Five Ways to Pick Your Target Client
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
Many advisors get stuck in a marketing quagmire when they pick out target clients. Others work for decades settling for half the earnings of their growth-oriented colleague down the street.
What makes the difference?
They haven’t found an effective system for adding new highly-profitable clients to their practice each and every month. Still, others create and execute a marketing plan for a year or more but have little growth to show for it.
While most advisors understand that “riches are found in niches,” they feel as if they are picking a niche for life. They aren’t ready to make long-term commitment.
It is nearly impossible to develop a marketing plan that doesn’t disappoint you if you do not define an addressable market.
Suppose, though, that you emphasize your a market now, understanding you may modify it later.
Consider this advantage: Selecting a specific target market or type of client to multiply makes it much easier to differentiates your practice and set you apart as the go-to expert.
Narrowing your target market unlocks advantages
It enables you to tailor your communications to multiply your response.
That’s how you can stop your best prospects in their tracks and prompt them to pay attention to your message.
What’s more, with proper targeting, you will be able to:
- Eliminate unprofitable prospects who will never value your advice as clients and eat up tons of time and attention,
- Save up to 80% on your marketing budget by laser-targeting your messages,
- Avoid wasting time with unqualified prospects,
- Select the very marketing media and tactics that will cut through the clutter with your audience, and