"Cast a wide net—the more people you prospect, the more business you’ll get."
Hearing this for years has caused many advisors to avoid targeting a particular market for fear they’ll literally sell themselves short. But not committing to a specific target market can actually prevent you from getting more business.
How? Part of the reason is that while it broadens your scope, you're under pressure to spontaneously provide a marketing pitch that pertains to, and entices, several different types of clients.
Instead, focus your energy on discovering who your best potential prospects already are, then engage them with a service offering that you can confidently deliver because it's authentic; a service or services you've already been providing successfully.
Step 1: Target your market
You’ve likely heard the concept of creating a profile of your ideal client, which may sound daunting. However, it's actually simpler than you think. Just take a deep dive into your existing book of business and see who you’ve already attracted.
Start by making a list of your top 25 clients using the worksheet to your right. Make note of the distinguishing characterstics described in the column headings. This will help you begin characterizing your target market.
Step 2: Connect the dots
Look closely at the columns in Step 1 of the worksheet. Do you see a pattern? Ask yourself: What are some of the shared characteristics among these top clients? How did I acquire these clients? Note the similarities you see. Using the worksheet, write a description of your ideal prospect using these common traits.
Acknowledging your strengths in the services you provide and your client acquisition methods can help you return to those successful techniques.
Step 3: Market to your target
Now that you’ve defined your ideal client, how can you replicate these relationships?
Take a look at your current marketing efforts. How well are you promoting the expertise that makes you a good match for them? Start by considering topics that are relevant to this audience:
- What kind of information and services do they need now?
- What might they need in the future?
Based on what you come up with, you can begin to tailoring your marketing message to your target market, the “vital few” rather than the “trivial many.”
If your confidence is shaky, it might be because by the time you were 17 years old, you likely heard the words "no, you can't" an average of 150,000 times versus hearing "yes, you can" only 5,000 times. That's 30 "nos" for every "yes!"1
Remember, you're not lacking the skills and competencies necessary to grow your business—you just need to review the clients and services that got you where you are now to help you advance to the next level.
Step 4: Contact your Hartford Funds Advisor Consultant
Your Advisor Consultant can help you replicate your best relationships. Contact them today.
- Download the worksheet below
- Fill out the worksheet for your top 25 clients
- Look for patterns to create your ideal prospect profile
1Source: The Answer: Grow Any Business, Achieve Financial Freedom, and Live an Extraordinary Life, John Assaraf, Murray Smith, 2008 (most recent data available)