Defining your advisors’ target market profiles is the key to having the content marketing efforts deliver the desired results. Having a different target markets will help the advisors choose who they want to serve, who the best customers are and their needs, and how to organize marketing efforts to win more of them.
Financial advisors should take these three steps to define and reach their ideal target market.
Who are you serving today
In an ideal world, a company would identify target customer before going to market. But the real world doesn’t usually work like that. Furthermore, a target customer may evolve over time. The bright side is that the business will already have information on their customers and their behaviours.
Advisors should ask themselves: “Who are my customers? Which are best for the business? Is there a certain kind of customer you want more of? Or less of? Is there a kind of customer you don’t have today that you would like in the future?”
What makes them tick
Once advisors have a sense of the kinds of customers they are serving, or want to serve, it’s time to find out who they are and what they need. This can include demographics like age or gender but should not be limited to that as it does not give an accurate picture as they can have the same characteristics but behaviourally be polar opposites. Other things that can be included are purchasing behaviours, social value, media consumption habits, and more. Your field staff are the ones who have the most interaction with the customer, that customer knowledge is very valuable as it is based on experience not assumption.
A lot of businesses think about their customers in terms of how much they spend, but that doesn’t tell you WHY they are your customer. Focusing on transactional behaviour makes it hard to know how to target your customers effectively. Go beyond this thinking.