Reaching prospective clients can be relatively simple, as long as you pinpoint what you’re offering. Know your value and others will come to appreciate it. In previous blog posts, we talked about developing biographies that are both personal and professional. The same principle holds true for identifying your niche market as an advisor: when clients purchase services, they are putting their trust in your expertise. They invest in you well before you invest their assets.
Know your niche by asking yourself these two key questions:
- Why would I be a client of my firm?
- What is the kernel of expertise that sets me apart from other advisors?
When you can answer these questions, you are on the path to amplifying your uniqueness.
Find your niche
Think of your niche like your calling card.
Here’s an example: say someone in your family is a medical professional. You’ve watched them navigate student loans, debt management and the precarious climb from residency to full-time employment in the industry. You’ve taken their late-night calls when they’ve just about had enough. You’ve felt their stress.
There’s your niche. As a financial advisor, you can market yourself as an expert in helping medical professionals build financial confidence. You understand them not only on a professional level, but more importantly, you can level with them emotionally.
Speak their lingo; earn their business.
If you can’t easily identify your niche market, ask yourself these questions:
- What kind of clients do I feel most comfortable working with?
- Which subset of my clients consistently sees the best results?
- How do I best attract new types of clients?
We can never be all things to all people, so why even try? If you’re a veteran advisor, don’t worry yourself with trying to stay hip and modern to catch the millennial crowd. You’ve been in the game awhile, use that hard-earned knowledge to your advantage. While you may also attract larger segments of the younger crowd, first start by playing to your strengths.
Market to your niche
What do most people love to read, write and talk about? Themselves! To further your marketing mission, consider writing your own white paper or newsletter to address your target audience. Athletes subscribe to Sports Illustrated and gourmands to Bon Appetit, so why not create your own literature for your niche audience?
If you can give them tailor made marketing materials in your initial meet and greet, they will view you as an expert in the field.
Reap the rewards
Here’s another question to consider: where does your target audience congregate? If they’re golfers, sailors, or independent women, find the publications, online communities and other areas where they come together. Access those communities and become a resource on which they depend.
Overwhelmed? Don’t be. You’re not actually creating a niche. You’re simply tapping into one that already exists. The challenge is to work diligently enough to become the most trusted resource in the area. We want your name to become synonymous with the product. It’s a key ingredient to any referral. News and information travel swiftly in the modern digital community, so once you strike the match, the fire will grow.
Play to your strengths and identify your niche market. Then, reap the rewards.
When it comes to establishing yourself in a niche market, first impressions are key. A modern and engaging website to which you can direct prospective clients (and current clients who can direct referrals) will help you build confidence and stay competitive.