Everyone has heard the phrase “Target Marketing” but few advisors actually understand what a “target” market actually is. In this episode Scott and Ken look at what constitutes an actual target market and what is merely another way of talking about “people who have money”.
The biggest challenge most financial advisors face is how to create a meaningful flow of new clients into their business, and few advisors are ever satisfied that their pipeline is full enough. In this episode we explore how target marketing is actually highly counter-intuitive to most advisors. Most advisors are highly resistant to narrowing the focus of their marketing efforts and prefer to adopt an approach that appeals to as many people as possible. Insights from the behavioral sciences reveal that this is actually a great way for an advisor to reduce the appeal of their value proposition. In reality, it is only when a prospective client can see the importance of the advisor’s value proposition for their unique situation in life that the message stimulates a response. It is only by defining a very specific target group and designing a uniquely valuable solution for one or more problems that this group faces an advisor actually increases their likelihood of success.
Also in this episode, the AllianceBernstein Digital Coach – see practice management solutions for advisor success: abfunds.com/go/digitalcoach
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