Niche Marketing Strategies for Financial Advisors
Do you want to grow your firm beyond organic referrals but find traditional marketing techniques frustrating? If so, you're not alone! Given that the average individual in the U.S. is exposed to numerous marketing messages every day, it's harder than ever to find marketing activities that lead to specific, measurable results. What can you do to help your firm stand out among the clutter?
Here, I've compiled a few niche marketing strategies for financial advisors. They are designed to help you define and reach your target audience, so that you can become the specialist for that audience and develop a reputation as the preferred provider for that group.
According to CEG Worldwide, 70 percent of top financial advisors (i.e., those earning at least $1 million annually) focus on a niche. These advisors are specialists with expertise in solving particular problems for a very select group of people with similar needs. Here's what I want you to take away from this data: Specialization makes your firm more attractive than those offering general services to a broader audience.
To begin developing a specialized marketing plan, you first need to determine your target market (e.g., female business owners, dentists, or divorcees) and create an extensive profile of this audience. This process will help guide your strategic planning and marketing efforts, plus uncover critical hot buttons and marketing opportunities.
As you create a profile of your target market, it might be helpful to think about this group in the following ways:
- Top financial concerns
- Questions about financial future
- Reasons for switching advisors
- Risk tolerance
- Specialized planning needs
- Personal passions
- Favorite publications and websites
- Hobbies and interests
- Accountants, attorneys, and centers of influence
- Events attended