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This is the third in a four part series from The Pocket Guide to Sales for Financial Advisors , by Beverly D. Flaxington
“Identify your niche and dominate it. And when I say dominate, I just mean work harder than anyone else could possibly work at it”, Nate Parker. This quote sums up the essence of having a niche focus for financial advisors. If you know your market, and you stick to your focused market and you talk to them, learn about them and serve their needs, you will be the first one associated with serving the market.
What’s a “niche”?
Doesn’t a niche limit you and confine you? These are the questions we often hear from financial advisors. Planning and investing well is something that everyone needs, and the more money you have, the more you probably need it. So why pick a niche? Why not scan the market for everyone with $1 or 5 million and more?
When marketing and sales efforts are targeted to a specific and select group of people, the language, the stories and the descriptions are all relevant to that audience. The people hearing the message recognize themselves in the messaging. It allows them to say, “That’s me! And I do need that service.”
Niche marketing can be as narrow or as broad as you like. It can be limited to an overall demographic like divorced women, or it can be specific such as dentists in private practice with more than 10 years to retirement. You define the niche that you believe is best served by what you do.
Next you learn everything you can about your niche. Learn the language they use, the things they need and care about and how they buy the type of products and services you offer. Adult learners want context. They want to understand how something new is relevant to them, and to their lives. The more you know about the niche market you are working in, the more you can target your comments and marketing message to them. The more they recognize themselves in what you do, the more willing they will be to listen to your story. If your story speaks to them, the more likely they will be to work with you.
To find your niche, identify your ideal client profile and discover the attributes associated with them. Remember you can be as broad, or as narrow, as you like.
As a first step, consider whether you want to do niche marketing. If you do, review your targeted niche and make sure your materials and messaging are in alignment with that market. Begin to talk to the market in their language and see if you can’t cement the niche for your advisory practice.