As a wealth manager, you know one of the most important avenues to success is to make sure you know your clients and understand their needs. Your role is to act as an advisor in managing their wealth, investments, and planning for the future. To be successful, wealth managers must develop a relationship with these clients and understand their needs and goals as clearly as they do.
The same could be true for marketing to new clients. If you want to run a successful marketing campaign to attract new clients, you want to anticipate the needs of those clients.
Niche marketing allows wealth managers to focus their marketing strategies to specific needs and features of the clients or future clients.
Read on to learn more about 5 niche marketing strategies you can use to attract new business.
Understanding Niche Marketing
When you create a market campaign, you consider the audience you hope to reach through the marketing. What’s the best avenue to reach them? What strategies can you use that will engage them so you can retain them as a client?
As a wealth manager, you are looking for clients who have some wealth already or maybe have the potential to gain wealth that they want to take care of going forward.
In niche marketing, you go one step further. You consider the unique needs and desires of a smaller group within the larger group you are already marketing to.
A niche is a subset of the larger group that has unique needs. Once you understand these unique needs you can tweak your marketing strategies to attract the people of this specific niche.
When you use niche marketing, you are better at addressing the specific needs of this unique group better than those of possible competitors.
Because you establish with this audience your willingness to specifically address their unique needs and wishes, you can create real loyalty from this customer base.
For you, as a wealth manager, there are some real benefits to attract a certain niche through your marketing plan. In addition to loyalty from the customer, you also can show your expertise and edge out the competition by specifically meeting the needs of this group.
1. Understand Your Niche
One of the first things about niche marketing that is key to its success is to understand your niche.
Have you ever been watching television and seen an ad that you know you were not the target audience for?
Maybe it’s Sunday afternoon and the ads keep trying to sell a certain high priced set of golf clubs. You might not be a golfer or one who is willing to pay that price for clubs. Those ads were created for a different demographic than you.
When you understand your niche your focus on the demographics that make the niche unique. These demographics might include:
- Age group
- Marital status
- Education level
These demographics help you to understand the audience you hope to target with your marketing. You can get to know the characteristics and needs of this niche you hope to reach.
Once you have a clear handle on the demographics of your niche audience, you can tailor and tweak your marketing so it gets to that audience making the marketing even more effective.
2. Use Social Media
A whopping 79% of Americans have a social media profile. That provides a huge audience base with which to begin your niche marketing.
One of the big benefits of using social media for marketing purposes is the opportunity to engage with them through the platforms they visit. 48% of users are more likely to buy or become involved with a brand when that brand is responsive to them on social media.
One of the first things to do is decide what social media your niche is likely to use on a regular basis. If your niche is older in age and wealth, they are more likely to be on Facebook than YouTube or Instagram. Conversely, if you seek a younger demographic with money hoping to gain some new money clients, you are likely to find them on Instagram or Twitter.
All social media platforms have extensive data demographics you can use as you market. Most of the platforms even allow you to customize your marketing with them so your niche audience sees the material you are putting out there for them.
3. Connect Through a Blog
There are a whole host of reasons it makes sense to offer a blog as part of your business platform. As users do searches for financial advisors and wealth managers online, your blog will help with search engine optimization.
Using keywords and internal and external linking helps search engines like Google recognize your site. Yet, the reason to blog goes far beyond the stats you can from it.
Creating blog content allows you to again connect with a niche audience. You can create content on your blog that will work to educate and connect to the followers in that specific niche.
As you gain followers who regularly read your blog, you also become a trusted brand and expert in the eyes of those readers. It makes it much easier to convert this group to clients when they already recognize you as an expert in the field and are already invested in what you are sharing.
Not all financial advisors feel confident or comfortable as writers. But you know your field and when you can share your knowledge authentically through a blog, it can be a powerful marketing tool.
4. Look for the Niche in Your Community
Once you have defined your niche, you need to figure out how to reach that niche. A natural place to do this is through your community. Think about how you can connect your marketing to that niche of people in your own community.
These are the same people who are likely to want to use your services once they connect with you.
Let’s consider a specific example. Maybe as part of your wealth management services, you want to reach the niche market of people who need financial planning services so they can save enough money to send their children to college.
Where can you connect with these parents? Consider your local school district. Become involved with organizations within the school so you can meet and connect with those same parents who are trying to figure out how to save enough money for college.
Once you have their information, you can connect your marketing to them and bring in a whole niche of clients who would benefit from your financial planning services.
5. Act as an Expert
In a similar way that you would connect on social media, your blog, or in the community, you want to market to your niche audience and show them you are an expert in your field.
Once you understand the demographics of your target niche, you should also understand the unique needs of this group. Then you can tailor your marketing to target and address the needs of this group.
You make sure you present yourself as an expert who can best help them with their unique wealth management needs.
Benefits of Niche Marketing
As you consider your marketing plan to continually attract new clients, you want to remember the long list of benefits to using niche marketing.
- As you market, you might find it is easier to market your niche audience and make a real connection with them
- You establish yourself as an expert with this subset of your client base
- Social media platforms are made for niche audiences as they attract different demographics of users
- When you attract a niche market to your business, they also share via word of mouth with others in the same niche
- Niche marketing can give you a wealth of data on who you have reached and how you did it
- Because niche marketing is so focused and specific to a certain demographic, it makes the marketing more successful, saves money, time, and effort
You are no longer wasting marketing strategies on potential clients that you aren’t reaching because your marketing is too generalized.
Niche marketing allows you to build your brand and promote it successfully since you are likely to have less competition if others market to a broad audience.
Wealth Managers Taking Advantage of Niche Marketing Strategies
Wealth managers need to do regular marketing to build a network of clients. It makes even more sense to use niche marketing to attract a specific demographic to their client base.
Not only is it easier to attract a niche market, but you also become the expert for this group of clients too.
Consider signing up to learn more from the industry leader Stephen Oliver about you how you can market your services and grow your client base. Contact us today to get more information about his classes and books so you can grow your own wealth management business.