What if I were to tell you that Target Marketing does not work; at least not in your role as a financial advisor? There was a time when target marketing was effective, a time when the business was totally product driven focused on trades and transactions. I might call retirees, sell them a muni bond, I became a source of investment products my client became a source of revenues, over time (maybe years) a relationship was developed creating more loyalty and if you were lucky referrals.  But today’s environment is different; the business is all about building relationships first selling products is a bi-product of developing a trusting relationship first.  To do that you must be able to make an immediate connection which initiates a relationship which leads us to the importance of Tribal Marketing

Tribal marketing is about identifying your TRIBE the kind of person that would work best with you.  In many cases these individuals share your same characteristics and often experiences in life.  As a result you share similar philosophies and principals which become the foundation to any productive relationship.  This understanding allows you to recognize the challenges they face understand their wants and desires and be able to communicate with them using a vocabulary that resonates …

When you have found your tribal market your work feels effortless.  You become more motivated and passionate about what you do but more importantly you will find yourself attracting more clients and generating more referrals, and odds are the feeling is mutual. When you are working with your tribal market they will become more inspired to share your value with others within their tribe, they will naturally want to build your tribe and continue to introduce you to new prospective clients.

There are many approaches to uncovering your tribal market; there is not one method that works for all it all depends on you and your experiences in life.

1.       Start with your current clients:  If you have a current client base this is the first place you should look.  For some dissecting their top 20 clients will immediately identify similarities between your best clients.  It may be their profession, their stage in life, the source of their wealth.  It may simply be their personality and characteristics for example:

·         They may be very goal driven (if so odds are you are too)

·         They may all be very philanthropic and involved in their community (chances are so are you.)

·         They may be very action oriented, decisive by nature (I bet your action oriented yourself)

By reviewing your top 20 clients try and identify commonalities but if you find none don’t be discouraged.  Many financial professionals have built a hodge podge book of business, perhaps you have inherited accounts or bought a book of business, those clients are not necessarily your tribal market or even a good fit for your practice they simply become a source of business.

2.        Think about who you are.  In most cases your tribal market is just like you, so take some time and write down your personality traits, how you like to do business, who you really enjoy working with.  You can even have two friends list out characteristics that they see in you, then take this information and transpose it to clients you may like to work with.

3.       Consider your experiences:  Your tribe is not always a reflection of you but you may have an experiential connection. For example when I was building my practice my tribal market were the wealthy wise women in Newport Beach, while I was still a young mother it was my experience watching my Mother manage her finances that made me want to help the wealthy women in Newport Beach.  It was my understanding of my mother, what she felt, experienced and wanted that allowed me to communicate and connect effectively with these older women as a result I became a member of their tribe.