The old model of marketing in the financial services industry focused on product.  Highlight a product and tell them why your firm was the better choice for delivering it.

Today, clients and prospects have unprecedented access to resources to learn about and compare offerings, and even discuss the pro’s and con’s with their peers.  The companies that will win are those that will not only share knowledge with clients, but also help them understand what they should be evaluating depending on their situation.

The fact is that people are most likely to make decisions about financial services and products when they experience a life event.  This can include everything from the birth of a child to becoming an empty-nester to retirement.  At these milestones, clients are in need of help.  Life event marketing targets clients at these key points.  It then helps them understand what the changes in their lives mean from a financial standpoint and directs them to solutions to address the needs.

Tapping into the power of life event marketing can help you expand existing client business.  Better yet, it can bring focus to your new business effort as well.  Here are a few suggestions for getting started:

• Understand the needs – identify what needs clients have at the milestones throughout their lives.  To begin, use your experience and any data you have on existing clients.
• Find your sweet spot – narrow your focus to those life events that you can serve very well, matching up your resources and expertise.
• Bring the target client to life – consider creating personas of the key life-event segments that you are focusing on.  If it is people who are preparing to retire, find a picture of what someone like this looks like.  Write down a profile of their financial situation.  Document how they live and what they think.  This will help you maintain a clear and vivid focus on who you are addressing with your marketing.
• Concentrate marketing efforts on your select life event segments – since you have identified them and their needs, you should be able to focus on the channels and tools that are most likely to reach them.  Most importantly, stay focused on these segments.

By identifying and focusing on the high-value life events for your firm, you can create a rich dialogue with clients and prospects that are eagerly looking for your help.

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