If you think that having a niche market will be a drawback for your advisory business, think again! Having a well-defined niche demographic is key to your advisory business succeeding. Without a strong position in your advisory firm’s niche, it can be a huge challenge to be able to differentiate your agency from the thousands of others looking for the same attention. Because financial planning is very broad, having a clearly defined niche market is essential in order to establish your firm as an expert in your field.
However, we know that narrowing in and picking a niche audience can be scary and overwhelming – we completely understand. With that being said, focusing in on one area is the best thing you can do for your financial advisory firm. Clearly establishing your niche allows you to know exactly who to target when it comes to your marketing strategy and campaigns. In addition, clearly determining your niche will help your clients build brand loyalty.
Follow These 4 Key Tips To Narrow In and Dominate Your Own Niche:
Tip #1: Keep it simple When Broadcasting your Focus to prospects
When you’re defining your niche, it’s best to keep it short and to the point. All you need is a paragraph or less that clearly illustrates what you do and how you serve your niche. Don’t overwhelm your site visitors with an extensive list of all the various capabilities and values that your firm holds. Instead, it’s best to communicate your niche in a straightforward way that assures that everyone knows what your firm does best.
You don’t want people to have to search extensively in order to figure out who you specialize in serving. In the example below, Twenty Over Ten client, Dorsey Wealth Management focuses on financial planning for women. From the moment you land on their homepage, it’s clear who their niche is.
If you’re looking for a way to broadcast your firm’s niche, consider incorporating a quick video on your homepage to show your site visitors how you best serve your niche. In the example below, Angela Dorsey, founder of Dorsey Wealth Management, utilizes a video to explain how her firm best serves their niche. Using a video is a great way to catch the attention of your site visitors and keep them engaged on your site longer. In fact, the average user spends 88% more time on a website with video.
Tip #2: Pick a lane and stay in it
Once you have narrowed in on your niche, it’s vital that you stick with it. It’s critical that you clearly establish on your website who you do (and don’t) serve. Be explicit and direct about your expertise and your target demographic. Make sure it’s straightforward who you serve from the moment site visitors land on your homepage so a user doesn’t have to scroll to find out.
In the example below, Dave Grant of Finance For Teachers makes it very clear from his website and organization name that he aims to work with teachers. Furthermore, he’s “written the book” on financial tips for teachers, which he provides on the homepage of his website for any teachers who are interested. By showing his expertise in financial advising for teachers, Grant has established a well-defined niche and has clearly illustrated his skillfulness in the area.
Additionally, keep in mind that clients hire financial advising agencies based on their expertise in one specific area. If your core focus changes, currents clients will doubt that your firm will continue to have knowledge in the areas that matter to them. By sticking with your original niche, you are showing current and prospective clients that you are loyal to what you said you specialized in.
Tip #3: Understand your niche
Once your niche is clearly defined, figuring out where your target audience spends their time both online and in real life will help you decipher where you should be spending your time in order to reach them.
Understanding who your niche is and what they need is key to differentiating your firm’s services to show them that you have the expertise to help them. Determining the best way to reach and speak to your tailored audience helps you create greater value in your firm and develop more leads.
In the example below, Twenty Over Ten client, Highball Advisors, who specializes in helping professionals in the railroad industry plan for retirement, uses social media to share a recent blog post to appeal to their niche audience. Making sure that you understand how to reach your tailored audience is essential so that you can communicate how you are there to serve them and their specific needs.
Tip #4: Test, Test, Test
How are you supposed to know if the niche demographic you have decided on is the right one for your advisory firm? This is where your analytics come into play. Your analytics will help you determine who is actually visiting your website, which will in return help you conclude if your niche demographic that you have decided on is really the right fit for your individual business.
Google Analytics lets you see age and gender information for your website visitors. This information is extremely valuable when it comes to your niche demographic. For example, if you have decided on a niche demographic of females in their 20s to 30s but your site visitors are men in their 40s to 50s then it may be a good idea to pick a different niche audience.
Let’s Sum It Up
It can be challenging to narrow in on a specific niche market. However, the rewards are well worth it. If you’re looking to establish yourself as a credible financial advisor, honing in on your niche market is the first step to doing so. We hope these four key tips can help you in establishing a strong business presence and developing your niche market to boost your leads.