Financial adviser marketing mistake: Not knowing your ideal client

One of the biggest mistakes financial planners make with their marketing, is not being crystal clear about who their ideal client is.

  • Pre-retirees

  • Professionals

  • High net worth

  • Everyday families

  • Small business owners

  • People who want SMSFs

  • Gen X

  • Gen Y

  • Anyone that will pay

The problem is, when you try to speak to everyone or a broad sub-set of everyone, you end up speaking to no-one.

Do you think every “professional” in their 20's or 30's has the same needs, wants and desires?

Do you think a single “Gen X” person in their 40’s who has quit their job, sold their house and started a business, is focused on the same things as a married couple with a double income, two kids and a mortgage?

Demographics and broad categories are a great place to start.

But you need to dig deeper and get into the hearts and minds of your ideal clients. You need to know them as well as you know your best friend.

  • What do they believe?

  • What do they value?

  • What’s important to them?

  • What keeps them up at night?

  • What are their problems?

  • What are their priorities?

  • Do you like working with them?

  • Do they like working with you?

  • Would you enjoy sitting down and having a coffee with them, even if they weren’t clients?

  • Do they take action?

  • Do they take advice?

Get specific

Try spending 15 minutes with your team and describing your ideal client in mind-numbing detail.

Start by thinking about your favourite clients and describe them.

Pretty soon you’re going to get a much clearer picture about exactly who you want to be working with.

And all of a sudden, how you structure and price your services gets simpler; how and where you reach new clients through marketing becomes more targeted, efficient and effective; and how you communicate your value becomes more obvious.