3 Niche-building strategies for insurance advisors
In our last post we looked at how to identify the ideal niche for your practice. Once you’ve settled on that perfect mix of client-type, industry, location and service, you’re ready to start tuning your practice to take advantage of the benefits that come from specializing in a specific market.
Here are three strategies top financial advisors use to supercharge their brand in their chosen niche.
Strategy One: Narrow your marketing focus
When you focus on marketing to your niche your approach will narrow. Instead of casting a wide net you focus your message specifically on your target industry, client type and product or service offering. You can refine your marketing message and offerings to target the unique needs of clients in your niche. For instance rather than sending a blanket email to all your ‘A’ and ‘B’ clients announcing a new DI product you can use your CRM to sort your entire client base by your ideal client criteria and send a targeted and personalized email only to those who would benefit most from a DI solution. Your deep understanding of the needs of those in your niche will enable you to craft a more compelling message that will have a much higher hit rate.
You’ll also be able to better target your other key marketing strategies. If you hold concept lunches or other events where current clients to make introductions on your behalf, you can customize the event, speaker and venue to your niche. And, before the event, you can share your ideal client profile with your clients so they know exactly the type of person you are looking to meet. This focus will enable you to gain higher quality introductions and quickly expand your client base in the niche.
All of your marketing—from your website and social media, to networking and speaking engagements—will benefit from the power of targeted messaging.
Strategy Two: Develop your expertise in your market
The more you work with clients in your niche the better you will understand their goals and aspirations. You’ll get an even better awareness of what they aspire to. You’ll gain a deeper understanding of the risks they face and the issues that keep them awake at night. Your ability to empathise and speak to them about those pain points will build even greater trust—and the high-value advice you deliver will further set you apart from your competitors.
As you work to build your expertise, focus on gaining experience and knowledge in the specific areas most important to eliminating client pain points.
- Take advantage of vendor/partner resources like training events, seminars, presentations to develop your expert level knowledge of your products.
- Attend conference seminars, training courses, specific to your niche—for instance professional association events or education seminars targeted at your clients.
- Join groups and associations related to your niche. Become a presence in those places where your market goes to learn and share their challenges.
Strategy Three: Build your brand within your niche.
Creating a name for yourself within your niche means taking advantage of every opportunity to demonstrate your burgeoning expertise. Look for events that cater to your market that you can volunteer to speak at. Create a short (20 slides) PowerPoint presentation on a topic that would ‘hook’ prospects you want to work with.
Promote yourself by finding ways to add value and offer advice to the people in your niche. Consider starting a blog and posting regularly on topics that prospects and clients need help with. Look for industry or regional publications that you might be able to write similar pieces for. And make use of social media. Find the groups, channels and websites where people in your niche gather (places like LinkedIn, Facebook, Twitter.) Offer advice, post comments, ask questions—start conversations and demonstrate your knowledge and willingness to help.
And, when it comes to networking, think outside the box. Look for organizations you can join that are important to people and businesses in your niche. Seek to become an advocate for your clients within those organizations.
For instance if your niche was building contractors you could join your local community planning council. Play a part in the decisions that help your clients, get to know the people they deal with and the issues they face. You’ll become a source of information. It will enable you to make introductions to influencers in your clients’ industry. And your inside knowledge of their challenges will help you create great solutions.
Narrow focus delivers more high-quality prospects
Building a significant presence in your niche is not an event it’s a process. When you target your marketing, develop your expertise and build your brand within your niche you’ll find that your narrow focus pays-off in a more robust stream of high-quality prospects ready to work with you.