Niching. YUCK! I’ll miss out on clients, right? I’ll have to give up some of my current clients! I’ll get bored. I won’t be challenged. Advisors have plenty of reasons why they won’t niche. Their fears often beat out the important reasons TO niche!
Here are 10 reasons you want to choose and market to a target market:
1. According to CEG Worldwide research, 70 percent of top financial advisors—those earning at least $1 million annually—focus on a particular niche.
2. It’s much less expensive to create marketing materials geared to a particular subset of the population.
3. Generate more awareness for your brand, which brings prospects to you.
4. Word of mouth more easily builds your reputation in your specialization because you’re making a segment of the population special. (WII-FM–What’s In It For Me)
5. You will become known as the obvious choice and go-to expert for that niche area.
6. When people hear about who you help and what it is you do, the person listening gains an idea of who they could refer to you.
7. With clients who have similar investment and planning requirements, you’ll be able to streamline your operations, deliver customized services to them, and provide a higher level of customer service.
8. Save time by developing services and products specifically for one audience while building a more scalable business model.
9. Work with people you genuinely enjoy being around.
10. Business will be simpler!
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