Have you ever felt you were not getting an acceptable ROI on your current marketing expenses? Are you game to try a long-time, proven method to build your practice?
You’ve probably heard the saying, you can’t be everything to everybody. But have you really drilled down and analyzed who you are everything to? In other words, instead of spending marketing dollars on general campaigns, why not segment your market so you may more closely target who you serve best? Why in the world would you possibly want to go outside of your current practice and spend a lot of time, effort and money trying to attract and establish new client relationships until you have first cultivated fully your relationships with your existing clients.
“Nothing can add more power to your life than concentrating all your energies on a limited set of targets.”
For example, try sending out a special, “preferred client” mailing to the clients who are familiar with your business. This way you can be sure you are reaching clients who are interested in what you do and how you can help them.
Focus on the ideal clients like the best ones you are already working with. Whether you know it or not is not the point. It’s how consistently and effectively you do it that counts.
From this moment forward, make it a point to capture and analyze as many facts about your existing clients as you possibly can. If you’re one of those businesses who hasn’t done this, don’t feel bad, you’re not alone. Just start doing it now. By doing this you will acquire a deeper and more meaningful understanding of your clients needs and be in a better position to design your marketing to address their needs.
As I have worked with successful advisors over the years, I have regularly asked them to tell me everything they know about their clients. My objective has been to help them identify key patterns and tendencies of their clients that will help direct their ongoing marketing. For example, who buys the most, what do they buy, how often do they buy, what kind of business are they in, and what are the unique and similar factors you know about each one of them? Yes, birds of a feather do stick together and so do your clients.
Segmenting really is an essential part of defining your business. The added touch of personalization that results provides a comforting feeling for your clients. It also forces you to focus your attention on the client, his or her needs, their unique characteristics and what they have in common with other related segments of your client or prospect list.
Those who regularly use segmentation report that because the process cultivates a customized feel for the client, it actually leads to better client loyalty and retention. So if you are not already putting your clients into segments, try it. Segmenting will help you target the right clients, keep you more organized, and guide you to use your limited resources in the most cost effective way.