It’s been said that there are five different types of niches that insurance and financial advisors can go after:
Tips for Choosing a Niche
There are literally thousands of different niches for you to choose from. But you don’t want to choose just any target for your financial advisor marketing plan.
You want to select a niche that’s specific to your vision AND lucrative.
You want to carve out a 7-figure niche.
And while it certainly requires some effort, it’s not as impossible as it may initially seem.
Here are a few of our favorite tips:
- Study Your ‘Top 20’
Sometimes you’re already in a niche and you just don’t realize it.
Open up a new spreadsheet and create a list of your top 20 clients.
Now go through and jot down notes about their industry, age, location, lifestyle, where they came from, etc.
The goal is to uncover a couple of threads of commonality.
In doing so, it’s possible that you’ll stumble upon a specific recipe that each (or most) of your top clients have in common.
Boom! That’s your niche.
- Take Inventory of Your Interests
Another method is to take a few minutes and conduct deep introspection.
What are YOU interested in?
What do YOU daydream about?
What hobbies are YOU active in?
Don’t make this more complicated than it has to be. The first things that come to mind will probably be the most authentic.
When you choose a niche based on your interests, it’ll feel like less work. You’ll naturally rub shoulders with prospects at every turn, plus you’ll already know how to speak their language (because it’s YOUR language).
- Account for Past Experience
Some of the most successful niches I’ve seen are ones that leverage past experience.
If you had a past career before becoming an insurance or financial advisor, it could be a good niche.
Examples include serving in the military, playing college/professional sports, working in a specific government position, flying planes, etc.
- Do Some LinkedIn Digging
One of my favorite “ninja hacks” for finding possible niches is to mine LinkedIn Groups.
All you have to do is plug in a keyword, like “dentists” and you’ll get hundreds of results for groups that relate to your search. (In this case, there are no less than 996 groups about dentists.)
Use this as social proof that a niche exists. Then you can get even more focused by choosing which types of “sub” groups offer the most potential.
Developing a USP That Resonates With Your Niche
Discovering a niche with 7-figure potential is the first step to clarifying your financial advisor marketing strategy on LinkedIn.
The second step is targeting that niche with a USP that’s so powerful prospects have no choice but to engage with you.
At Advisorist, we teach all of our 7-figure clients to use a simple USP formula to resonate with their audience. It looks like this:
“I help [TARGET AUDIENCE] to [INSERT DESIRE THEY HAVE] without the [INSERT PAIN THEY WANT TO AVOID].”
The best way to land on your USP is to think about:
- What you do well
- What your competitors do well
- What the consumer wants.
The “sweet spot” lies in the overlap of what you do well and what your consumer wants, but exists outside of what the competition does well.
In other words, you want to meet an unmet need using expertise/branding that you possess and your competitors do not.
Financial advisor David Ortiz is one of THE best examples I can think of.
Not only does he have a laser-focused niche, but he has an incredible USP to boot.
His USP is “I help employees of larger companies maximize their 401k plan options so they can look forward to security and financial freedom in retirement. Plus a few vegan recipes along the way!”
If you’re someone who is in his niche, there’s almost no confusion – you know it right away.
As an advisor, you need to get THIS ^^ specific with your niche and USP, otherwise you’re treading water.
Unearth More Golden Nuggets [FREE]
Whether you’re a seasoned advisor who senses a major shift in the industry and a need to adapt, or you’re a bright-eyed “young gun” who is looking for some direction on how to build a successful practice, I consider it my mission to help you grow.
At Advisorist, our aim is to help 10,000 insurance and financial advisors double their businesses and take 100 days off per year.
One of the ways we do this is by offering FREE weekly masterclasses where we dissect proven insurance and financial advisor marketing strategies we’ve used to help advisors generate millions of dollars in fees and commission over the past few years.
(That includes concepts like the ones you read in today’s.)