Do you know your clients? Here's 14 things we learned about oursArticle added by Amy McIlwain on May 2, 2013
Amy McIlwain

Amy McIlwain

Denver, CO

Joined: August 26, 2010

Do you truly know your clients and prospects? Do you clients and prospects know you? Those were the questions my team and I committed ourselves to answering after learning about the importance of creating a prototype client.

Of course, we had a general understanding of client demographics and needs, but there were small yet important details that went unnoticed. After conducting an internal client survey, those details surfaced. Below are some valuable things we learned about our clients and prospects. What kinds of small details do you think you could you learn about your audience? Who are our clients? Who are their clients?
  • The majority of our customers (85 percent) have been in the industry for more than 10 years.
  • A majority of our clients (86 percent) manage upwards of $5 million a year, but almost 50 percent manage more than $100 million.
  • 100 percent of our customers' clients are over the age of 40, and 93 percent have a net worth of over $500,000.
  • Over 64 percent of our clients are involved with the National Association of Insurance and Financial Advisors (NAIFA), and 45 percent are involved with the Financial Planning Association (FPA).
  • 71 percent of our customers have a marketing budget of over $20,000, though 14 percent have less than $5,000.
  • Top five products sold by our clients:
  • Top designations:
    • Certified Financial Planner (CFP) (69 percent)
    • Registered Investment Adviser (RIA) (54 percent)
    • Investment Advisory Rep (IAR) (23 percent)
    • Chartered Financial Consultant (ChFC) (23 percent)
  • When selecting an FMO or broker/dealer, what do they look for? Top three:
    • Back office support (57 percent)
    • Marketing resources (50 percent)
    • Products/technology system (43 percent)
  • Why did they get started with social media? Top three:
    • Brand awareness (64 percent)
    • Increase sales/stay ahead of competitors (50 percent)
    • Thought leadership/build credibility (43 percent)
    • Note: Only 36 percent of our clients started social media to gain leads — 71 percent measure success by leads
  • What are their social media challenges? Top three:
    • Knowledge (43 percent)
    • Time (29 percent)
    • Don’t see the value (14 percent)
  • How do they measure social media success? Top three:
    • Leads (71 percent)
    • Engagement/website visits (43 percent)
    • Phone calls/consultations (36 percent)
  • What are their main goals with social media? Top five:
    • Leads (93 percent)
    • Increased Web traffic (71 percent)
    • Increased client referrals/grow brand following (64 percent)
    • Increased revenue (43 percent)
    • Decreased marketing expenses (29 percent)
  • What other types of advertising do they do? Top three:
    • Conferences/workshops (71 percent)
    • Speaking engagements (57 percent)
    • Newspaper (21 percent)
  • Interesting tidbit: 70 percent of our customers read Investment News, while 40 percent read WSJ, On Wall-Street and Financial Planning
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