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Bullseye! How Analytics Help Advisors Target Ideal Clients

eMoney Communications Team April 12, 2018

Updated on: February 3, 2021

What is an ideal client?

It’s a common term in marketing circles; though, the concept should pique your interest nonetheless.

An ideal client benefits from the financial service you provide and their business delivers the biggest value to your bottom line.

Ideal clients are loyal, they collaborate with you often, and they refer you to their family, friends, and colleagues. Hopefully the last bit of information caught your attention.

Referrals are the heavy hitters in your marketing lineup. Ninety-two percent of financial advisors identified referrals as their most successful marketing tactic according to a 2017 Financial Services Marketing Benchmarking Report from OutboundEngine.

It’s safe to assume that as you acquire more ideal clients, your referrals will increase as well.

And that’s where marketing analytics can help you.

The Ideal Client Profile

The logical first step to targeting your ideal clients is identifying who they are.

Start by creating a demographic profile that will drive all of your marketing initiatives.

When choosing an ideal client, think specifically about:

  • The number or type of assets this person owns.
  • The assets they have held away.
  • Their occupation, age, gender, and marital status.
  • Where they live.
  • Where they work.
  • The financial needs they want to meet or the challenges they want to overcome.

You may have gathered this demographic information already, albeit informally. But after you’ve collected this data, you then need to measure how successful this profile has been in attracting and closing ideal clients.

Using marketing analytics, you can verify whether you’re missing key pieces of your ideal client profile, or better yet, confirm you’re spending your marketing dollars in the right places.

The Nitty-Gritty of Marketing Data

By improving your analysis of client demographic data, you can identify potential marketing opportunities.

For example, a quick analysis of your ideal client profile could show you that a majority of clients have assets held away in life insurance at the same institution. With this level of detailed information, you could create marketing campaigns to better target similar clients.

Analytical tools can help you identify these trends faster than any spreadsheet.

Pouring over your demographic data can be tedious and time-consuming. However, machines can filter and sort this data for you. It would take a computer half a blink to scour through all of the data from your client base and produce an organized report.

Streamlining the process allows you to focus on big-picture marketing initiatives and strategies to attract your ideal clients.

You Are Still Part of the Equation

While machines can do the heavy analytical lifting, you’re the most important aspect of your business.

Technology can only locate the highest quality leads. It’s up to you to sell your expertise. By using analytics, you give yourself an edge in new client acquisition.

Want to learn how business data reveals opportunities to help you grow your business?

Check out our white paper The Importance of Business Analytics for Financial Advisors.

Download White Paper

About the Author

The eMoney Communications team is dedicated to helping users find the most efficient and impactful ways to plan for their clients, while striving to make basic and advanced financial planning accessible for all.

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Welcome to
Heart of Advice

a new source of expert insights for
financial professionals.

Get Started

Tips specific to the eMoney platform can be found in
the eMoney
application, under Help, eMoney Advisor Blog.