One conversation I have every single day with financial advisors is about embracing a niche through their marketing. The riches are in the niches, I tell them. For marketing to be successful, it needs to be focused. But it’s a hard sell.
Of course, the most successful advisors I work with have fully embraced one or two laser-focused specialties. Still, most advisors are hesitant to embrace a niche for fear of alienating people who don’t belong to that group. Here’s how to embrace a niche without turning away anyone.
Why Embracing a Niche Is Critically Important
First, it’s important to understand why embracing a specialty works. Everyone wants to work with a specialist these days and the realm of financial planning is no different. When it comes to something as important as your financial future, wouldn’t you want to work with an advisor who has experience handling your specific situation?
Embracing a niche through your marketing gives the following benefits:
- Helps people feel more confident working with you
- Makes it easy for people to refer business to you
- Helps people remember who you are and who you serve
- Makes your marketing content much more specific and valuable
- Makes it easier to find and make contact with your target market
But what if you love working with Christians, but you don’t want to offend non-Christians? Or what if you typically work with business owners, but also enjoy working with families? Don’t worry, it’s possible to do both.
How to Embrace a Niche Without Alienating Anyone
To embrace a specialty without alienating people outside of that group, you’ll want to actually embrace two or three niches on your website. First, start with your specific niche that represents the clients you serve best, such as:
- Business Owners Preparing to Sell Their Firm to a Family Member
- Divorcees Who Want Their Settlement to Last a Lifetime
- Qualcomm Executives Recently Laid Off
Then create a second, broader niche that includes everyone else you work with, like:
- Families Pursuing Financial Freedom
- Professionals Planning for Retirement
- Hardworking People Concerned About Their Financial Future
Or my personal favorite: nice people who need help with their financial plans. Who doesn’t consider themselves part of that group?
By embracing a specific niche as well as a broader counter-niche, you get the best of both worlds. Your network will understand what you do best and can easily refer people who need your help. You will avoid confusing current clients or alienating potential prospects.
Real-Life Examples of Successful Dual Niches
Top advisors often embrace three or more niches, some even micro-specific. One advisor I work with serves physicians, but not just any physicians, only those that own their own practice and also need tax planning help.
Here are some real-life examples of dual niches that perform well for advisors:
- Serving Business Owners Seeking True Wealth and Families Pursuing Financial Freedom
- Working With Medical and Pharmaceutical Reps As Well As Pre-Retirees
- Serving Female CEOs, LGBT Families, and Successful Business OwnersIf your marketing feels stagnant, it may be that you’re trying to be everything to everyone. For marketing to cut through the noise today (and there’s a lot of noise when it comes to financial planning content) it needs to be specific and targeted.
To get started choosing your ideal niche(s), make a list of your 10 favorite clients and identify what they have in common. Consider whether you could embrace a specialty serving people just like them or groups who are also facing the same financial planning concerns.
Need Help?
If you need help narrowing your niche, check out our FREE webinar Your Riches Are in Niches.
If you’d like a partner to take marketing off your plate for good, schedule a free strategy session with one of our marketing experts today and see how Indigo Marketing Agency can take your marketing to the next level.