Financial Advisors: Define Ideal Clients and Market Segments

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Market Success

This post is updated. It was originally published in 2017.

 

Independent Advisors need a strategy-led, systematic growth program.

We recently published the Financial Advisor SMART BOOK™, 2020 Edition.  This latest edition has been updated and outlines the Revenue Architecture Methodology that financial advisors can use to add greater structure and predictability in their revenue engine. We introduce nine steps and advisor-specific marketing and sales strategies that are helping advisors capture client value.

The comprehensive guide helps independent financial advisors build a strategy-led, systematic growth program with 9 proven strategies. The goal is to help advisors:

  • Increase Volume: Generate More Visits & Inquiries
  • Increase Client Value: Get Better Qualified Inquiries
  • Increase Velocity: Increase your Conversion Rate
  • Increase AUM and Revenue: Optimize Engagement for AUM growth and Revenue Impact.

Having a vision and game plan for growth is important for financial advisors to thrive in a challenging marketplace. The Smart Book™ outlines how you can achieve more predictable and sustainable revenue growth by establishing a Revenue Architecture that fits your firm. The key is to commit to a systematic sales and marketing process by following the 9 proven strategies to guide your approach.

[Strategy 1 of 9] Markets & Buyers – Define Ideal Clients and Market Segments 

This may seem obvious, but we are surprised how many advisors we work with have not done a marketplace assessment, defined segments, and personas.

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Chief Revenue Officer Role Description

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Chief Revenue Officer

The CRO is Responsible for Predictable and Sustainable Revenue Growth

This post is updated. It was originally published in July 2016

Today, companies recognize the need for a company-wide revenue focus and a more integrated approach across marketing and sales. The CRO oversees the traditional responsibilities of the VP of Sales and the Chief Marketing Officer and is a member of the senior team overseeing go-to-market strategy and execution. The CRO is  responsible for aligning company resources, defining differentiated go-to-market strategies and delivering on the company’s revenue performance goals.

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10-Stage Integrated Marketing and Sales Process

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Structured or Unstructured Process?

Some businesses need a highly structured sales process that dictates specific activities sales reps need to execute.  These might include things like a discover call, a demo, a pricing meeting, proposal, signature meeting, etc. Often a structured process is needed for more junior sales reps and where the volume of sales activity is high and the dollar value of the sale is low.

For complex sales cycles and when selling professional services, sales teams do not need a highly structured process. For these teams, a stage-based marketing and sales process works better.  In each stage, there are a range of activities, strategies and tactics teams will use to engage the buyer and DMU (decision making unit) across the buyer’s lifecycle.

Buyers Don’t Care if it is Marketing or Sales

The buyer wants a simple and clean buying process. They don’t care if they are engaging with your marketing a sales team. They are simply following their buying process – often in an unstructured and unpredictable way.  The typical stages of the buyer process are:

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Financial Advisor Smart Book™ (5 Of 9): Integrate a Multi-Channel Technology Platform

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Professional Selling

Build a technology platform to support your go-to-market strategy.

 

We recently published an enhanced edition of the  2020 Financial Advisor SMART BOOK. This resource is a comprehensive guide to help independent financial advisors build an ‘independent difference,’ that is, a strategy-led, systematic growth program with 9 proven strategies. The goal is to help advisors:

  • Increase Volume: Generate More Visits & Inquiries
  • Increase Client Value: Get Better Qualified Inquiries
  • Increase Velocity: Increase Conversion Rates
  • Increase AUM and Revenue: Optimize Engagement for AUM growth and Revenue Impact.

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Financial Advisor SMART BOOK™ (4 OF 9): Craft a Distinctive Brand Identity and Digital Presence

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Set yourself apart with an authentic and differentiated brand identity

We recently published the 2020 Edition of the Financial Advisor SMART BOOK. This resource is a comprehensive guide to help independent financial advisors build an ‘independent difference,’ that is, a strategy-led, systematic growth program with 9 proven strategies. The goal is to help advisors:

  • Increase Volume: Generate More Visits & Inquiries
  • Increase Client Value: Get Better Qualified Inquiries
  • Increase Velocity: Increase Conversion Rates
  • Increase AUM and Revenue: Optimize Engagement for AUM growth and Revenue Impact.

[Strategy 4 of 9] Brand Presence: Craft a Distinctive Brand Identity and Digital Presence

Brand matters, but many advisors look and sound the same. You want your brand identity to tell a story and build trust in the hearts and minds of your prospective clients. Set yourself apart with an authentic and differentiated brand identity, collateral, and digital presence.

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Financial Advisor SMART BOOK™ (3 OF 9): Define a Go-to-Market Model Tailored for Your Firm

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2018 FA Smart Book

Envision the best ways to access your particular market segments and ideal clients.

We recently published the 2020 Edition of the Financial Advisor SMART BOOK™.  This resource is a comprehensive guide to help independent financial advisors build an ‘independent difference,’ that is, a strategy-led, systematic growth program with 9 proven strategies. The goal is to help advisors:

  • Increase Volume: Generate More Visits & Inquiries
  • Increase Client Value: Get Better Qualified Inquiries
  • Increase Velocity: Increase Conversion Rates
  • Increase AUM and Revenue: Optimize Engagement for AUM growth and Revenue Impact.

[Strategy 3 of 9] Go to Market – Define a Go-to-Market Model Tailored For Your Firm.

The go-to-market model is based on your business model and target personas and helps you envision the best ways to access your particular market segments and ideal clients.

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Financial Advisors (2 OF 9): Craft Market-Ready Service Offerings and Segment Messaging

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2018 FA Smart Book

Personas that represent the needs and behaviors of your ideal clients are very effective.

We recently published the 2020 Edition of the Financial Advisor SMART BOOK™.  This resource is a comprehensive guide to help independent financial advisors build an ‘independent difference,’ that is, a strategy-led, systematic growth program with 9 proven strategies. The goal is to help advisors:

  • Increase Volume: Generate More Visits & Inquiries
  • Increase Client Value: Get Better Qualified Inquiries
  • Increase Velocity: Increase Conversion Rates
  • Increase AUM and Revenue: Optimize Engagement for AUM growth and Revenue Impact.

[Strategy 2 of 9] Valued Offering ~ Craft Market-Ready Service Offerings and Segment Messaging

You will be surprised how effective it is when you communicate offerings based on specific personas that represent the needs (or pain points) and behaviors of your best clients.

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