Avoid Mediocrity by Defining Your Client Niche
Many people in financial services like to think they can serve anyone and everyone. Perhaps this approach worked when they first started out in the industry. Yet, this type of thinking can actually be detrimental as professionals look to grow their business.
Can you define your client niche? Without a clear definition of who you serve, you become a generic commodity; another financial services professional in an endless murky sea of sameness. Why should someone do business with you if you cannot define your client specialization and your strengths?
Moreover, how can you effectively find and identify prospects if everyone is a potential client? How can your marketing, including your social selling efforts, target and address the needs of everyone?
The first step in combating this vague approach is to answer the following questions about your current preferred clients:
- Who are you favorite customers?
- Why do you like working with them?
- What are the key characteristics? For business clients, consider industry type, revenue, and number of employees. For individual clients, think about demographics, values, risk tolerance, and financial goals.
- What are their leading needs and concerns?
- Length of business relationship?
- Do they (or could they) provide referrals?
Are you starting to see some patterns? They may not all be the same type of client, and that’s fine, but most likely you’ll notice several key groupings.
With your current clients more clearly defined, think about your ideal prospects. Do they fall into any of the current groupings? If they are outside these segments, try to identify some commonalities to create a newly defined target group.
Now, you should have three or four client groups to address with your marketing strategy. Remember, in today’s permission-based outbound marketing climate, your clients drive that strategy and your social selling efforts.
Lastly, keep in mind you may need to tailor your marketing for each client group. The changes may be significant, or they may be small depending upon the diversity of your segments. For instance, when I send an email invitation to a ShoeFitts Digital Institute broadcast, I create several versions to address the interests and needs of my different clients and prospects.
Identifying and targeting your client niche is a crucial step in growing your business. In my Social Selling for Financial Advisors eCourse I delve further into your niche development by showing you how to define your why and better define your brand. Selling in today’s noisy digital sphere requires a well planned and executed strategy. Make sure yours starts by clearly defining your customers.