The secret to standing out in financial advice? Focus small to win big

In the saturated financial advice market, standing out from the crowd is crucial—gone are the days of casting a wide net and hoping for the best. But how do you ensure your message reaches the right ears and resonates?

The secret lies in focusing on your smallest viable audience (SVA). Let's unpack what this means and how you can make it work for you.

Understanding the smallest viable audience (SVA)

The concept of the SVA centres on the idea that success comes not from reaching the most people, but the right people. Why spread your efforts thin when you can create meaningful connections with a select group who really need what you offer?

It's about quality, not quantity. You need to find a niche group that most benefits from your services and tailor your communication to meet their specific needs. This approach ensures that your marketing isn't just seen but felt, creating a deeper connection with your prospective financial advice clients.

Identifying your SVA goes beyond traditional demographic metrics like age and income. It’s about understanding their behaviours, values, and the unique challenges they face. Are they early-career professionals looking to grow their wealth? Or are they Queensland-based retirees concerned with preserving their nest egg? By narrowing your focus, you create the opportunity to become the go-to financial advisor for a specific client segment.

Identifying your smallest viable audience

To pinpoint your SVA, start with your current clientele. What patterns do you notice? Which clients are the most engaged and satisfied with your financial advisory services? Use these insights as the foundation to build detailed personas for your marketing efforts.

You should also consider the power of direct conversations with clients and peers. Feedback and discussions can reveal invaluable insights into what your clients value most and the gaps your services can fill. Surveys, social media engagement, and client interviews are powerful tools for this discovery process.

Once you have a clear picture of your SVA, you can begin tailoring your messaging. This doesn't mean that you eliminate prospective clients outside this group, but rather focus your marketing resources where they are most likely to make an impact.

Think about this: If you were throwing a dinner party, would you invite your entire street or just close friends who enjoy the same cuisine? Your marketing should cater to the guests at that dinner party, not the entire street.

Tailoring your message

The next key step is crafting your message for your SVA. You need to strike the right balance between professional authority and personal relatability. Your goal is to become a trusted financial advisor, not just another service provider.

Your SVA wants to feel understood. Speak their language, address their specific concerns, and, most importantly, let them know how you can help them achieve their financial goals. It’s not just about what services you offer; it’s about presenting them as solutions to their unique problems.

Content is key in the financial advice market. Whether it’s through blog posts, email newsletters, or social media, your content should speak directly to the interests and needs of your SVA. Share success stories, financial tips tailored to their lifestyle, and insights that show you understand their world. Authenticity and relevance are your best allies in the crowded financial advice industry.

Benefits of a tailored approach

The beauty of focusing on your SVA is the clarity it brings to your marketing efforts. Instead of a scattergun approach, you have a laser-focused strategy that improves the efficiency of your marketing spend and the effectiveness of your financial advice campaigns. This targeted approach leads to higher engagement rates, more meaningful client relationships, and a stronger business foundation.

Moreover, you encourage loyalty and referrals by becoming an indispensable resource for a specific group. Happy clients who feel understood and valued are your best advocates, amplifying your message within their networks.

Conclusion

Narrowing your focus to the smallest viable audience might seem counterintuitive at first. After all, aren't more leads always better? But in a world where everyone is bombarded with information, being the financial advisor who truly gets it—who speaks directly to the needs and aspirations of their clients—is invaluable.

By understanding, identifying, and tailoring your approach to your SVA, you're not just marketing smarter; you're building lasting relationships that will sustain and grow your financial advisory for years to come.

Curious to learn how we can help you identify and market towards your smallest viable audience? Book a complimentary 20 minute Zoom chat.