Are You A Financial Advisor? Here is How To Define Your Target Audience
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Just like any other small business entrepreneur, financial advisors need lead generation strategies to identify relevant connections and find new clients. If you are not sure how to define your target audience to increase your business development, we can help. Read on to learn how you can define your target audience.
How to Develop Your Business Through Networking
How To Define Your Target Audience
Your business is all about the power of relationships. When looking for your target audience, think about their similarities with you. Think about your industry and your personal life, and make a profile of yourself. Include your education, skills, marital status, income level, and other facts. Your target audience will consist of individuals with shared experiences and common bonds.
Once you have a specific target market established, you can begin having conversations that reflect your common grounds to develop this relationship strategy. When you get to know them a bit, you can narrow your prospects even more into specific niches.
Find The Niche For Financial Advisors
Another way to find new clients is to put them into specific niches so you can serve them better. Specific niches for financial clients include:
- Traditional Investors This group consists of investors who are older and more traditional. They tend to shy away from technology and have a more traditional and personal approach to wealth management. To reach this group, you must promote yourself as an advisor who will work with them at their level of comfort.
- Group Affinity This is what is known as a “natural market.” In other words, this group can be people in your social circle such as fellow church members, club members, or alumni from your university. These people already know you to an extent from the past or present, and you already share common experiences.
- Literary Prospects You can find clients with shared interests that are novices with financial planning. This is also known as the “education niche” where you can take these new investors under your umbrella and be a mentor to instruct them on all the details of financial planning.
- Family Many new parents would like to have a plan for their children’s financial future. Parents like to establish funds for their children for an education at university, a home and/or a trust fund for their future. New parents need guidance on these matters, and you need to position yourself to guide them in this specific financial planning. Market yourself to these potential clients as someone who has solutions for these needs.
- Millennials This prospective group is in the beginnings of their careers and is tech-savvy. This is where your new prospects are looking for automation and engagement online. If you plan to prospect in this market, you must make sure your technology is on point, and that you know and understand all the appropriate industry terms and innovations.
Take the Marketing to the Next Level
Once you have established your target audience and their specific niches, you can then plan a campaign to market your financial planning business to them.
Promotora Systems Inc. can show financial advisors how to build profitable relationships and empower your success. Contact us today to build your relationships with your target audience.