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Some financial advisors say: “I will take anyone as a client.” Although this speaks to generosity of spirit, some specialization or targeting makes sense. You might focus on a profession. Your current client base or previous career experience make you a good match for a specific industry. You might even be the advisor of choice for executives at a certain company. There is also a good case for staking out your territory geographically.
Lets put this another way: Although you would take clients from anywhere (subject to licensing) your two primary options for your territory might be where you live or where you work. Let us look at the case for each:
Why Where You Live Should Be Your Target Market
You live in a great suburb, easily commutable to the center of town where your office is located. Why should your neighborhood be your target market?
1. You live here. You live in an upscale development. Your neighbors are in a similar economic bracket. You see each other on a regular basis without making much of an effort. They see you “as you are” mowing the lawn or washing your car in your driveway. You are likeable and showing your best self. People entertain, inviting the neighbors.
2. You can research wealthy local prospects. If you are an honest, decent person, it’s amazing the amount of information available about you online. You might research who are senior executives living in your development. Are there college alumni in your neighborhood? It is easy to research licensed professionals online. Build a list. Show neighbors ten or 15 names from time to time. Mention they live nearby. Who do you know?
3. Your children attend school nearby. Regardless if it’s public or private, your kids go to school in the area. They are likely involved in school sports. You are a sideline parent on weekends. You belong to the parents association. It will be easy to meet your fellow parents.
4. You worship nearby. No, you are not prospecting within your faith. Religion brings together a side swath of the community. Sometimes it is the center of the community. If you get involved in a ministry or an activity like the choir or food bank, you will meet lots of people. They are all local. People will ask: “What do you do?”
5. You play golf here. If you belong to a county club, you know there are tournaments and social activities. In addition to time on the course, you spend leisure time and have drinks together. You get accepted as one of the crowd.
6. You shop here. You want new clients. You must remember you are already someone’s customer. You have a series of shops you patronize regularly. Have you met the owner? Do they know what you do?
7. You utilize plenty of services. Your lawn gets moved by a service. Your doctors, dentist and accountant are nearby. You get your car serviced here. This has been going on for years! Have you ever asked for their business?
8. You dine out. Friday might be date night. You go out during the week. So does everyone else. You see familiar faces as you walk to your table. Maybe you buy them a drink. This part of networking is easy.
Why Where You Work Should Be Your Target Market
You spend a lot of time in the office. Your manager might even remark people are spending too much time away from the office. This is your base of operations. Why should this geographic area be your target market?
1. Your office is here. You work in an office building. The firm’s name is at the top. Your reception are looks great. So does your conference room. You have a private office. You are on home ground when you meet clients here.
2. You are surrounded by office buildings. These are full of well paid people. One tower had lots of law firms. Another is the global HW of a listed company. Another is split between professional engineers and accountants. The density of prospects is amazing.
3. Your gym is here. You work out before work or at lunchtime. It was not cheap to join. You know everyone around you works in the area because no one lives around here. You see familiar faces and gradually get to know them.
4. You commute into work. You remember the song with the line “Take the 8:15 into the city.” (Takin’ Care of Business” 1973) You see familiar faces. They get off at your stop. You know they work nearby. You gradually get to know them.
5. You get coffee in the morning. You have a favorite “old school” coffee shop. You sit at the counter, eating your muffin and drinking your coffee. You are a regular. So are plenty of other people. You get to know them as you become one of the crowd.
6. You joined the Chamber. You know the Chamber of Commerce has plenty of members. They hold lots of meetings at lunchtime. They have networking sessions too. All these take place near your office.
7. You stop off for drinks after work. You wisely consider this part of your prospecting efforts. You picked out a bar in that building full of lawyers. That’s where you sit at the bar, watching the game on tv. As you become one of the crowd, they get to know you better.
8. You visit clients at their offices. This makes sense. They work nearby. You come to them when it’s time for a portfolio review. They are impressed “their broker makes house calls.” They walk you around and introduce you to their peers. You are often meeting new prospects.
It is easy to make a case for building your business close top home or close to work. If you choose one, you can focus on developing a marketing plan specific to your situation.
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