13 Business & Finance Experts Reveal
Why Finding Your Niche Leads to More Success
What are you doing to separate yourself from the competition? Several experts in the finance and business world believe that niching is one of the best strategies you can use to stand out and increase your profitability.
Now here’s a quote, one of my favorite business quotes, which I bet you’ve often heard or seen online. It’s MORE OFTEN miswritten or misquoted, so to set the quote right by my colleague, Bob Burg, here it is:
“All things being equal, people will do business with, and refer business to, those people they know, like and trust.”
Bob Burg, entrepreneur and speaker, Burg.com
Read what more experts have to say about niching below.
“As more and more people earn their CFP certification and become financial planners, the mere fact that one is a financial planner is no longer the differentiator that it once was. In turn, financial planners find themselves increasingly compelled to focus into a niche where it’s easier to stand out and win clients…being a generalist may bring a lot of prospects but few clients, while settling into a niche may narrow the field of prospects but results in an incredibly high likelihood that clients (in the niche) will say yes and choose to do business.”
Michael Kitces, Partner of Pinnacle Advisory Group, Nerd’s Eye View Blog Publisher http://www.kitces.com/blog/
“A financial planner who presents his financial plan in a paper report is just similar to every other financial planner. It’s common. A financial planner who presents his financial plan in an engaging video is special and unique.”
Ronald Sier, Financial Planner, Netherlands www.SeeBeyondNumbers.com
“Niche marketing is one of the most profitable ways to prospect and network. When approached correctly, working a specific niche market brings with it several inherent benefits, including superb positioning (as an expert), and easier access to those with whom you wish to speak.”
From Endless Referrals by Bob Burg, entrepreneur and speaker, Burg.com
“By building your brand, you’ll end up with zero competitors. Your firm will become singularly qualified to handle the complex financial needs of your target clientele. The key is to realize that you can’t be all things to all people, but you can be all things to a small group of carefully chosen people who value your advice, service and relationship. And it doesn’t take a large number of clients to be financially successful in this business.”
From Tested in the Trenches, by Ron Carson and Steve Sandusky, of Carson Wealth Management Group and Peak Advisor Alliance http://astore.amazon.com/eyb02-20
“If you want to begin finding your perfect niche as an adviser perhaps the first step is to think about the volunteer and community work that you have done – or thought about doing – over the years. The work that you have done for nothing – just to help other people or make the world a better place – will be the best guide for helping you zero in on what it is you truly love doing. It is relatively straightforward after that to work out what you are great at…and working out what others will value and pay for.”
Tony Vidler, Adviser to the Advice Industry, New Zealand www.StrictlyBiz.co.nz
“Discovering your niche takes time and will be refined with time. Probably the very best place is to start with yourself. What are your passions? Your hobbies or pastimes? Betcha you’re NOT the only one who likes ‘_____’. Will narrowing your base of prospective future clients by working with a select group hurt? On the contrary, how cool would it be if you’re known as the ‘Go-To’ financial advisor for a particular group of people.”
Marty Morua, Technology Advisor for RIAs http://t.co/bozuhl6ius
“…Simply defined (your target market) is the specific set of customers whose needs you are trying to meet. This is the audience, out of all who might hear your message, for whom you design your marketing program. Instead of trying to sell your product or service to everyone in a market—everyone in your town, for example, or everyone who might see your television commercial—you should aim your message toward those who have the greatest potential need or desire for your product or service.”
Ivan R. Misner, Ph.D. & Robert Davis, From Business by Referral www.IvanMisner.com
“Focus on what you know. Understand the unique concerns and world of your niche. I’ve seen former airplane pilots or senior executives from the nonprofit world develop businesses by focusing on those niches. It’s all of a matter of knowing yourself and being cognizant of which groups of people with whom you’re likely to forge strong bonds.”
Mark Elzweig, President, Financial Advisor Executive Recruiting Firm http://elzweig.com/
“CEG Worldwide Research shows that a full 70 percent of top financial advisors—those earning at least $1 million annually—focus on a particular niche. In stark contrast, just 35.1 percent of financial advisors earning less than $150,000 a year have a niche focus.”
Jonathan Powell, Managing Director, CEG Worldwide research, http://www.cegworldwide.com/resources
“As an advisor, you have a choice: have high visibility in select target markets or low visibility in many markets. You can have a business where prospects flock to you OR you can continually chase prospects. You can be perceived as an expert OR be seen as just another investment guy or gal. You can have a business where marketing gets easier and more profitable every year OR you can continue to ’slug it out’ every year in the typical high cost, slow growth way.”
Mike Brizz, the CPAI, who created the Referral Mastery® System, http://www.referralmastery.com/
“There’s also a financial advantage to having a specific target client. When we look at other professions for best practices, there’s a strong correlation between pay and client profile. In legal firms, accounting firms, and doctors’ practices, specialists make more money than generalists do. Yet in financial services, advisors staunchly resist specializing. That’s often because they approach their work with a fear of scarcity.”
Matt Matrisian, The Power of Practice Management, www.AssetMark.com
“Create your firm’s niche on purpose. The alternative–taking any client who breathes–sabotages your productivity–and profits.”
Maria Marsala, Elevating Your Business, www.ElevatingYourBusiness.com
Complied by Maria Marsala, www.CoachMaria.com Thank you to each of the financial advisors and business owners, who granted me permission to use their quotes.
Maria Marsala guides independent financial advisors to reach their 5-year business and personal goals in 24 months. She is a business coach, speaker, and a former Wall Street Trader. Named one of the Top 30 International Coaching Gurus in 2011, Maria has been recognized as a thought leader whose ideas have been published in Financial Planning Magazine, RIA Biz, Advisor Max, Dow Jones, The Street, Entrepreneur Magazine, and numerous books, trade journals, and magazines. She has authored four business-building workbooks including Attracting Clients You Love Working With: 6 Steps to a Profitable Client Base. Did you find this article thought-provoking? Get more delivered directly to your inbox every two weeks by signing up here
More niching resources…
✔ Download Niching Assessment http://www.countonsuccess.com/financialadvisorniche
✔ Watch “Hitting Your Niche” Video http://www.countonsuccess.com/financialadvisorniche
✔ Read more articles about niching http://www.MarketingWithIntegrity.com
Get New Posts FREE
Sign up now and get two free business growth assessments worth $249. We'll deliver them to your inbox. Also receive strategic business tips.
Your privacy is important to us. We will never share your information.