About a month ago, I took to Twitter to publish my financial services manifesto for the world to see. Not only did it start some good conversations and spirited debates, but it also forced me to think about what I've written to provide financial advisors some much-needed context around my thoughts.
Most of my ideas focused on growth, practice management and marketing for a wealth practice. And the most tangible — and simple — thought that I wrote down was "focusing on a niche solves most growth/scale challenges."
I know that establishing a niche is not the most groundbreaking or controversial topic in our profession. But it may be one of the most overlooked tactics for advisors who are trying to grow.
Let's face it: As advisors, we are all swimming in a sea of sameness. So, what are you going to do to stand out while improving your quality of life?
The answer is, establish your niche. Still not convinced? Here are three reasons you should "niche down," as marketing-savvy advisors call this process.
1. You Can Focus Your Communications
There are more than 300,000 financial advisors in the U.S. Many of them are saying generic things not focused on a specific person. This does nothing to help them stand out, so it is not what you want to do.
What you want to do instead is to make it obvious for consumers that you are speaking directly to them, that you understand their problems, and that you are the right person to help them in their financial journey.
In other words, you want to be very specific about a problem that they face, and you want to show them that you can help.
The more focused your message is, the more you will become a center of influence in your niche, and the easier it will be to build an audience. You don't need to be all things to all people. And your 30-second elevator pitch will become a lot clearer.
2. You Can Be More Intentional With Your Marketing Budget
Suppose you had $20,000 to spend on marketing, but you could spend it only on a billboard in your town. Would it make sense for that billboard to address no one in particular, or would it be wiser to have it target the problems of a subset of specific people?
