Niche Marketing Your Ticket to Success
The term niche marketing gets thrown around a lot and probably for good reasons. Many Advisors have had tremendous success with this approach and it is still considered one of the most effective marketing tactics to building a successful Wealth Advisory practice. But to gain traction with niche marketing, you must do your homework, get a clear understanding of the Niche you’re after and really zoom in on their pains and how you can solve the common issues facing your particular niche.
Here are the 8 important steps to understanding your niche before launching your full assault campaign:
1. What is your Niche and who are the Investors within that Niche. So its pivotal to recognise and be able to quantify the potential opportunity set in the niche you want to target. This is a critical step, for example if you are targeting oil and gas executives, you have to understand the cycles that affect the sector and liquidity constraints that affect the executives in the space. There is definitely a right time and wrong time to be targeting cyclically prone sectors. Can you identify the investors in the group and is it an easy task to get their attention, how do you go about initiating a dialogue with them individually.
2. Do you have any relations within this group? It’s a huge advantage to get a head start in your marketing by having some advocates that will be there to cheer you on. Existing clients or close relationships who are influential in your niche can be a key factor in successful niche marketing.
3. Have you done targeted marketing in the past, what activities proved most effective, and can you replicate that in the niche you are targeting. Every group responds differently to various forms of marketing, for example, certain sectors have very credible online publications that folks rely on to get current insights into their competition and trends in their sectors. An Advisor who contributes to these publications can gain substantial credibility among readers and subsequently becomes a known brand and the go to Advisor in this area.
4. What portion of your current relationship have influence in the Niche you’re attracted to? One of the best ways to identify a good niche is to look at your existing clients, are there any relationships or common sectors that you tend to get many clients from, if so it may be worthwhile to focus more resources to this area. Chances are you already have a feel for the issues facing this group and have already established good and effective solutions to address them.
5. How can you build a profile and gain a credible presence among your niche prospects and how fast can you get there. Researching the common events, publications or activities that brings your niche together regularly in a good start. These may be an online platforms, conferences, sporting events or public forums that the folks in your niche responds to. Next, you’ll need to figure a way to become visible in that setting.
6. Is there scale in this niche, is it worth your investment of resources to target this area. Let’s face it marketing can be expensive and time consuming, so you really need to decipher where the opportunity set is large enough for you to grow and whether it’s feasible. Be realistic and understand the payback period and work required to get your marketing up and running.
7. Are your values and the practice you run aligned with the requirements of investors in this niche. This is sometimes overlooked, so you’ve identified a huge niche and are stoked about the opportunity because it could be your ticket. But is it really a good fit for you, will this be a profitable campaign, are you going to enjoy working with this group, and most importantly can you fulfill their real requirements.
8. Know what is the primary requirements of the group is before committing your resources. So what is the problem that this group has in common and how can you as an expert solve their problem. Being an expert of a niche is tremendous, you’re automatically looked upon as the first person to solve their problem, because other Advisors simply will not have the insights into this specific group in the same way you would.
Bonus: The last thing is to appreciate the risk of marketing to a niche. There is no room for errors, because words travels fast. Be a hero to them and word will get out just as fast!