Client Attraction Action

Nitty-Gritty Of A Financial Advisor’s Niche

August 3rd, 2007

Coming up with a strong niche and power positioning when marketing a financial advisory practice takes reflection and deliberation, perhaps even a whiff of inspiration.

This is true whether you are starting a brand new practice or want to breakthrough to the next level with your current practice.

We just received a question from a reader (We’ll call her Jennifer) that went like this:

“I’ve been told that it is important to create a niche marketing message…that is a challenge for me as I work broadly in many areas.”

As a financial advisor, for instance, you may offer retirement planning for individuals and also for businesses, college planning, wealth management, insurance planning, and other services.

“So, now as I launch out to begin to market my own services, I’m challenged by deciding on a niche. What is your experience with regards to that? Thanks for your response!”

How to come up with a niche marketing message for your practice that takes in your full range of services?

First, Jennifer is smart in giving top priority in marketing to uncovering a niche. It is a can’t-do-without pillar in a financial advisor’s marketing plan . . . especially today, when we are assailed by the ever-rising marketing din.

Here’s An Example Of Niche Power:

A while ago, Bob and I attended a Chamber of Commerce networking breakfast. You know the type of meeting where everyone gets 1 minute to introduce themselves over a continental breakfast. People stand up (unprepared) and stumble through their bland and fuzzy introductions.

Finally, Bob - near the back of the room - spoke. His was a true Strategic Positioning statement: “We help independent professionals who are lost in a crowd of look-alike businesses stand out from the pack.”

When the breakfast was over, a line formed in front of Bob with people asking him to contact them or setting up appointments then and there. As I waited for Bob, a clueless financial advisor buttonholed me and shoved his business card into my hand. The difference couldn’t be clearer between magnetic attraction and an unwelcome sales assault.

Two Steps To Your Niche Marketing Message

So which comes first: Your niche or your niche message?

First, develop your niche.

Second, your marketing message evolves from what you know and discover about your unique positioning.

In other words, clearly grasp how you stand out and then let your target market know why and how you are in a class by yourself.

3 Key Questions to Answer

(These are not mutually exclusive.) All 3 are essential, but never, ever skimp on #3.

* 1) Where is your passion?

Think about what you do and what you really love.

What motivates you! What is it that leads you on? Is there one aspect of your work that really energizes you?

* 2) What are your strengths? This is NOT a take-it-or-leave it question.

Business coach Rich Schefren differentiates his practice with strengths. He describes strengths this way: inborn talents + experiences + education + skills. He revealed, “In every business I’ve been in, I’ve changed the rules of the game to favor my strengths so I would gain a competitive advantage.”

Rich Schefren suggests setting up a special page on your website where friends, family members, colleagues, or clients can anonymously list your strengths. In the meantime write down your own list of strengths.

Here’s what I did recently. I wrote an email to friends and clients that went like this:

I’ve been on two paths recently: puzzling over how to get a client past his barriers and developing a new website for my work with financial advisors.

One approach that is coming up strongly in my endeavors is to play to my personal strengths. You can help by answering this question:

What do you see as my top five talents, personality traits and capabilities — these can include how I do things, what I’m good at, what you can count on me for, and anything that impresses you about who I am?

They responded with enlightening emails. Try it. You’ll love the positive insights. It sure beats getting trapped by weaknesses.

* 3) Which target audiences make you the happiest? Which ones give you the greatest satisfaction or enjoyment? (There can be more than one.)

Picture your target audiences as specific individuals. Perhaps, you like to work with pre-retirees in their fifties. Or, maybe, it’s high-income, upwardly mobile professionals in their forties. Or, possibly, it’s small business owners self-employed for 5 years or more.

We’ve developed a process that we call “Ideal Client Discovery,” and this is where we start when we work with a client. The second part of this process is to find out what is rock-bottom important to your Ideal Clients.

You are able, then, to fill in the details of who they are.

When you understand what really matters to them, add your passion and strengths to the mix. That’s how you’ll uncover your niche and home in on the right marketing message (your unique positioning statement).

With power positioning and a strong “niche marketing message” your one-of-a-kind difference will radiate.

Entry Filed under: Financial Lead Generation, Direct Marketing, Financial Advisor Marketing Plan