Crafting My Target Market
Our current theme in our Advising the Advisor Group is Planning. We have covered Project 100 or Project 250 and “Roboting” your client base by classifying them into Red, Orange, and Green. In this article, we will cover crafting, specifically HOW We Craft Our Target Markets. At the beginning of my career, I was sporadic with my target market. I wanted to give back as much as possible. Although I had the best intentions, this strategy did not serve me well.
This strategy did not serve me well or help me achieve my goals as a financial advisor. Remember: we are not only in the business of serving clients, but also in the business of making sure that we feed ourselves, and that our business helps us fulfil our financial obligations. At the beginning of my career as an advisor, I found a lot of potential clients who did not have financial resources. My strategy at the time was to speak to the different mix of people, and slowly work on different target markets.
It took me a while to change that mindset and re-work my strategy accordingly. Initially I worked with people who were recently divorced or people who were struggling. I really wanted to help them and used up a lot of my resources to do that such as petrol and my time. I look back at this as a good learning experience. However, in the process of helping as many people as possible, while not having a defined target market, I lost many opportunities that would have helped me become a successful financial advisor sooner.
Therefore, it is vital for us to carefully Craft Our Target Markets. The story of
Posiedon is a good way to illustrate why. Posiedon is known as the King of the seas and he uses a Trident with three points, or according to the recent Aquaman movie – seven points. This can be compared to our target market strategy.
Instead of simply having one specific type of target market and using a one size fits all approach – We must be more strategic when creating our target market. We must have different types of strategies for our different target market segments. Do not use a single strategy for all your clients, instead use different strategies for different clients.
Your target market is something you will continually craft over time. It could consist if; “bleeding hearts”, people with pets’ stores. It is a good strategy to include people that you can relate to and have things in common with in your target market. This will make it easier for you to connect with them.
To craft my target market, I used sports asI regularly play sports and it is something I enjoy. It is easy for me to talk to people about sports and how it fits into their lives. This might be different for you. For example, you could be a quilter, and you like spending your Saturday nights quilting blankets. There is a huge amount of people out there who do the same thing and they need someone like you to come and talk to them about their finances.
Our target market continuously changes and evolves. A Target Market is defined as a group of customers or consumers, which a product or service is aimed at. In this instance, you are the product, you are the service. The insurance and other financial offerings we provide are the by-product of what you are doing. Your target market should be people who understand who you are, where you come from and what direction you are moving in.
It is vital for us to remember that there are multiple target markets and segments within a market. For example, if your target market is business owners, you must go beyond the entrepreneur aspect. There are different types of business owners. There may be female business owners with six kids, or they might be men who are recently divorced. You must be aware that there are different types of target markets that you are talking to and you should aspire to understand what makes them unique.
For example, a business owner is not just a business owner. They may also be family orientated and go to church on Sundays, etc. It is vital to find out as much as possible about your target market which will help you craft your strategy and your intention with your client. This is something you ned to focus on all the time. You should also be open to the opportunity that your target market and the people you are talking to are going to change.
This is what I recommend: After your Project 100 or Project 250 and “Roboting” your client base – Start crafting around your Target Market.
– Who are the people that you can talk to?
– Who are the people that you want in your target market, but you cannot talk to them?
– What do you need to do to change your strategy around how you engage with people you cannot currently speak to?
Consistently filter who you are talking to, how you are talking to them and the communication around the message going to those clients. Accept that your target market is going to be changed and changing all the time and see this as an opportunity for expansion and improvement. Your target market and associated strategies will evolve as you evolve and become better at this business.