The Year-One Niche Marketing Plan for Advisors
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It can take three years before a niche focus takes off for your financial advisory business. This article covers seven marketing steps for year one to ensure you lay a solid foundation for success.
In his article, “Building a Niche Advisory Business: It Takes 3 Years for People to Know, Like, and Trust,” Michael Kitces presented the idea that it “takes about three years for the exponential growth of a niche to really start to take off.” That has been my experience when working with financial advisors as well.
Why does it take so long to build a niche advisory business? Kitces says that it takes “time to be known, liked, and trusted in the first place, especially as a financial advisor in our low-trust industry of financial services.” But once you gain this trust and become the go-to person in a niche, the business takes off, and marketing becomes much easier.
How fast you will grow depends on your engagement within a niche. Kitces stated that advisors who already have some connection to or presence with a niche can grow faster, while firms brand new to a niche will grow slower.
To master a niche, how should you spend your marketing efforts over those three years? In this article, we’ll look at what to do in year one.
The first year of building a niche business should be spent creating a marketing foundation. In his article, Kitces said this is the year you should focus on becoming known and do business with anyone in your niche you can.
What does marketing in that first year look like? It means solidifying your message, establishing your expertise, and talking to everyone you can in your niche. Specifically, here are the steps you should take in your first year: