It will surprise many of you to learn that the best advisors in our business owe some of their good fortune to one very smart gardener. Back in the early 1900s, Italian economist Vilfredo Pareto was tending his garden when he noticed an interesting development: 80% of the peas were contained in just 20% of the pea pods.

This observation yielded the Pareto Principle, which tells us that 20% of our effort generally yields 80% of our results. It holds true for many advisors, whose top 20% of clients often account for 80% of revenues.

Duplicate these top clients-using their insight to attract more ideal clients like them-and you'll see a substantial jump in your revenue without much additional variable cost. By reaching out to your ideal clients in a targeted and systematic way, you'll further refine and clarify your market niche and better understand how well you have differentiated yourself so that you can adjust your positioning as needed. You'll also gain new ideas for marketing to ideal prospects and obtain referrals for prospects who match your ideal client profile exactly.

SIX STEPS

CEG Worldwide's research shows that the typical top advisor-one earning the highest net profit-serves just 101 clients. In stark contrast, less successful advisors work with 269 clients on average. Top advisors can outperform their peers by working with a small number of clients because those clients are ideal for their firms.

Indeed, our research also reveals that 60% of top advisors specialize in a particular type of client, compared with less than 20% of less successful advisors. Once advisors identify their ideal clients, they set about recruiting more of them and working only with them.

There are six steps to duplicating ideal clients effectively:

Step 1: Identify your top 10 ideal clients. List your ideal clients in descending order of the revenue they provide. Then identify the top 10 with whom you enjoy working most.

Step 2: Call for an appointment. Let each client know you are calling to request a special meeting because you're looking for his or her help as a favorite client whose opinion you respect. Tell the clients that you are developing a more focused approach to marketing, that you have created a profile of your favorite clients and that they are exactly the kind of person you enjoy working with most.

Take them out to breakfast or lunch (whatever they prefer), so you can get their ideas and opinions about your plans to market to people just like them. And choose a good restaurant-a place that is convenient and quiet enough to have a good conversation, preferably someplace they would be excited about eating. Don't be cheap; first-class meals let clients know how much they are appreciated and valued.

Step 3: Conduct a duplication interview. Remember, the purpose of your meeting is market research. Ask a series of questions that will allow the client to identify and share the most important aspects of working with you. Why did the client choose you? What does the client most value about your relationship? How should you position yourself to work with similar people? (See the "15 Questions" below for a list of interview questions that have worked well for our coaching clients.)

You can say something like, "I'm in the process of improving the way I do business by focusing on clients just like yourself. To gain a better understanding of how I can serve you and other individuals just like you, I would like to ask you a series of questions." Emphasize how important and valuable the information is to you.

As you move through the conversation, let the client speak uninterrupted. When you need additional detail, ask for specifics.

Be sure to capture everything; take notes. If you are not sure you recorded a response accurately, read back what you wrote and ask if you understood correctly. And use a digital voice recorder (if your compliance department allows the use of DVRs). If you were paying a consultant to get these market research answers, you would be paying thousands of dollars, not just the price of lunch.

Above all, do not try to sell any additional services at this time. You are there to get input, period.

Step 4: Arrange a future meeting. Assuming that the interview was worthwhile, set the stage to come back to the client with additional questions as you move forward with your marketing efforts. You might even consider asking the client to be a permanent advisor to you.