Some advisors consider client segmentation a necessary evil—you’d like to provide all your clients with the same high level of service, but there’s simply not enough of you to go around.
But this really isn’t the whole picture. As a Target Marketer, your focus is—appropriately—on the client. As a result, your clients dictate the level of service you can provide them. And by honoring what they bring to you, you can manage your practice effectively.
Managing your clients is the fastest and surest route to increased production. So consider implementing these ideas with your best and highest potential clients.
Know more
There is always something more that your client can teach you, both about your work-style and their assets. How do you uncover this information? Ideally through a series of questions, either facilitated in person or through the mail. As you prepare these questionnaires, frontload them with questions about you. Plan to solicit honest feedback about you and your work. Then, after your clients have answered this information, plan to ask some searching questions about their assets. Clients are more likely to share this information if they feel they have already spoken to your value.
Use the return of this questionnaire as the opportunity to schedule a client review. Outline areas of development over the next twelve month cycle, and capitalize on any information they’ve provided.
Communicate early and often
It may be impossible to give even your best clients the benefit of a monthly meeting. However, with some planning you can always provide a contact. Follow up the questionnaire with a plan to provide regular contact to those clients throughout the year, then automate as much of that plan as you can.
These communications do not have to be personal correspondence. What they do need to include, however, are ideas that represent your interest in your clients, and could potentially lead to new business.
There are, of course, personal avenues of contact as well. Anniversaries, holidays, events of meaning and financially-related events can provide additional opportunities for communication.
The check points of client communications
As you build client communications, keep these factors in mind
- Opportunities lie with clients—first, last and always—and clients are not interested in your products. What they want is the benefit you can provide.
- The only sustainable competitive advantage is superior client service.
- It’s more important to listen to your clients than to research them.
- Focus on client experiences.
- Success in client focus is measured in terms of share of client
For your personal communication to be meaningful, it must be tailored to the client. Choose a few top clients to try out the following ideas. These clients should already be moving up the loyalty ladder, or could be an advocate for your practice—someone willing to spread the word early and often. Time spent cultivating this type of client will pay long term dividends.
Don’t just stand there—give ‘em something
Like any effective direct mail, your personal communication to your key clients should always contain an offer. Whether it’s an invitation to an upcoming event, a link to a site of interest or the presentation of an article on your site—your clients should be rewarded for even opening your email or letter. Eventually, they will realize that every communication from you contains a surprise or value-added piece of information. When they do, they will consistently welcome your contact.
Provide multiple access points
Regardless of how you reach your client base, give them many avenues to contact you—via phone, fax, email, your website, at your office or at a location unique to them. Make simplicity the watchword of your client interactions. Financial matters are complex enough, so if you make everything else about your practice easy, you will provide a uniquely valuable service.
Get connected.
Don’t shy away from building an emotionally engaged relationship with your client. The decisions they will make are often highly emotional ones. The security you can provide them with will allow them to experience these emotions in a safe environment.
By directing time and attention to your key clients, and providing all your clients with the attention they deserve, you will make your communication and segmentation efforts a success.
Information for this tip sheet was developed in part from public resources available through Encore Partners, a marketing consulting firm for financial professionals; the Missouri Small Business Development Center; and www.ProducerWeb.com. For more information on Target Marketing, contact the Columbus Life Sales Desk at 800-677-9696, option 4.
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