What is Niche Marketing?

As your financial practice grows, you may be developing an expertise in a particular area of planning (pensions, wealth transfer, asset management, etc.) or an interest in specific products. At the same time your client base is growing and you are gaining referrals. Niche marketing is a natural next step in the evolution of your practice. Niche marketing is the technique of aligning your expertise or interest with a segment of the general market. An example is the disability income expert who can write highly specialized professionals with own-occ coverage. There are several important steps to take to determine if there is an opportunity for niche marketing. The first step is to identify a niche by answering the following: Who are your ideal/most productive clients? How did you get them? Where are there more of them? Once you have decided there is an opportunity, how do you find and qualify a niche? Do some serious homework. By that we mean, look for industries and companies in your area that are growing or are successful. You need to research your potential niche to determine if there are enough people in the niche for a viable market. Find three niches to start; one or another may turn out to be unproductive. As with any prospecting strategy, you need a plan for gaining entry to a niche. Start with your best clients and identify a niche they represent, such as business, industry, sports, hobby, trade associations, other affiliations. Then, meet with the client to gather …