Client Service Strategic client segmentation

The challenge: Defining and retaining the ideal client

As financial professionals, you’re in the service business, but not every partnership is an appropriate match for you or the client. Taking on too many clients across too many categories may prevent you from effectively serving your Platinum clients.¹ The path to serving and preserving your Platinum clients starts with segmenting your non-Platinum clients.

Our solution: Implementing an effective segment strategy

Our team has defined four steps in properly and effectively segmenting clients. We call it “the four S’s”:

• Step 1: Segment. Evaluate the client’s lifetime value to your practice based on current/future revenue, time consumption, attitude, and center of influence. Then score them on a scale of 1-3 (below average, average, and above average).
• Step 2: Streamline. Assign the appropriate segmentation level for your Anchor Clients (i.e., Platinum, Gold, Silver.¹)
• Step 3: Stratify. Establish services tailored to each client segmentation level, with your top-level clients getting the best and the most of what your practice offers.
• Step 4: Systematize. Create communication structures leveraging your team and technology in an effort to maximize service while minimizing demands on your time.

By properly segmenting your clientele, you have an opportunity to effectively serve your Platinum clients and set priorities for your practice. Learn more about our strategies for ideal client segmentation and how it might help you grow your business in our “Crafting a High-Performance Practice Toolkit” brochure.²

Ready to make your practice more efficient?

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