I’ve worked with dozens of financial professionals on how to find a niche market in order to reach their ideal prospect.
Today, I’ve boiled it down into 5 crucial steps to figure how to market to a certain individual, so if you want to know how to find a niche market as a financial advisor, stay tuned.
I want to provide you with a high-level view of my 5 step content creation guide which gives you how to create content that will be specific to your niche.
1. What is a niche? A niche is a specific group of people with similar characteristics, or in your case a similar problem that you can uniquely solve for them. If you are marketing yourself as a financial advisor to retiring physicians looking to sell their medical practice you will be more attractive to that type of person vs. a “financial advisor”. So when we talk about a niche, keep in mind that it can also be persona-based, like “retirees that live in Boca Raton”. I’ll just say the more narrow and specific you get the better.
2. Why are niches important and how can they help your business? Niches can help in 2 main ways: (1) you have a greater focus on what is crucial to your business to grow and move forward. You don’t want to have your focus split too many ways and it will be if you don’t have a narrow focus AND (2) it helps the people you are uniquely designed to help find you easier. A lot of advisors confuse this with turning away business. I will just say that it has never been my experience that you miss out on a great prospect because you are too focused. The reality is that prospect is probably not best for you.
3. What is a tried and true framework for marketing to a niche market?
Step 1 – Find out what your Niche/Target has in Common with Everyone.
First, understand why are these NEEDS/DESIRES common among all humans? We all crave relationship, safety, and significance. Check out this book!
Step 2- Find out what your Niche/Target has that is Unique.
Then “build the avatar” To do this you’ll have to research them or “cyberstalk” them as I like to call it. What can you learn from their social profiles? You want to have a clear picture of the avatar you want to attract with your message.
Step 3 -Pick a topic/subject/problem they are facing for your angle.
Next, the angle at which you approach your avatar is even more important because the messages all differ. You want your message to resonate with your target.
Step 4 -Brainstorm a list of 10-20 mistakes with corresponding desires/results.
These look like “if/then” statements that are related to Step 1 needs/wants framework, not just random thoughts. Here’s an example:
Avatar Mary at age 35 with no kids…
Let’s say her mistake is being a successful woman she often finds herself playing “catch-up” with her male counterparts. Internally she feels a need for social approval and significance, thus she often displays overconfidence bias and has become too aggressive with her investment strategy.*
In light of this, her desire is to: Develop an investment strategy that is specific to her own personal financial goals that give her confidence and certainty.
Step 5 – Create content with a bold promise for the 1 thing they want and tell them what life would be with it using.
Try different mediums that may appeal to your avatar like visual, audio and written using stories, win-shares, questions, polls, etc.
Thanks for listening, reading and watching.
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