Super Bowl Sunday is filled with anticipation – the game, the halftime show and the highly amusing and inspirational commercials. A lot of thought goes into those commercials, especially when you’re paying $3.6mm for 30 seconds of air time. Who are we trying to reach? How do we want to come across? Is there a better way to market? Bar Rafaeli or Seth Rogen? Is it even worth it? The upside of having a successful commercial can be huge for brand building and company success. The downside is a lot of time, energy and money spent with not a lot to show for it.
As wealth management firms look at how they can make their business more efficient, scalable and profitable through segmentation, they can apply a lot of the same preparation around the decision-making process that goes into developing a Super Bowl ad. Client segmentation can help you narrow in on who you want to serve, how best you want to serve them and what services and solutions you want to deliver. Often times the focus of segmenting is on investable assets, gender and age. Using behavioral finance in your segmenting can help identify the niche where you have the most success, communication and interaction preferences and even who you should invite to your Super Bowl party.
You don’t have to wait until next year’s Super Bowl to look for inspiration on the best way to reach clients. Start looking at your clients as more than just dollar signs and you may find more success in retaining them and attracting new clients. Or, you could just hire Megan Fox or Psy.