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How To Make The Most Of Your Niche Markets To Gain Market Share

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How To Make The Most Of Your Niche Markets To Gain Market Share

Who is your niche market?  Many financial advisors will answer this question easily: “retirees and pre-retirees.” … BUT … is that the only niche market you should have?  Definitely not!  You will want to compile a list of several niche markets for your firm.  They may include clients and prospects within any of these groups or criteria: retirees, pre-retirees, demographics, total net worth, income, centers’ of influence, small business owners, and more.  Start deciding who your ideal client is and build on that.  What are the market needs of your ideal client?

Niche marketing falls out of the normal realm of mainstream business, and involves focusing on one specific product or one specific type of need, which is what allows niche marketing businesses to boom.  When you are marketing within a niche, you are generally aiming to target a very limited selection of people out there – So why should you do it anyway?

  • Less Competition – you are targeting a group of clients & prospects that few others have met
  • Specific And Appropriate – Your product or service will be suited to your audience and since they know what they want, it will be of value.  If faced with too much unrelated information they will leave.
  • Providing Solutions – Even though your reach in the market is shorter, it is tailored to the people who will uncover you in their attempts to find answers.  Their searches will involve longer and more exact key phrases because they are serious and clear about what they want.  Remember, you can’t just want their business.
  • Automated – A wider reach means attracting the masses with an “all-purpose” value proposition that needs to be refined for each customer that bites.  A niche market allows you to define and refine in advance, making product creation easy and tracking of results, simple.
  • Gain Market Share Within Your Niche – Prospects in your target market will read and re-read your content if you have a clear definition of their wants, needs, desires, and problems.  This will help them develop a relationship with you and essentially, you will be pinpointing your customers as opposed to acquiring mere visitors.  This means your business is growing!

By building your list and identifying the market needs of each, you can decide the best approach to marketing in each niche.  For example, if you have identified pre-retirees as one of your niche markets, you might advertise to them through company bulletins.  By reaching your target market specifically, your marketing budget will go further allowing you to advertise/market with greater frequency.  Taking on a new niche can be a low-risk way of growing your business.

Let us know about your niche markets, your best practices, and how your firm uniquely markets to each.

Contact us for help in building your niche markets and learning how to effectively test each market.  Ironstone has the following resources available for you, “How to Make The Most Of Your Niche Markets.”  You can download your copy here!  2.9.12NicheMarketing

Follow us as we explore each of Ironstone’s Fundamental 4™!

  • Strategic Planning
  • Business Development
  • Operational Effectiveness
  • The Human Element

You won’t want to miss our next in the series:  Operational Effectiveness – Reports & Tracking Systems

Author: Andrea Schlapia

Over 20 years of experience in the financial industry and thousands of business professionals • Founder and CEO of Ironstone, • Certified Myers-Briggs Master Practitioner, performance culture and sales communication strategist • Certified Executive Coach through Coach U • Dynamic and entertaining keynote speaker at national conferences, breakout sessions and “lunch and learn” events • Motivating and real-world tactics delivered through value-added programs for Wirehouse, Independent and Banking channels • Accolades for the highest program evaluations and continuous return-speaking requests. • Dedicated to inspiring people to achieve bottom-line results for sustainable change: Andrea works with entrepreneurs and business professionals from various fields, striving to find and fill the gaps of each practice entrusted to Ironstone's care. Email Andrea with your practice management questions:

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