Think Exercise

Defining Your Ideal Client

Step 1: Who is your ideal client or customer?

This is a step that's often missed. It's often one of the most challenging steps when building a marketing plan. However, if you complete this step, then the rest is done with a lot less struggle.

You cannot be all things to all people, or serve everyone. Once you pick an area to specialize, then work with that area. As you develop that area you will become an expert in your business. More success will come to you once you decide to focus on targeting a specific group and then providing them with services that best meet this group's needs and expectations.

Who is your ideal client?

What are their gross investable assets? How much revenue can you generate from this client, both now and annually?

Life Stage — What stage of life are they in? Early Retirement? Pre-Retirement? Widowed? Early Family?

Personality or other characteristics?

Occupation? businessowner? Teachers?

Minimum Income?

Location — where do they live? Is this important?

What are there expectations of their financial advisers?

How do they view financial advisers?

Step 2: What are your principle-based commitments to your clients?

This exercise will inspire your clients and referral partners, and will increase your enthusiasm for your work.

Make a list of your business principles. These could be: effective communication, continued communication, customer service, confidentiality, security, competency, quality, timely advice, respect, etc.

List the commitments or guidelines you will make to your clients.

Once you understand who your on-profile clients are and what they expect of you, you'll have taken a big step in market planning.

Ohio National is not affiliated with, nor does it endorse or sponsor, any particular prospecting, marketing or selling system.