When asked what their ideal client looks like, advisors typically will cite a minimum dollar amount that a client must have in investable assets or net worth. Some advisors stop there and cannot articulate other client characteristics that contribute to a great fit or worse, a client that advisors dread talking to. An ideal client profile helps you identify the types of clients that you enjoy working with.
Here are five reasons why you should have an ideal client profile:
1. Provides focus on the right target market. This will allow you to spend your resources connecting with the people who want, need and value your services.
2. Allows for more effective communications. Knowing your ideal client will allow you to create an effective communications plan that will reach those clients with a message that appeals to them.
3. Converts more prospects into clients. Your message to prospects is more likely to address their specific needs when you know they fit your ideal client profile, improving your conversion rate.
4. Increases referrals. Being able to articulate your ideal client characteristics will allow you to be more precise when asking clients for referrals. Chances are your client will know someone that fits into your profile and be willing to provide a referral.
5. Identifies clients that you do not want to work with. This will save you pain down the road. You can refer clients who are not ideal for you to advisors that can better serve them.
Do you work with an ideal client profile in your business? Get started today by writing out the characteristics of clients that you currently enjoy working with. Doing so, will help you focus your business on the clients you want to attract, resulting in a better use of your time and money, while also increasing profitability.