Filed Under:Annuities, Sales Strategies

How (and why) to target a niche market

Targeting an industry niche is an effective yet underutilized marketing strategy in the financial services industry.  It’s hard to create a reputation for yourself with a shotgun marketing approach. On the other hand, when you target a very specific industry niche, it is fairly easy to elevate yourself to celebrity status.

Let’s start out with a definition. To me, targeting an industry niche means positioning yourself as an expert in a target industry as it relates to financial services, and leveraging that expertise and reputation with appropriate marketing techniques so that people in the target industry will think of you first, and refer you first. I’ve seen financial professionals have great success in the medical, legal, printing, entertainment, sports, restaurant, and franchise industries, to name just a few.

3. Cold calling within an industry niche is usually a much warmer proposition.  Once your reputation is established, there’s a good chance your prospect may have heard of you. If they don’t know you, it’s still easier to warm up the call because you know their challenges, you speak their language, you are an expert in their industry and you truly have more value to bring to them then a generalist.

C. Richard Weylman, CSP, professional speaker and author of “Opening Closed Doors: Keys to Reaching Hard-to-Reach People,” puts it this way, “Remember the truism ‘Birds of a feather flock together.’ People associate and communicate with other people like themselves. For instance, people in the same type of business or profession join together in an association. To gain access to the marketplace, we should then divide it based on what our prospects do for a living, for recreation or where they have special interests. The advantage is that by segmenting your marketing into niches in this way, you can reach out to prospects that associate and communicate with each other. This means you can find and associate with them. They, in turn, can find and associate and communicate with you. Without these two factors, your marketing and prospecting efforts will continue to be frustrating and expensive.”

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Nichole Morford

Nichole Morford
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