COACH’S CORNER
The Powerful Simplicity of Niches
By Michelle R. Donovan
As a business development coach for financial advisors, I never have a week without a conversation about how advisors can make themselves stand out from their competition. It’s on everyone’s mind, and rightly so. The need to stand out is one reason why developing a niche market is becoming more popular. Not to mention that doing so simplifies things as well. From my experience, when it comes to getting new business, if you keep things simple, you’ll increase your referability.
Lessons from My Experience
Years ago, my colleague and I decided our firm, Productivity Uncorked, would pursue the niche of independent financial advisors. Allow me to share what I’ve learned along the way to help you make an informed decision for yourself and give you a path to move forward if you choose to pursue a niche.
Before our decision, we served small business owners looking to grow their businesses. One day, we might be coaching a chiropractor or a life coach, and the next day, an attorney and a financial advisor. The diversity of clientele made it interesting. However, it didn’t make our business simple. It took time to learn the nuances of each type of business to provide the best coaching experience. Our marketing tactics and message felt bland and ordinary because they needed to be broad enough to attract diverse business owners. Our networking and speaking efforts took us everywhere and anywhere. Our website was very generic and lacked a unique selling position, which made it challenging to stand out from other coaches and consultants.
We began to notice that some prospects preferred a coach who specialized in their field because they felt more understood. To convince them that we had what it took to make them successful was often impossible. So we took a step back to view our business from 30,000 feet. We quickly realized that we were attracting more financial advisors than other kinds of clients. As we looked deeper, we noticed a true affinity with financial advisors.
Once we pursued this niche, everything became easier (and more profitable!). We revamped our website to focus on financial advisors, so the verbiage speaks directly to advisors, the images reflect this audience, and there is no question about who we serve. Our networking is now highly focused as we became members of the Financial Planning Association and pursued speaking opportunities in front of advisors. Other targeted marketing efforts include writing consistently for publications with an advisor audience. Our centers of influence include others who directly serve financial advisors, such as wholesalers, team managers, and other consultants like website designers, health experts, and content creators. Developing relationships with other professionals who are in front of your niche all day, every day, helps to ensure reciprocity of ideal referrals. We even published a book specifically for female financial advisors called, A Woman’s Way: Empowering Female Financial Advisors to Authentically Lead and Flourish in a Man’s World.
At Productivity Uncorked, the niche focus has paid off tenfold. Our practice is more profitable now than it ever has been in the past.
Now that I’ve shared my personal experience of how having a niche can positively affect your practice, here are nine things you can start doing now to start serving a niche.
1. Identify Your Niche.
We chose our niche because we were attracting financial advisors without much effort. Beyond that, we realized we have a true affinity with this audience and how they serve clients. Some of our clients have chosen a niche based on a connection with a personal life experience, passions or hobbies, or even industries they were part of in an earlier career. You might start by asking yourself, “Who do I do my best work for?” or “What group of people allows me to be me?”
2. Identify People You Already Know in Your Niche.
Once you have a niche, list the people you know who are directly in your niche, as well as people connected to the niche. For example, a client who chose to pursue equestrians created a list of all the people she knew who owned horses and then all those who owned stables, owned tack shops, taught riding lessons, etc.
3. Become a Student of the Niche.
Read everything you can about your niche. Interview people you know in the niche. Learn more about the issues they face, the trends in front of them, their fears, their needs, and where they find support. They can direct you to publications and other reading material. I recommend that you subscribe to some publications as well. Your research should reveal some unique needs of your niche that you can incorporate into your services.
4. Create a List of Influencers in the Niche.
Influencers are the people whom others listen to and follow. You may find these influencers on social media, serving on boards, creating or supporting regulations, sponsoring events, or even holding political office. Make a list of these people because, at some point, it may be important to meet them and leverage their influence.
5. Join Groups that Support Your Niche.
If you truly want to immerse yourself in the niche, become a member of its groups whenever possible. Get involved. Serve on a committee. Attend events and take attendees out to lunch — there’s nothing better than in-person acquaintances. If you can’t join a group for some reason, ask those you know who are members to take you as their guest when appropriate.
6. Tailor Your Products and Services to Your Niche.
Using the knowledge and insight you have gained, look at your practice objectively and scrutinize it. What needs to change? What can be done differently to better serve your niche? What services are you not offering that your niche needs? What collaborations can you form to attract your niche?
7. Create Content that Resonates with Your Niche.
Content comes in many forms today. The obvious one is your website. Update it to use the words and phrases spoken by people in your niche. Focus on making sure your niche feels as if you truly understand them. Write articles relevant to your niche, and get them published in the publications they read. Create videos, podcasts, and social media content that speaks to their concerns, fears, issues, and trends. Allow your niche to get to know you, your values, and processes through your content. Once they get to know you, they will begin to trust you.
8. Ask to Speak.
The content that you create can very easily be converted into speeches. The groups that you join or visit may welcome a fresh perspective on a topic that would be meaningful to their members. It’s often easier than you think for clients to make the introduction that can lead to speaking engagements and for influencers to provide you with a platform to share your message. All you have to do is identify the opportunities, develop the right relationships, and ask for their assistance to make it happen.
9. Seek Support and Guidance.
Making the switch to serve a niche can be scary, and it doesn’t happen overnight. The process will take time, patience, devotion, and courage. The business advantages speak for themselves.
Most advisors I speak to think that having a niche is a great idea but either don’t know where to begin or can’t get themselves focused enough to get started. That’s an indication that you need help and support. Find a coach with experience who’s helped other advisors through this process successfully. Talk to other advisors who have done it. Attend a seminar or course or read a book on the topic. Whatever you decide, take action. You know the old saying: “Nothing changes if nothing changes.”
Michelle R. Donovan is a referral/business coach for financial advisors and firms looking to develop a niche and significantly improve their referrals. She is the bestselling author of The 29% Solution. You can reach Michelle at Michelle@ProductivityUncorked.com.
image credit: istock.com/Martin Barraud