Hi, Dan Sheehan from Social Merlin, back again for another Marketing Minute. As a financial advisor, you’ll discover if you haven’t already that by focusing on a specific group of prospects, you can carve out a niche or target market that can be very rewarding. That brings us to today’s topic, discussing how to focus on your very own Niche or Target Market or better yet your avatar.
Have you been feeling overwhelmed by prospecting lately, not even knowing where to start? Do you feel your attempts have been haphazard, unfocused and even counter-productive? Are you tired of attracting prospects that deliver low revenue and you don’t enjoy interacting with them?
You cannot be all things to all people, and you will discover that by specializing in a niche market, you’ll be able to hone and direct your efforts in a far more productive manner. Not only does your target market illuminate the kind of people you want to work with, but also what specific financial problems they have and you enjoy solving.
To adjust your focus onto a niche market, there are a couple of questions you can ask yourself to pinpoint who your ideal client would be. Create in your mind an avatar of the person you would love to work with and use that picture as a filter for your prospective client base.
- What financial problems do they typically share?
- What financial problems do you enjoy solving for people?
- Who do you enjoy helping? (Think of age, gender, education, income, values, hobbies & interests to shape your ideal client, your ideal avatar).
- Ideally, where should they live and work? (Consider all your perfect demographics).
Now think of the clients you’ve enjoyed working with the most. Make a list of the attributes that made working with them pleasurable and incorporate those into your avatar or your ideal client. You can also speak to your prospects, as I’m sure you do, and ask them a set of pre-defined questions, such as:
- what are their needs?
- what their ideal financial advisor should pay attention to, etc.?
You may be surprised by the valuable insights you gain.
By getting answers to these questions, you’ll be able to shed light on your ideal niche. The thought of working with this group of individuals will also motivate you more than just targeting anyone.
There are many benefits to working within your niche market, but here are the most important:
- People will start seeking you out. By knowing that you solve their specific financial problems and have a great reputation with their friends and peers will result in them calling you for appointments. Your focus on one target market and solving its problems will result in attraction marketing at its best and then getting perfect clients will be almost effortless.
- It improves your value offering to your clients. You will become a specialist in the solutions that they need and develop a competitive advantage over other advisors. You become the go-to-guy or gal.
- Everything you do now will have more clarity and enable you to better focus. Your social media marketing efforts, events, branding, and overall sales strategy can now be directed at your ideal avatar.
Just imagine doing what you love and working with the people you enjoy working with. Defining your niche market makes this possible. It turns the mundane into pleasure and prospecting for new clients become a search for new friends who trust you with their financial futures.
If you’d like to get more information, click the link below. Thanks, and see you next time.