Niche. It sounds great. Maybe it doesn't, maybe you're thinking, "I'm not going to limit myself to selling to one group." Or maybe you're having other thoughts happening here. Maybe you're thinking, "I don't have a niche." Or Chris, "I'm new to the business and can't narrow things down yet." Or maybe you're thinking, "I have more than one niche." Let's take a look at these because they're important thoughts. And let's just spend a couple of minutes with each.
First, let's handle the, "I don't want to limit myself concern," because it's a valid one. You're not going to, and we don't want you to. Let me make a very important distinction right here, and keep this locked solid as we go through this. We're talking about marketing right now, not selling. Now, marketing is about getting the right people to move closer to you. And marketing requires spending. You're writing checks, you're not cashing them. That means you want to be as impactful and as effective as you can be. That also means that if you're going to spend time, money, energy, relationship, attention, growing your business, you want to spend it carefully. If you take a thousand dollars and give a dollar to a thousand people, at the end of the day, a bunch of people say, "Someone gave me a dollar." But if you wanted to talk to five of those people and you spent $200 on each of them, do you think they'd be more or less likely to connect with you? More likely. Now we're not talking about buying clients. But when you're spending, you want to be spending on the perfect future clients for you and your business.
So niche matters, but here's the big distinction. This is marketing, not selling. When it comes to selling, we graciously accept all checks for appropriate work. You can sell to anyone, go do good work for them. Get paid. That's awesome. They do not have to be in your niche, but when you go looking for the next right client, look in the place where there's a unique findable group of people where you have a special affinity or understanding. Connect with people you really get and that you can build a good relationship with. When you market, market to a niche. When you sell, sell to whomever's appropriate.
Next concern, "I don't have a niche." No worries. You're in the right place. We're going to take you through a simple process to identify a potential niche and start to work with it. It's often not as tough as we think, and you can definitely make this happen. Keep going through your advisor growth journey and you'll have this nailed.
Next concern, "I'm new to the business. I don't have a niche." First, let me say congrats on being here and starting without a niche is normal. Now, if you don't have a big enough book of business to analyze for patterns that may point to a niche market, and we'll do that in this milestone, rest easy, your job instead will be to test. All marketing is testing. And that means that we have a good idea of what we think will resonate with potential clients, and then we test it. If it works, we do more. If it doesn't, we tune it. We'll show you how to create a simple test to search for a potential niche.
Finally, the idea that I have more than one niche. If you do, if you really do, that's outstanding and well done. And it's rare that people become so well known and connected in more than one space. It's definitely possible to have more than one niche, and it's not highly recommended. As I say that, remember back to marketing versus selling comments. This is marketing. This is spending. If you have two groups where you're well known and making good inroads and it's working, we're behind you on that. But it's rare. Actually, when we've looked at situations like this before, it typically turned out to be one niche. And the thing that joined them was a shared concern or issue that the advisor understood really, really well. The challenge with having two is that it's very hard to answer the question, "What do you do?" because how do you answer. It gets tougher to market, to craft messages on a website and print and so on. It's possible, but it's much, much tougher and frankly, a lot more expensive. If you feel you have to at the end of this process, reach out to us in the Facebook group and let's dig into it a little bit more.
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