Trending
The trend is clear. More and more advisors are finding value in narrowing their focus to target a well-defined niche or target market.
Here are the results of an unscientific LinkedIn poll I conducted recently…
Benefits of Focusing All Your Proactive Marketing on a Target Market
- You provide more perceived and tangible value to your clients.
- Your messaging is more relevant and compelling.
- They know people like themselves and become advocates for you.
- You build a reputation that draws ideal clients to you.
- Your business is more efficient and more profitable.
“My only regret is not making the decision to focus on my target market five years earlier.” ~ Adam Cmejla, CFP
5 Common Target Markets for Financial Advisors*
- Employees in a medium to large company.
- Business owners in a specific industry.
- Medical Practices
- University Faculty & Administrators
- Affinity Groups such as: athletes, philanthropists, and parents of children with special needs.
*There are many other examples, but these are the most common.
Real-Life Examples & Stories of Successful Target Markets
Many of the advisors whom I interviewed for my Top Advisor Podcast have had great success in focusing on a target market. Here are a few episodes where they tell their story:
#2 – Adam Cmejla, CFP – Optometrists (Nationally)
#7 – Diana DeFrate CFP, CLU and Katriina Paavola CFP – New York Publishing
#9 – Malcolm Ethridge, CFP, CPRC – High-Tech Employees
#13 – Jeffrey Chaddock, CRPC, APMA – Philanthropists
#19 – Walter Stith – Professional Athletes
#23 – Don Hilario – Google Employees (“Googlers”)
#27 – Jeremy Keil, CFP, CFA, CIMA – Harley-Davidson Employees
#59 – Mando Salavanti, III, CFP, CLTC – High-Tech Employees
#69 – Michael Budnick – Nurses and Hospital Staff
Stay tuned for my upcoming webinar on how to choose, focus, and profit from a well-defined target market.
Related: Use the “Heroic Hour” for Faster Growth & Productivity