For Financial Advisors: The Surprising Benefit of Having a Target Market

By Bob Hanson

Longtime readers of this newsletter and our book are familiar with many of the benefits of having a target market or niche.

You have likely heard about the power of this strategy to unlock your growth, focus your resources, enhance your ability to get in front of more target prospects, and increase your new client flow from many other sources.

One surprising benefit is that focusing on a market also opens up the true potential of COI Marketing, which eludes the majority of financial practices.

Our clients have combined focusing on a specific target market with a COI strategy to be able to opportunistically and systemically add as much as $50 million of assets and as much as double assets under management in a single year.

You see, COI stands for a “Center of Influence.” But the rest of the definition should be…”to your target market.”

That’s the missing piece!

Setting aside the over-saturated CPA channel (only one type of COI) there are likely dozens of traditional and non-traditional COIs you could sit down with who would welcome a conversation with you. They would be interested in who you work with and the services you offer.

And here’s the missing link . . . as long as you focus on the same market.

Relevance. You either have it or your don’t, and with COIs where there is a common market there is that Instant Connection.

Quick examples from our clients:

– Advisor with target market of pre-retirees at XYZ company does joint marketing with two other complementary wealth management firms who actively market to that company’s employees,

– Advisor with target market of dentists co-markets with dental practice management consultant.

– Advisor with target market of entrepreneurs taps into VC firm.

– Advisor with target market of professional women meets with area real estate office managers and gives lunch and learns,

– Advisor with target market of wealthier college planners teams up with an area non-profit that sells through private schools.

Okay, I think you get the point.

But what is not immediately evident from these examples is that not one had ever had luck with a COI strategy until they embraced the target market strategy and decided on one or more for their practice.

So let’s say there are an abundance of potential COIs who are actively marketing and selling to the very market you’d want. You identify them and even agree to work together, now what?

The key is to….

View them as a strategic partner, a co-marketing relationship, or a prospecting channel. Without going into detail on the differences of each, the bottom line is that a part of the relationship must be dispatching YOUR marketing to THEIR list of prospects and clients.

A few successes with marketing programs….

An advisor gave his financial planning talk at a client appreciation event of his area independent insurance company.

The advisor with the dental practice management consultant co-sponsored quarterly workshops that the consultant led, and gained an average of three excellent prospect meetings from each event.

Another advisor promoted his Free Report to the client base of his top complementary wealth management partner through a dedicated email.

Yet another promoted a no-cost financial planning meeting to his top complementary wealth management firm client base through the firm’s newsletter.

And by gaining co-marketing resources such as lists and money — and often taking advantage of a “transfer of trust” — your own clients are likely to come in at 2 to 5 times the rate of marketing to cold prospects.

Note: We devote an entire chapter to winning with the COIs of your target market in our new book, available here:

Want an extra incentive to finally decide on a target market or niche? Ready to tap into the practice-building power that COIs done right can offer? Now you have both.

Dedicated to helping you grow your practice in 2015 and beyond,

Bob Hanson

Co-Author, “Marketing Power for Financial Advisors”

Want help putting together your winning COI strategy? Get more information by contacting me directly at:
Ph: 617-901-6886

About Bob Hanson

Principal, Client Attraction System for Financial Advisors
Bob Hanson has worked with hundreds of financial advisors, professionals, and companies to drive documented results of 300% in new prospect flow within a week, a 70% increase in annual income within 12 months, and a boost in sales of 5 times for a firm in a little over 36 months. In addition, Bob is a Webinar specialist, a White Paper expert, and an experienced Centers of Influence strategist who helps marketers tap the full potential of these powerful marketing tools.

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