Build and Market a Niche in the Financial Services Industry

Creating a successful niche for your practice can be financially rewarding and surprisingly simple by implementing a few successful strategies. Simply defining your market through traditional demographics is not enough to get the most out of your marketing efforts. Taking the few extra steps necessary to develop your ideal niche will pay off through lower-cost, more targeted marketing and increased profitability.

More focused marketing

Obviously, the more narrow the focus, the less marketing spend. Money spent on a wider market is less likely to directly result in new clients and is more useful for branding and name recognition. However, unless you are a huge organization name recognition and branding outside your focused niche is never going to effective – don’t waste your dollars By focusing your marketing efforts on the smaller niche and brainstorming ways to utilize your expertise, preferences, skills, hobbies and personal experiences, you will better serve those who are a match for the services you are offering.

There are a few particular issues that need to be addressed once you have refined your niche and are ready to market to that particular group. First you need to ask if you are offering services that your clients are seeking. In other words, is the demand in place in the smaller market niche to warrant the expense of your advertising dollars? Second, you would be surprised at how many micro-niches can be gold mines of opportunities.  Once you have identified and targeted your niche, determine how to implement business development strategies that make economic sense.

Clearly define your goals

Develop a plan on how to market your firm in at least 10 different venues. Utilizing free or inexpensive publications in the niche, setting up a niche-centric blog, becoming recognized as an expert, and compiling e-mail lists are a few examples that can be excellent tools. Once a list has been made on how you are going to reach your ideal clients, then you need to develop a way to track how those advertising efforts are paying off.

Being a part of the market place

Once you have decided on your specializations and mapped out a strategy, the next thing to do is get out there and announce your specialization to the world.  I have previously covered strategies to brand your practice around your niche, but some of the macro-level strategies should include raising your status as an expert, thought leadership, and consistent, niche-focused personal networking.

Track your progress

There are several ways to track your marketing spend. By establishing a policy of asking new clients how they heard about your firm, whether on the phone or through a website, you can find out directly if an advertising strategy is producing results. Compiling all information related to marketing in a database will help you keep track over time if you need to adjust your marketing methods or expand your niche to include a different group. Remember to give your marketing strategies time to work. The old adage that it takes multiple exposures before a potential client turns into a lead is true.

In closing, the most important tool you have in your marketing efforts is your knowledge and familiarity with the niche you are offering. Matching a client with your firm works best when you have a common ground to stand on and a partnership that can lead to growth for both parties.

About David Wolfskehl

David is an entrepreneur, author, speaker, and coach for professional service providers and business owners.  He frequently speaks and writes on the business development strategies involved in identifying and pursuing niches.  He recently authored his most recent book, Narrow Focus Big Resultswhich is available on Amazon.

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