Marketing Question: How do you target a specific audience in your marketing?

niche marketsIf you’ve been following me for the past eight years, you’ll notice that one of the things I say over and over again is that you must target a specific client niche in your financial advisory marketing.  Saying that you work with everyone and anyone is in effect saying that you work with no one.

My most successful clients have learned from me that identifying up to three niche markets in their marketing campaigns, marketing materials, and elevator speeches can improve their practice. The benefits of targeting your marketing are many:

  1. Improved quality of clients you attract – affluent clients with considerable assets are often looking for experts in their issues and will not hire an advisor who seems to have no apparent focus in their practice.
  2. Better referrals from centers of influence – if you can be more precise in who you work with your strategic alliance partners will be able to connect you with those they know in your specific niche.
  3. Helps to pre-sell your services – when you specialize you are viewed as an expert and members of a niche will seek you out and be more inclined to hire you.
  4. Improves your close ratio – if a widowed woman comes into your office for a consultation and you can demonstrate that you understand her issues, you will be more likely to get a new client. It makes perfect sense.
  5. Limits your competition – if ten advisors who all look alike are vying for the same business, the one who demonstrates their niche expertise will win the business. This is a duh-ism.
  6. Marketing is easier – when you are not spending tons of money all over the place and you’re able to narrow your focus, things are easier. It’s just that simple.

Common niche markets

  • Women- divorced, widowed, single, married.
  • Business owners with gross income over $500,000
  • Families- young families, blended families, second marriages, those marrying later in life
  • Professionals – doctors, attorneys, managers, technical professionals, dentists, top corporate executives
  • Gay and lesbian couples – single or in a relationship, with children, childless

How do you target these niche markets in your marketing?

How did you find this article today? You used a search engine to look for articles about this topic. That’s how you reach niche markets – write about their issues, their concerns, and solutions you can offer. Write about how you service these niche markets on your website, your brochure, and your value proposition. Tell others that you focus on these areas. Tell your clients. Tell your strategic partners. Don’t keep it a secret.

When it comes to finding ways to market to the wealthy, you have to put on your thinking cap and learn to attract the wealthy on their terms as they have different needs and wants from the general population.

 

About Suzanne Muusers

11 Responses to “Marketing Question: How do you target a specific audience in your marketing?”

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  1. Glenis says:

    Suzanne, you are so right in this concept. We have had much success in narrowing our target market. Some surprising niches for us: wine makers, dentists, and of course, financial planners. We have developed landing pages for these markets and we use SEO to direct prospects to the right pages. One thing is for sure, our prospects are pre-sold. Good info! Glenis

  2. You are very wise Glenis. Good work. Suzanne

  3. Tom F says:

    Still working on a niche, however over the past 5 years it seems that most of my business has come from people 5 or less years from retirement or just retired, looking to create income and wondering if they have enough money.

  4. Tom,

    Folks in age range certainly need your services. I usually recommend that advisors focus on up to three niche markets in their marketing – brochure, website copy, etc. This helps to solidify you as the choice for these markets and does not turn away prospective clients who are not in this niche.

    Suzanne

  5. Pretty helpful post you have here Suzanne, Having narrowed down my target ,it is now easier for me to focus and develop marketing effective strategies.
    Felicia Gopaul recently posted..023 Career100-Becoming a Civil Engineer- An Interview with Anthony FasanoMy Profile

  6. Ilka Flood says:

    Hi Suzanne,

    Oh I absolutely agree with you. You have to target a specific market in order to be successful. A size eight shoe doesn’t fit everyone, but only those people who wear a size eight. And if you are selling size eight shoes, then just those people are your target market.

    It would be a complete waste of money for WalMart to put an ad into Robb Report, because that is not their target market.

    Loved your 6 points above. They’re totally on target (pun intended.)

    Thanks for sharing your insights!

    Ilka
    Ilka Flood recently posted..I Want to be a Network Marketing Millionaire….My Profile

  7. Felicia, Looks like you have a great concept and target market! Suzanne

  8. Hi Ilka, Thanks for stopping by! I appreciate it. Some people learn to target a specific market sooner than others. It can be very effective if you’re willing to take the risk to do it. Suzanne

  9. Thanks Suzanne, Identifying my target market is where I work mostly in my marketing strategy, and from there I will be able to also identify what are the approaches that I need to implement and follow.
    Felicia Gopaul recently posted..023 Career100-Becoming a Civil Engineer- An Interview with Anthony FasanoMy Profile

  10. Felicia, I read your story. Very impressive. Suzanne

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