Learn how to identify your target market with Star Maker Marketing.

A successful copywriter once shared with me an interesting anecdote when he hung out with some of the top copywriters in the country.

Copywriters have their own “inside baseball” language like any other profession. They also love to talk about various methods to persuade someone to buy.

So, when a group of copywriters get together, it’s easy to think their conversation will revolve around whatever the newest marketing tactic is working well or if they tested their copy with a new online software program that generates more leads.

However, this successful copywriter said those topics were not what these copywriting giants talked about.

Instead, the true “hot topic” was a question they would ask each other: “What to do you know about this particular demographic my client is trying to reach?”

In other words, what captivated these successful copywriters weren’t methods or software. What was important was targeting audience intelligence.

Financial Advisors Focus On Services. But…

Many financial advisors start out with focusing on their services. However—they often forget to check in with their target market. Ask yourself these three key questions:

First—is there a real need for what you’re selling? What may sound like a great idea to you won’t matter if there is no demand for it. Don’t offer answers to questions no one is asking. Do your due diligence before marketing a service. Make sure it meets a real need.

Second—is there competition? Competition is a good thing. Few things are harder than bringing to market an unknown entity you must explain to a potential buyer. As someone wise said, pioneers often die with arrows in their back. You don’t have to be the first. Just differentiate your solution with your own creativity and resourcefulness.

Third—have you surveyed your prospective audience to find out as much as you can about them? I can’t stress this enough. If you don’t survey your market, how will you know what to say to them? If you don’t know their pain points, their frustrations, and insecurities, then it will be difficult to create a marketing message that will attract them.

If you ask any marketer worth their salt, they’ll agree knowing your audience inside and out is the key to effective sales and marketing. For instance, if you’re targeting young professionals, you need the demographics (age, gender, marital status, educational level, etc.) and psychographics (hobbies, magazines they read, TV shows they watch, music preferences, etc.).

Learn everything you can about your target market. The more you know, the more you’ll be able to create marketing (and services) that will resonate with them. Therefore, one of the first questions I ask a prospect is who they’re targeting.

Avoid Targeting “Anyone” and “Everyone”

Years ago, I was at a networking event. I struck up a conversation with an acquaintance and asked about her business. Who was she targeting? Her response made me laugh and cringe at the same time. “Oh… anyone with a checkbook!”

That is not targeting a market. Instead, it’s the equivalent of throwing spaghetti at the wall to see what sticks. At another business expo, I came across a new cybersecurity company. I asked them the same question. Their response? They knew they could help any company. Really? Any company?

Here’s the truth: it is extremely difficult to market to “any company.” Think about it. Would it matter to you if a company just sent you a message that said, “Our soda is better than anyone else’s. Try it and see for yourself!”

Or would it make more of an impact if the company instead said this:

In a world of fake news and fake flavors, our delicious Berry-Cherrie Health Tonic is a breath of fresh air. No additives. No sugar. Just pure, honest ingredients for those who live life honestly.

There are several concepts in that statement which would resonate with a specific demographic. More consumers want food and drink without chemicals or complex additives. Millennials like anything with a “natural” look or vibe. They also are drawn to anything that has a “life purpose” message.

The point is to take the service you offer and “dress it up” to match the market you want to attract. If you are targeting tradesmen, offer clear, no-frills type of language. If you want to reach those with a net worth of $5 million and above, then you’d need to use marketing that reflected the image of an exclusive boutique-style service with a high level of personal attention.

If you already have a good idea of the type of target market you want to serve, the next step is to discover what they want. Although Steve Jobs famously said his job was to figure out what his customers wanted before they knew, there is still much value in checking in with your market.

Financial Advisors and Client Surveys

If you already have clients that fall into your target market, then you have a great opportunity to learn even more about them. There are two different approaches to getting more information about your target market. First, you can quickly and easily send surveys to your clients. Second (and I prefer this method), you can interview your clients.

Clients appreciate it when they’re asked about the quality of service they receive. Even if you might be reluctant to hear what they say, it will be a learning experience even if there are concerns on the part of your client.

Another quick story: Years ago, when I first started my copywriting business, I decided to target golf courses as potential clients. I like golf and figured I could help golf courses get more business with marketing tactics that would encourage repeat business.

I spoke to one golf course owner on the phone. His course was the closest one to me and I called to see if I could ask him a few questions about his marketing. One of the questions I asked was if he ever asked his customers to fill out a customer service survey.

His answer surprised me. “Sure, I’ve used surveys,” he said. “But I don’t really care for them. The patrons then expect me to do something about what they commented about.” I almost was at a loss for words.

It was tempting to say, “What do you think a survey is for? It’s to understand what your customers want and what’s most important to them so you can serve them better.”

I cannot stress this enough. There really isn’t any better way to learn how your clients view your services until you ask them. It is the #1 way to improve your business.

Surveys don’t have to be complicated, either. There are several ways to conduct a survey. You could send questions on a printed piece of paper and mail it to your clients along with a self-addressed stamped envelope to make responding easy.

Or you could feature an online survey where you could instantly view the results. I’ve used SurveyMonkey, which is a free online survey service. You can create a survey of up to ten questions. The benefit of using an online service is you can get specific statistics on the results, such as how many men vs. women filled out the survey, which survey takers filled out a comment question, and more.

Also, because the survey provides more anonymity, the client will often share information they may not share if they were filling out a printed questionnaire. A few tips for creating your survey:

Keep it short. You don’t want to ask your busy client to take more than 10 minutes to fill out a survey. Anything longer is an imposition on their time and unless you’ve bribed them with a gift card, it’s better to avoid lengthy questionnaires.

Keep a tight rein on the questions. Only ask questions that will serve your purpose. You don’t want to sift through a bunch of useless information and neither does your client want his or her time wasted. Save time and get a better response by only asking the questions that are essential to your goal.

Begin with open-ended questions. Open-ended questions are usually the type of questions that will reveal the most information. A good survey is a mix of multiple choice, yes/no questions, and open-ended questions. When you ask an open-ended question and allow your client to write their response, you’ll discover insights that might surprise you. Even better, you’ll quickly see a pattern if there is either something positive or negative going on with your service. If several people comment on the way their phone calls are treated, for instance, you can instantly address it with your staff.

Here are several other online survey services you can use:

  • Typeform
  • Google Forms
  • Client Heartbeat
  • Zoho Survey
  • Survey Gizmo
  • Survey Planet

Google Forms is the only free online survey tool that provides free skip logic, which is a great feature. Skip logic is a feature that changes what question or page a respondent sees next based on how they answer the current question.

A shorter way to gather marketing intelligence is by adding a feedback form to your website. Your website designer can help design or install one. It’s a simple box on a webpage that generally asks, “How are we doing?” or “How can we improve this page for you?”

Make sure you or a staff person knows where those answers are collected so you can view them on a consistent basis. It does you no good to collect information but never review it.

Client Interview Techniques for Financial Advisors

Interviews are my favorite because you can follow up with more questions if a client reveals something you didn’t expect. Other survey methods will give you a certain level of information. However, with an interview, you’ll be able to notice what a client is passionate about. The more emotion in a response, the more you know it’s a good “hot button” topic.

Interviewing a client allows you to dig deeper into the classic question, “What keeps you up at night?” Start to pay close attention when you discern your client answers an aspect of that question with passion in his or her voice.

As mentioned above, when a client answers a question with passion, you’ll be able to investigate the topic better by following up with more questions. This can only happen in accordance with a real-time conversation.

If you don’t feel comfortable asking your clients questions, you can always bring in an objective third-party who can do it for you. I’ve conducted customer interviews for my clients to write a case study. Sometimes a client will feel more comfortable talking to someone not directly connected with the business. Whether you conduct the interview or a staff member or another outside vendor—you can expect to get interesting results.

Even inviting a client to lunch and asking questions can be helpful. Ask if it’s okay to take notes and start writing. Your clients are the best source for insights regarding how you deliver your service. They’ll appreciate the fact you want their opinion and that you desire to improve their experience.

Ultimately, researching your audience is the #1 secret to great marketing. I left the best nugget for last! If you want your marketing to have the greatest impact, the best decision you can make is to study your market thoroughly.

The more information you can gather about your prospects, the better chance you’ll have to create the kind of marketing that will hook them. That is the goal of marketing—to connect to your audience. Yes, it takes time, but it is well worth it.

Bland marketing is forgettable. You’ll blend in with your competition and cause the buyer to revert to price-shopping. Allow your marketing to do what it was built to do: shine a beautiful light on your unique offerings so your audience chooses you.

Partial excerpts taken from the book, The Maverick Advisor: The New Rules of Marketing for Financial Advisors and Consultants – Get Great Clients, More Respect, and the Fees You Deserve, by Mary Rose Maguire.


Categories


Archives

Follow

Get every new post delivered to your Inbox

Join other followers