Speak In Your Ideal Client’s Language

By: Nicola Ellis
Director
Wellington Wealth

By the power of greyskull! I am certain this title grabbed the attention of the kids of the 1980’s, yet anyone older or younger than this, may be wondering what on earth I am talking about. But every time I see PFS Power this pops into my head.

He-man was a muscly superhero cartoon character, who kicked about with Cringer his green tiger striped battle cat and other masters of the universe and this ‘by the power of greyskull’ was his battle cry.

The fact that this makes perfect sense to some people and is alien to others, demonstrates a valuable lesson in target marketing. Once you have established your niche and your ideal client, then you need to speak their language, and capture their attention.

Target marketing has never been so easy with YouTube, Linked in, Facebook, Instagram and more recently TikTok.

These platforms might not be of interest to you but by the power (not of grey skull this time) but of social media you can slice and dice your target market and speak directly to the niche with whom you want to communicate and this can give valuable lessons to our profession. 

You may think your phone is listening to you but consumer behaviour and artificial intelligence means that these platforms know what you want before you do.

Of course you can’t harness this until you know:

  • Who is your target market 
  • What their interests are
  • What they like or dislike
  • What things are important to them.

Once you are armed with information and data you can then build your proposition to meet or exceed these expectations.

Data is the new gold

My sister is a massive data geek and she always promotes the value in data, data quality and having a good data set in your back office system. And do you know what, she is absolutely right, data is the new gold and this is exactly where you can mine the value from your business. As well as comply with GDPR legislation and use the annual suitability review as a positive that you have updated your information rather than seeing it as a drag.

Financial planners are obliged to gather vast amounts of data, Tesco would kill to have a client factfind as detailed as ours, the rise of the clubcard was specifically to allow them to gather detailed information about their customers and then use it to sell and target customers with products that they know they would like because other people similar to them like it.

Every generation has their own nuances …

For example, the war generation, never complain, they are satisfied with their lot, they are not greedy and have a strong sense of community. However, hell mend you if you use an apostrophe incorrectly or write with incorrect grammar or punctuation, as this is important to them , unlike the millennials who would cry OMG and LOL.

Listening intently, observing clients, taking on board what they say and adapting your style to deliver exactly what the client wants to meet their objectives will mean you always meet their expectations and this is exactly what the best financial planners have been doing for some time using their data.

By analysing data, social factors and client behaviour, it provides information and an understanding of different types of people. This will provide you with a valuable insight into your clients, helping you target, acquire and develop profitable customer relationships. Ultimately this improves your service as well as and more importantly giving the client exactly what they want.

It will pay dividends to identify traits in your existing client bank and see if you can pin point any patterns in the type of people you deal with, those who engage with you and the financial planning process. 

It even helps you identify the type of people that you like working with and that you want to work with more for example:

  • Age and stage
  • Complexity of affairs
  • Knowledge and experience
  • Objectives
  • Attitude to risk
  • Occupation
  • Ethical stance
  • Lifestyle
  • Behaviours
  • Spending patterns

Where does the biggest group lie, can you form a niche here? 

Once you have identified this group, find out what appeals to them.

Know your client has never been so important!

What are they eating and drinking, where are they going on holidays, what do their kids like and need you might even find that you are one of those individuals yourself and that is why you relate to this group more than any other.

If you don’t relate to this group, i.e perhaps you are a younger planner working with post retirement individuals it will be important to find out and learn about things this group like to build your rapport and it may even open your mind to wine and gardening.

But going back to my original statement …

You can draw people to read, listen or watch you or your business by identifying your niche and appealing directly to them, you may have been drawn in by social media marketing yourself. It is a powerful tool, you have the power! (driven by data of course).


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