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Bird’s of a Feather, Flock Together…But… Your Target & Niche Markets Are Not The Same – Why You Need To Feed Them Differently

birds_in_nest

Is your marketing plan a hodgepodge organized mess of sending the same message to all clients and prospects in hopes that your communication may be applicable to a few people in your target market? Let’s get real this year –  place focus on your target and niche markets by identifying the differences and applying strategies to engage clients and prospects and increase client retention.

Embedded in my mind au courant are the many idioms my mom chanted in earlier years. “Bird’s of a feather, flock together”, was one of them. What I didn’t realize is this proverb has been in use since the 16th century. Fully aware of the connotation, “those with similar characteristics and interests will choose to spend time together”, we can now link the adage to successful marketing strategies.

Understand the contrast between target and niche markets:

  • A target market is the identified group of people your firm serves
  • A niche market is comprised of specialty services you offer to small groups within your target market

The Downfall of Generic Marketing

Most firms have a detailed marketing plan in place, but lack the implementation or a plan altogether for niche marketing. Your target market will not respond to generic marketing unless it specifically applies to them at a given moment. Much time, effort and cost is wasted on blindly marketing meaningless, non specific products and services. Therefore, the way you communicate with each group requires uniqueness.

Designing Your Niche Marketing Plan

A high percentage of firms have identified niche markets, but have not implemented a niche strategy; critical to success. A niche market needs to reach beyond targeting age and income. Effectively design your niche marketing plan by identifying a small segment of people who have specific needs and characteristics.  Create a clear and compelling message that speaks volumes to your niche.

Clients and prospects are seeking to find an advisor to meet their needs, challenges and problems. Create a mission statement specific to niche markets detailing the why and how you are relevant to them. If they don’t understand how you can meet their needs, there is no opportunity.

Benefits of Implementing a Niche Marketing Plan:

  • Create multiple streams of income
  • Reduce costs by utilizing meaningful and specialized marketing
  • Become identifiable
  • Increase referrals
  • Acquire expert status in a specific field

Gauge Your Judgment When Choosing Niche Markets, Questions To Ask Yourself:

  • How many people/businesses are in this niche market – will it nourish my firm?
  • Do I have easy access to this group of people or the ability to gain introductions?
  • Does this niche market need my services? Do I offer specific solutions to meet their needs?
  • Do I understand the needs of this niche?
  • Will I enjoy working with this group of people?

In Conclusion

Advisors can differentiate themselves by identifying niche markets and implementing solid strategies to market to them. Complete an autopsy of your target market; dissect the market into small pieces and create strategies to meet their needs. You will send a distinctive message to your audience and your competitors.

We are curious!  What niche markets has your firm identified and do you market to them differently?

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Does Your Niche Notice You?

Answering the question, “Does Your Niche Notice You?” may give you true insight to the effectiveness and impact of your marketing strategy.

Being all things to all people is impossible in personal lives and in your business life.   I suggest relying on the old 80/20 rule. The message of the 80/20 rule is that it reminds you to focus on the 20 percent that matters. 80% of your potential target market probably won’t buy from you.  Choosing a target or niche market is tough, but identifying the 20% who are most likely to become clients will give your firm a laser-like focus.  Without that focus, you expose yourself to presenting a message that is full of fluff to 80% of your market.

 Identifying Your Niche

Start identifying your niche with a narrow focus, but remain flexible to expand as new business is generated.  Define a high degree of specialization in order to differentiate your practice.   Avoid placing limitations on your firm and turning away business by defining your market too rigidly.

Choosing to specialize in a niche will allow you to:

  • Use your time more effectively
  • Provide better service to existing clients
  • Differentiate your firm

Navigating Your Niche

By placing focus on the niches you have identified, your ability to hone in on select groups and provide specialized service will open the door to more referrals. Existing clients and your strategic alliances will be more inclined to refer new clients in your direction.  Remind them of the ideal clients you are looking for.  Providing specific descriptions, such as “retirees between the ages of 55 and 70”, will make it easier for others to identify connections they have in a specific group.  When you simply ask for a referral without providing a descriptive landscape, it is hard for others to refer the ideal and compatible potential client. They may refer their next door neighbor who is in their mid 20’s, just starting a family…. It is your responsibility to steer your clients, alliances and COIs in the proper direction with a clear and concise description of the type of client you are looking for.

Get Your Niche To Notice You

Avoid aiming for an undecided percentage or portion of the already saturated broad market.  This will place your firm with every other financial advisor in your area and provide no means of differentiation.

By identifying a market position or niche, you will be on the path of instilling operational effectiveness, success and a clear vision for you and your firm. Your service and product offerings will be aligned with your niche, thus providing a solution to client’s unique needs.

When you identify and market to a niche, your firm is:

More likely to have an impact – strong positions in a target market provide your business with identity.

Able to stand apart from competitors – your firm is positioned to connect and engage in meaningful solutions to specific needs.

Positioned to grow organically – by providing laser-focus service, your clients will be marketing your firm for you.

There are a plethora of niches you can choose from.  Choose niches that you have a genuine passion for and reap the benefits of being viewed as an expert in your field. You need to work with clients you are comfortable with.

 “Please all and you please none.”   -Aesop, Greek Author

We are curious! Who are your niche markets? How is your firm benefiting from niche marketing? 

 Learn more about how Ironstone can impact the operational effectiveness of your firm!  Read more at www.ironstonehq.com

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  • Strategic Planning
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Coming up next, Operational Effectiveness & Your Client Database

 

 

• Email us at info@ironstonehq.com
• Call our office at 800-917-8020
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