Your Ideal Prospect Just Walked By. Did You Recognize Him/Her?

May 26, 2011

If you could create the perfect prospects, what would they look like? Would you know them if you saw them?

An easy way to identify your most promising target customers is to compare them to your most profitable existing clients. Most advisors have an A,B,C and D client list. The list however usually is sorted by how much money a client has with him/her or how much revenue the client earns the advisor. Think about it, what do a 35 year old Gen X’er that inherited $1MM have in common with an 85 year old widow with $1MM that she is drawing down for retirement income other than that they both have $1MM. Pull out your client list and look at your most profitable and favorite clients; ask these questions:

• Do they live in a particular zip code, county or neighborhood?

• Do they have similar lifestyles or occupations?

• Are they of a certain age?

• Do they share common psychographics?

• Are there certain life events/triggers that generally correspond to this group (newly married, new parents, second marriage, approaching retirement, fully retired etc.)?

Once you create a client profile, look at your prospects and put them into three tiers. The ones most closely matching your client profile are the most important – spend the most time with them. Spend the least amount of time on the ones that are least like your best clients.

Focusing on your ideal prospect will help you:

• Develop marketing campaigns based on appropriate life events

• “Speak the same language” as your prospect

• Target the most appropriate products and services

• Select the most cost-effective local outlets to create market visibility

You already know your best relationships – it’s time to duplicate them.

Share Button
John Anderson

John Anderson

John Anderson is the creator and lead author of Practically Speaking blog and Managing Director of Practice Management Solutions for the SEI Advisor Network.

Learn More About John Anderson



HNW Whitepaper

Recent Tweets