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Leverage Customer Personas for Better Results

Identifying customer and prospect behaviors, motivations, needs and aspirations is considered the holy grail for wealth management firm marketers.

Understanding these characteristics can have a profound effect on your ability to segment marketing, drive better engagement, create an enhanced user experience and even help steer product development. For many firms, harvesting detailed client data to inform these efforts can be extremely challenging. Fortunately, by developing a set of customer personas, many firms can significantly advance their efforts in delivering exceptional service to their customers.

Analyzing the data
The first step in developing customer personas is analyzing the data you have. Segment your clients by age, profession, geography, product consumption, investable assets, source of assets, and demographic categories. From here construct a framework for the development of distinct personas. While most of your personas should closely map to your existing client base, it’s important to develop one to two aspirational personas that represent the target audiences you hope, and can reasonably expect to attract in the future.

Filling in the gaps
The next step involves conducting internal and external interviews to gather more detailed information about your clients. You should also mine your CRM system to help you identify any key characteristics that can help you round out your personas. In addition, review investment questionnaires and other intake documents. The goal is to supplement your hard data with more personal information that speaks to goals, wants, aspirations and fears. Ultimately, you don’t need to develop personas for every client, but instead, develop archetypes that represent key characteristics of your primary target audiences.

Leveraging your personas
Once you have developed personas, begin using them to help steer your business development, branding, marketing and even product development initiatives. Personas are critical components for driving an enhanced user experience across all of your client and prospect touchpoints, and to develop targeted marketing campaigns that drive increased prospect response rates from high-potential audiences.