When I speak on stage, or meet advisors “around town” and we talk niches, they always ask “where could my niche come from”?
First, let me say that your niche is a general description of whom you work with. An article I previously published listed “
157+ possible areas of a niche. Having worked with clients on simplifying and growing their business, niching starts by “Managing Your Niche.” It’s a two step process where you first nailing your niche and then deep dive into determining everything about “who” within that niche is your ideal client.Then take the risk to create all your branding and marketing directly (target market) to your niche and ideal client.Most advisors target market to simplify the onboarding process, and because you’re ready to stop wasting your money and time marketing to people you can’t help the most.The results of any niching process is that you’ll book more ideal clients, love whom you work with, and earn more. Plus, your top clients will stop paying for your bottom level clients because you’ll have fewer “B” level clients and the services those you choose to serve will have fewer “touches” or services. I know that right now, you’re giving similiar services to your AAA, AA, A and B clients — which should NOT be happening.Managing Your Niche looks like “I work with (general niche) who (has this problem that I have the solution to).” It’s niche + ideal client profile. Here’s an example of Managing Your Niche that I use:I work with independent financial advisors who are established in business but tired of working 80 hour weeks, and sick about not earning all they know they can be earning.
(Read more about the basic traits of your ideal clients here). Old School vs. New School Niching
Old school niching is out. It was about:
Selling and hunting down a new client (note: sales is part of the on-boarding process, but not hard selling nor hunting clients) 1 or 2 advisors per service type in a community or town, 1-2 months maximum between meeting a stranger and on-boarding a new client, product based niches offline presence, cold calling, all marketing done with paper. 21 Century niching is in. It’s it about:
Connecting and attracting strangers whom you and your marketing pre-qualify as prospects, Much competition in a community, town, home businesses, and even more competition on the internet, 6-month average time in turning a stranger into a client, and niches based on specifically “who” your ideal client is. having an online presence and integrating off and online marketing. Here are the general ways my advisor clients have chosen their niche over the past 20 years.
Who you were. Who you are. Who you want to be. Passion based. Hobby based. Association based. (military, organizations you belong to, etc.) Alumni based. Mega-company based Based on a family discomfort or situation (as in dad died young, left no will, etc.). Accidental based (you just have a lot of these clients and enjoy working with them.) Product based (old school.) Age only (old school)
