In a world full of financial advisors all fishing for assets in the same pond, how do you differentiate your bait from all the other options in the water? Unless you are part of the lucky few who are in remote areas and are the only advisors for miles, you should be thinking about how to differentiate yourself from the competition. This is where having a niche marketing strategy for your outbound marketing efforts can provide you with the opportunity to succeed in these crowded ponds.
Speak their language:
Don’t subscribe to Rosetta Stone just yet. If you had not planned on learning a new language as one of your new year’s resolutions, that’s quite alright. What I am suggesting is that you target a niche market that you feel most comfortable speaking to. This has to be a market where you feel comfortable using their jargon as well as keeping up to date on things that are important to them. This way you can connect with them on a relationship level that goes beyond just being their financial advisor. By doing this, you can paint for your prospects a very compelling picture that outlines why they need a financial advisor and why it should be you specifically.
What is my niche?
One easy way to figure out your niche market is to focus on the things you are passionate about, or have a deep interest in. Some examples of niche markets could be members of a certain social activity, like; golf, tennis, religious communities, political organizations, or small business owners. When clients are not sure who to pick or how to differentiate amongst a sea of financial advisors, knowing you belong to a similar group of people as them can make a huge difference. It is all very primal and plays off of our sub-conscious tribe mentality. Because you are interested in the same things as me, I know you and see you as a member of my tribe. Therefore, I trust you.
If there is something that you are particularly passionate about, try to focus on it. Become an active member within that tribe. Make sure that they understand what services you have to offer so that when an opportunity for financial services comes up, you are the first person that comes to mind.
The Key takeaway is this.
It is possible to market yourself to a niche market without having to exclude all other opportunities for business. Marketing yourself to a specific niche just means that you are taking claim of one specific spot within the pool of potential clients that are out there. You can still do business with anyone that comes through your door, if it is a right fit, but nobody can realistically market themselves to every single person. However, if you make yourself the go-to person for one specific group, you may find that you have suddenly become one of the most competent anglers in a pond full of advisors.
Need a copy of this post for your compliance office? Click here to download the PDF.Subscribe to the Dunham Blog