Many professionals have a niche or specialty that allows them to deliver targeted results for specific clients. Financial advisors are no exception. The Think Advisor article, “The Best Ways to Find and Build Your Client Niche”, explains how effective it can be to market to a specific group. Some advisors target their clients based on generation, gender, or career. For example, the article discusses an advisor who caters to Gen X, female attorneys. Niches can also be based on specific goals, such as assisting first-time home buyers in developing a savings plan.
But how can you expect clients to be aware of such specialties when they are not presented clearly? Brand awareness is a particularly important component of effective communication. You may be overlooking the simple changes that could create positive impacts on your business.
First, know your audience.
Knowing your audience is a crucial first step towards becoming a more effective communicator. Once you identify your specific niche or specialty, it should become clear who you are targeting. Messaging channels and branding language will vary by target demographics. Senior clients are less likely to be reachable through certain social media platforms such as Twitter (X) or Tiktok. However, those could be useful channels to reach Millennial or Gen Z clients. Forbes shares that data analysis is key in determining where to focus marketing efforts. Businesses should be flexible in trying different marketing strategies to find how to best reach their target demographic.
Consider changing your phrasing.
Once the appropriate targets and marketing channels are identified, you must effectively communicate what value you can bring to clients. Wording is very important in achieving this. Changing simple phrases can help win over and bring in new clients.
Wealth Management uses the term “side hustle” as an example in their article “You’ve Got Your Niche. But How Is the Messaging?”. This phrase is commonly used among younger working professionals. It encompasses the trend of some individuals owning small businesses or working a part-time job on the side to earn extra income. While this word resonates with some, others might not register the meaning.
If a group doesn’t understand the meaning of a key part of your messaging, such as your vision statement, you could lose out on an entire group of potential clients. If your company is known for finding creative ways to generate extra income for your clients, maybe you would use the term “side hustle” in marketing campaigns. Perhaps it would read something like: “Looking for ways to earn passive income? We will help you find the perfect side hustle to meet your needs.” While this could be eye-catching to some, others may not be persuaded by this messaging.
Consider a simple change to the tagline: “Here at X Company, we believe in the power of passive income. We will work to help you build a small business or find investments that create an extra revenue stream for you.” In this example, the vision is explained in a way that any individual could understand and appreciate. This opens your business to a wider range of clients.
Once you have secured a client, learning their “lingo” can be beneficial.
It is very easy to fall into the trap of being a passive listener – listening to what someone is saying and not considering how they are saying it. It takes time and practice to learn to actively listen and pick up on someone’s particular vocabulary. Consider the way your clients communicate and find ways to effectively communicate from that. Finding the financial lingo they are comfortable using can be helpful in cultivating a business relationship. A simple way to form this understanding is by simply asking the client about their knowledge or what terms they find most straightforward. If many of your clients use the same language, it could be helpful to utilize that language in future marketing campaigns and/or messaging.
To find out more information on this topic or how SFA Partners can help your business, please email us at joinus@sfapartners.net or call at (888) 447-2444.