Will I Lose Clients By Focusing on a Market Niche?
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I can’t stand the despicable lack of branding in the financial advisor space. I’m always advocating for financial advisors to set themselves apart. But the overwhelming pushback I get is this, “Sara, if I specify a particular market niche, I’m worried I’ll lose interest from prospects who don’t fit that niche.”
Despite what you may think, your current clients will not dump you, and you won’t lose wealthy prospects by targeting a vertical – if you do it right.
They never loved you in the first place
I remember one time I was talking to a company about doing a comprehensive marketing program for them that would include blogging, brochures and a website redesign. Early on in the process, one of the influencers objected with what I considered a “weak stall.”
“Sara, I’d love to hire you, but I’m afraid I don’t want all those services you’re proposing at this time.”
Well, that wasn’t a real issue because, as I assured her, I would be happy to provide just brochure services. But she persisted. A few meetings later, it came out that the big boss who was making the decision wasn’t thrilled that I showed up to a meeting with digital – not paper– copies of my brochures. Also a weak objection.
The lead went cold and to this day I haven’t been able to get them to respond.
But the core issue was this: there wasn’t good chemistry. I failed to deliver my potency. If they were in love with me, they wouldn’t have cared about these minor issues. My intention to blog for them and my digital brochures didn’t blow the deal because there was never an opportunity in the first place.
The threat of losing clients outside your vertical shouldn’t prevent you from specifying one. If you are good enough to win clients in your vertical, you can win clients outside of the vertical, too. You may have to work harder and create a pitch that shocks and amazes. Anybody who does that, regardless of who their website says that they like to work with, will win the client.
Don’t underestimate what a powerful one-on-one interaction can do. That is where you close the deal and that is where people fall in or out of love with you.