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Category: Brand · 5 min read

Find Your Niche

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on October 1, 2019

author profile photo

on October 1, 2019

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You may have a problem. If you’re marketing to every single person in your area, you might be setting yourself up for failure.  

You’re casting your net too wide. By trying to reach everybody, you end up engaging fewer people. 

The remedy? Find a niche. A niche market can provide more value to your clients and help ensure your long-term growth and success. Data from CB Insights reveals that the number one reason that startups fail (42%) is because their business doesn’t fill a market need.1 

But here’s the good news: 70% of the top financial professionals that earn more than $1 million annually focus on a specific niche.2  

So, what specific customer does your business serve?  

If you have a difficult time answering that, then it may be time to find a niche. Maybe you want to focus on a specific product or service (securities, investments, Social Security, etc.), maybe you want to only talk to people that are close to retirement, or maybe you want to focus on a certain type of person (widows, divorcees, married couples, professionals, millennials, LGBT couples, athletes, etc.).  

Whatever your niche may be, there are five key benefits to specializing in one area. Let’s go through each of them.   

But here’s the good news: 70% of the top financial professionals that earn more than $1 million annually focus on a specific niche.2

1. Helps You Stand Out 

What makes you different from the financial professional down the street? What do you do differently? Without a niche, you’re essentially the same. You offer the same services and target the same people.

Choosing a niche group of people or service to focus on changes that. Now, you’re solely focused on a distinct piece of the pie, instead of the whole thing. At first, this may seem counterintuitive. But think about it: there are hundreds of thousands of financial professionals in the country. When you distinguish yourself by having a niche, you’re reducing your competition drastically. This separates you from everyone else, and makes it easier for potential clients with a specific need to find you. Stand out, don’t sit out.  

 

2. Helps You Truly Know Your Client 

By focusing on a specific niche, you can spend more time nailing down exactly what your clientele are like. As you meet with prospects and clients that want help with a specific need, you’ll begin to get an accurate gauge of their wants, concerns, and fears. When you’re only looking for one type of client, you get to know that client very well. Eventually, you’ll be able to anticipate their concerns and provide a solution right away.  

 

3. Helps You Help Others Better 

Without a niche, you’re generally good at a lot of things, yet odds are you haven’t truly mastered them. With a niche, you have the opportunity to master a certain area and become an extremely knowledgeable specialist. This allows you to elevate your level of service and help your clients better than before.  

You may have entered the financial industry for a few reasons: to make a good living, use your financial skills, or help others live better lives. Having a niche helps you help people that you truly care about. It helps you focus on your ideal client.  

 

4. Helps You Focus on What Matters 

Speaking of focus and ideal clients, niches help cut out the white noise. It eliminates a lot of bad leads and prospects, so you’re not wasting your time. Instead, you only have to talk with the prospects that pertain to your specific niche.  

This also allows you to tailor your marketing efforts to your specific group. Write and design your marketing with a message that speaks to your audience. Ensure your ads and emails will only be seen by your ideal clients by selecting a specific target audience and email list. Not only does it make your marketing easier, but it makes it more effective, too. Now you’re advertising to them a service that is designed solely for them. 

 

5. Helps You Become the Go-To 

With your specific niche in place that sets you apart and marketing that specifically speaks to your audience, you can become the go-to for your ideal clients. You become the only financial professional they can turn to when it comes to their situation. As more and more people come to you, word-of-mouth and awareness grows, which leads to more growth and more business.  

 

One Caveat: Don’t Go Too Far 

But there’s one thing to keep in mind as you think about your niche: don’t get too narrow. For example, say you only want to talk to women that are near retirement that are single and are physicians. That’s crossed the line into being too niche. The goal is to pick an area that is unique, but also growing and full of potential in your corner of the world.

A good example of this is if your practice was located in Rochester, Minnesota, home of Mayo Clinic. Obviously, there are a lot of doctors and physicians there. So, a smart move may be to make your niche specific to them, because you’re in a location that is attracting a lot of high-quality physicians. Think about your niche like this, and you’ll be on the right track.

The goal is to pick an area that is unique, but also growing and full of potential in your corner of the world.

Once you go niche, you probably won’t go back, but you can go up. There’s always room to expand your niche and open it up to other groups of people that you also want to target.  

So, explore a niche. Choose one that would make sense for your area and your skills, and see what good things can happen.  

 

Sources: 

1. CB Insights. “The Top 20 Reasons Startups Fail.” Feb. 2, 2018. https://www.cbinsights.com/research/startup-failure-reasons-top/ 

2. Kiesnoski, Kenneth. “Gay pilots? Muslim quarterbacks? There’s a financial advisor focusing on every niche customer.” CNBC. May 14, 2019. https://www.cnbc.com/2019/05/14/knack-for-niches-financial-advisors-are-keen-on-specialization.html 

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Written By

Brian Aukes

President, Brokers Financial

Brian Aukes is the President of Brokers Financial. With 22 years of experience in the financial services industry, Brian is focused on growing advisors’ business and driving exceptional customer service. Prior to join the Brokers family, he oversaw various operations for ING Financial Partners, and previously served as an advisor for 12 years.

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