One of the cornerstones of an effective marketing program for financial advisors is narrowly-focused niche marketing. The more specific, the better.
Because when you focus your marketing message to a narrow audience, you’re far more successful at a) being heard by people, and b) having those people feel like you and your practice are the right match for them.
As an advisor, you can focus your marketing toward prospects based on various ways they might self-identify. For example, their occupation, or the company or institution they work for, the role they play in their family, life transitions they might be dealing with (like divorce or the death of a spouse), and so on.
But even when advisors recognize the benefits of marketing to a specific target audience, they get stuck on how to pick one. The best advice we can offer on this front is to select something that you’ll enjoy doing for the long term, and can support a sustainable practice. After all, you don’t want to go down the path of marketing to a group only to realize that you’re attracting prospects to your business who you don’t like or who don’t have money to invest or pay you.
A great place to start looking for a niche is within your existing client base. Do you have certain clients you really like to work with? Do they have anything in common with each other? Which clients might be representative of niches where people might self identify a certain way? Which clients fall within a target market where they know and can refer other people who are just like them?
Of course, if your current client base doesn’t offer opportunities to pick a niche, or you’re just starting out in your practice, you might consider what niches are out there in the world to chose from. One great way to search through options is to jump online and let search engines like Google help you out. In this video, we demonstrate a simple way to get all the niche marketing ideas you could possibly handle.