The 5 W's of HNW Marketing

The Who, What, Where, When & Why

I remember learning about the 5 W’s in elementary school and they haven’t let me down since! They can be applied to anything you want to teach or learn about. Today we’ll cover the 5 W’s of Investing inMarketing. You can skip to the end of the blog if you simply want the steps to implement in your practice.

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‍Who

The “WHO” is who you are marketing to. It’s the first W inthe 5 W’s and determines the other 4 W’s - the what, where, when and why. Identify the clients you want to replicate and document their profile, including demographics and psychographics. Print out the client list and with the profile on th back for every team member to keep handy at their desk and top of mind.

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‍What

The “WHAT” includes the strategies and initiatives you are going to invest in to inspire introductions from your best clients. These are strategies and initiatives resulting from walking in your clients’ shoes. A good place to start is by reviewing how your best clients became clients. It will become clear who your best referrals sources are in addition to which strategies and initiatives resulted in introductions.

53% of HNW clients find their advisor via a referral from afriend or family member and only 7% via a seminar/event (1) yet advisors are spending 54.9% and 54.5% on email campaigns and events, respectively (2). Make certain you are employing strategies and initiativesthat make sense with your historical data.      

(1) Spectrem Group white paper, "Advisor vs.Firm Loyalty."
(2) Wealth Management.com article, “A Trail of Broken Funnels,” by Samuel Steinberger

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Where

The “WHERE” is your geographical target market. Consider expanding your geographical target market using social media, where your snowbirds reside and/or the location of your second home. I live in Minnesota and many of my wealth advisor clients have cabins and are expanding their target market to their cabin’s location.  

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When

Marketing never stops. Whether short, medium or long-term strategies, today is the day to start. Begin by creating a marketing folder that you keep on top of your desk and top of your mind. It should include your best client list stapled to the top of the folder and kept near and dear. Inside you can drop in items you run across that would be perfect for one or more of your HNW clients.

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Why

Why should you follow these 5 W’s? You’ve heard this line before, “If you have enough activity, accidents will happen.” Unfortunately, applying this principle doesn’t always give you the results you want and can waste valuable time and money. Bringing focus to your marketing will get you in front of your best clients and start inspiring them to make introductions to people just like them.

In summary, here are the steps to take to implement the 5 Ws of marketing:

Who: Identify the clients you want to replicate. Document their profile, including demographics and psychographics. Print out the client list with a copy of the profile on the back. Give to every team member to keep handy at their desk and top of mind.

What: Review how your best clients became clients and document in your list above.

Where: Consider expanding your geographical target market where your snowbirds reside and/or the location of your second home.‍

When: Marketing never stops. Today is the day to start. Begin by creating a MARKETING folderthat you keep on top of your desk and top of your mind. Staple your list from above to the top of the folder and kept near and dear. Inside you can drop in items you run across that would be perfect for your one or more on your best client list.

Why: Bringing focus to your marketing will get you in front of your best clients and start inspiring them to make introductions to people just like them.