Target Marketing Can Work Wonders for Financial Advisors

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Financial advisors who market their services to grow their business often have no understanding of what target marketing is or how it works.

Financial advisors who market their services to grow their business often have no understanding of what target marketing is or how it works.

“You can improve your marketing and help more people achieve their financial goals if you target the prospects you want to reach,” says Martin R. Baird, president of Annapolis, Md.-based Advisor Marketing and author of The 7 Deadly Sins of Advisor Marketing. “It’s a simple matter of figuring out who you want to work with and then going after them. The alternative is to market to anyone with skin and that simply won’t work.”

Baird offers the following seven tips on target marketing.

Tip No. 1. Your target market should be very specific. “People age 50 to 70 with more than $250,000 in investable assets is not a target market,” Baird says. “That’s too broad to be a target.”

Tip No. 2. The more specific you are, the easier and cheaper it will be to do your marketing. “It’s less expensive to reach a well-thought-out target than it is to go after too many people,” Baird notes.

Tip No. 3. The more detailed you can be about your target, the better results you will generate from your marketing.

Tip No. 4. As you define your target, focus less on demographics, age, income and gender and more on areas that are emotionally driven. “Stop worrying about what people have,” Baird explains. “Be curious about who they are. What are their characteristics? The more characteristics you can define, the better your marketing will be.”

Tip No. 5. After you know who your highly defined target market is, you’re ready to share your information with them. “The great part about this is that you know what to say to them because of your focus,” Baird says.

Tip No. 6. Now find out what your target market reacts to in your marketing. “By knowing what’s important in your marketing message, you can reduce your marketing waste and increase your response rates,” Baird says. “This means you need to test your marketing materials before you send them.”

Tip No. 7. There is new testing technology available that can “optimize” your marketing materials. “This technology tests seven marketing elements simultaneously and within a few weeks, you can know which ones – which headline, which offer, which type face, for example – generate the best response. Then you incorporate those elements into your final marketing materials and send them to your target market.”

Advisor Marketing provides a variety of services to financial advisors to help them improve their marketing methods and increase revenues, including seminars and conference speaking engagements on such topics as referrals, marketing, client communication and transitioning to fee. The company also provides a service that tests multiple variables of a marketing campaign simultaneously so advisors will quickly know which elements of a marketing effort offer the best opportunity for success before they launch the campaign.

The company’s Web site, http://www.advisormarketing.com, is the premiere Internet-based source for marketing advice, information and tools for self-driven, success-oriented financial advisors who are demanding information that helps them market their practice, meet the needs of their clients and increase sales.

Advisor Marketing may be reached at 480-991-6420.

Contact: Tom Ellis

Ellis Communications, Inc.

Phone (417) 881-5635

E-Mail tellis@advisormarketing.com

http://www.advisormarketing.com

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