Bill Cates, The Referral Coach, is one of my mentors and a true expert in our industry. His recent book Radical Relevance is a fantastic read I recommend to all advisors. He and I are huge proponents of embracing niches for financial advisors to help their marketing cut through the noise. You can watch our webinar together on the subject here.
Be sure to check out Bill’s brand-new webinar video below, Your Riches Are In Niches. The video runs about one hour in length and has a rich question-and-answer session at the end. It covers the key strategy I often teach of narrowing your focus to expand your results! Here are some of my favorite of Bill’s key points about getting rich in niches for financial advisors.
What are you trying to accomplish when you talk about what you do?
When you speak, it should not be to impress people with your credentials or credibility. Your prospects want to be the hero in their story, not you. How can you make the client the hero? Start by talking about them, and you can be the guide! Show that you have an understanding and appreciation of what they’re going through. Use their language, not the financial advisor jargon you may speak natively. Speak in terms they understand and recognize.
Attract the right people and repel the wrong people.
If someone isn’t right for your business, you’re not right for them. Don’t take on the wrong clients! When you target a market, you can:
- Understand their world better
- Bring better solutions
- Become more referrable
- Expand your geographic reach
- Create a reputation as the go-to expert
What is the best call to action for your marketing?
What are you asking prospects to do through your marketing messages? Is it:
- Register for a webinar?
- Ask a question?
- Get a quote?
- Schedule a call?
Create action through clarity. Give people one crystal-clear way to move forward with you. What is the single next step they should take with you now?
Why do people make decisions?
Neuroscience research has shown that if people cannot feel emotions, they cannot make decisions. So your job is to create an emotional response to help support them in making decisions.
What would veteran advisors do differently if they were starting their career over?
The most common answer is “Choose a target market instead of trying to do everything for everyone.” For advisors who do go “all in” with a niche, the most common regret is that they didn’t do it five years earlier.
To learn more about the importance of embracing niches for financial advisors, watch the video below!