If 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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.