Targeting Niche Markets Part I: The Importance
A market niche focuses your business services on the specific needs of a market segment. So, you can target consumers who are seeking skills and knowledge that you possess. Marketing your business doesn’t need to be expensive or time consuming, as long as you can identify and match up your best product with your best potential clients. As advisors, you want to start growing your firm beyond organic referrals, and start taking advantage of targeted marketing opportunities. Your end goal should turn into becoming the specialist for your audience and develop a reputation as the preferred provider for that market segment.
- Narrowing down your market widens your prospect opportunities.
Too often, Advisors try capturing an audience by casting the net too wide. If you think by being a generalist you can reach more people, MORE POTENTIAL CLIENTS, you aren’t focused on results. In a market where you are competing with thousands of advisors and cookie-cutter websites, you don’t want your business to suffer by being too generic. From the language of your blogs to the kinds of content you post and share, your message is going to do one of 2 things: fall flat on a general audience, or find its way to a potential client.
- Your market niche loyalty supports your firm.
If you find your services cover a range of needs, you want to find the one that applies to the larger audience subset. Direct that service to the chosen niche. Remember, “defining a niche” is not “excluding all others.” Creating a marketing strategy around a group of people who are already seeking your service allows you to reach the people who are ready to buy or be contacted. Through this strategy you will reach beyond a market segment and find those with a certain age, salary, industry, and social demographic that is in line with the services you prefer to provide.
- Start targeting your niche because they are already looking for you.
With the number of baby boomers retiring, someone right now is wondering how to create income in retirement. And, a small to medium-sized business owner is wondering how to provide benefits to their employees. Someone wants to invest hard earned money into stocks or learn how to budget wisely. Make it easy for them to find you by speaking directly to them, with a relatable marketing message. Your branding and services should support their interests and goals. There is a specific market and audience for everyone, including you. Funneling these interested people into a pipeline is the strategy that is going to change the way you do business. Ready to start taking the necessary steps in finding your niche? Stay tuned for Part II.
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