Marketing Question: How do you target a specific audience in your marketing?
If you’ve been following me since 2004, you’ll notice that one of the things I say over and over again is that you must target a specific audience in your marketing. If not, you are just like every single financial advisor out there competing for the same clients. So, how do you target a specific audience in your marketing?
TIP: If you work with everyone and anyone you really work with no one!
My most successful financial advisor clients have learned 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
While it’s always better to get as targeted as possible, having some common target markets works well too. Just try to avoid casting too wide of a net. If this concept challenges you, read this blog post about Financial Advisor Target Markets.
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.
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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
You are very wise Glenis. Good work. Suzanne
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.
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.
Felicia, Looks like you have a great concept and target market! Suzanne
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
Felicia, I read your story. Very impressive. Suzanne