How to Narrow Your Niche
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Contrary to popular belief, “women” and “pre-retirees” are not niches. Here are tips for narrowing a niche that is too broadly defined.
“How narrow does my niche need to be?” is a question I frequently hear when assisting financial advisors in selecting a niche. The answer? A niche should be specific enough that other financial advisors don’t widely cater to it.
While many advisors focusing on a niche begin with a broad idea of the clients they wish to serve, they often have room to narrow it. Narrowing your niche makes it easier to stand out, develop more tailored services, increase client satisfaction, and improve marketing results.
Defining a niche: Beyond broad categories
A genuine niche targets a group with shared characteristics and a specific problem the advisor can address. By choosing a broad category, you risk trying to solve multiple issues that may not align with your expertise. The goal is to concentrate on serving only the most ideal clients.