If there was a single piece of marketing advice we could give an advisor that would amp up the growth of their business, and it doesn't matter if you're just starting or you have a booming business, it would be focus on a niche. Now, your mind may have just said one of three things. "Heck yeah, I've done that" or "I've seen other advisors do that and that works." Or it might say, "I am too spread out, and if I only work with one niche, I'm toast." Or you may say something in the middle, like, "Well, tell me more."
Let me tell you more. First, what's a niche and why does it matter? A niche is a specific market group that has a shared demographic and psychographic characteristics. What that really means is that they share both visible and invisible characteristics. Visible ones might be things like a profession, the kind of car they drive, the kinds of organizations they belong to, things you can observe. Invisible characteristics are things like what are they thinking about? Worrying about? Dealing with? Aspiring toward? Things you can't directly observe.
A niche has shared needs and they tend to be found in similar places. Sometimes a niche is not obvious, but there's an invariable thread that sort of connects them. Once you find it, you're much more able to connect with them, and understand them, and serve them.
Now, here's a key element of a niche, however. It has to be findable. If you're not able to somehow pull together a list of names based on niche characteristics, it is not a niche. It's a hope. If your niche is business people that value your opinion, it doesn't count because it's not findable. We want you to have those clients and your clients should certainly value your opinion, but you can't go find a list of business people that value your opinion and start reaching out to them.
Now, here's the last thing that's important about a niche. It should be a group of people where you have some sort of affinity or connection with them beyond your ability to create rapport. There should be something about this group that you understand, or connect with, or have experience with, or that you just get that other people might not. If your niche market is cardiac surgeons in a specific city, then maybe your parents were surgeons, or you went to med school, or you had heart surgery and are all about doing everything you can for cardiac surgeons, because they did something for you. Regardless, there is a connection and an understanding beyond your ability to be a great person and do good work. There's a connection.
Now, what's the purpose of focusing on a niche? Simple. It lets you create results faster. When you are known in a group of people as the person to talk to, it becomes easier to get introductions, to demonstrate your expertise faster. You're able to show you care and show your understanding more directly. It simply grows faster. Ultimately, a niche is a specific, unique findable group of people where you have an affinity beyond rapport and create great results faster.
Listen to this lesson