services you offer and the products you provide. It’s about you — who you are, how you do it, and most importantly, why you do it.
What is your differentiation factor?
There’s a variety of marketing tools that you and most other advisors probably use, such as brochures, newsletters and websites. However, if you are really looking to differentiate and establish yourself as an expert in your industry, authoring a book is an excellent way to do it. A book written for your target market will help clients understand why they do business with you and why they should refer you to their family and friends.
In this blog, I’ll be discussing a variety of marketing methods that, along with your book, will keep your clients engaged, bring prospects to your door and provide your strategic alliances with great referral material.
Wishing you a Happy, Healthy and Prosperous 2017 and beyond.
(Previously appeared in ProducersWEb.com (http://www.producersweb.com/r/pwebmc/d/contentFocus?pcID=7fa1200bde81329955512cae9753e4a1)