Don’t Try To Get ‘Your Name Out There’…. (Instead get their name in here)!

Choosing the right Target Market for your financial planning business can be HARD!!

“I’m not sure who to focus on….”

“I don’t want to narrow down my opportunities…”

“There are so many people that need my help and I feel like I should help everybody…”

All of which may seem like valid reasons for trying to be ‘all to everyone’…

But if you look at what the top 5 – 10% of financial planners do, one thing that most of them have in common is a clearly defined Ideal Client and they focus the majority of their time and client attraction efforts on that specific niche.

So here’s a few tips (and secret little workbook) that will help you finally settle on a niche to position yourself as an Authority in.

What to look for (and what to LOOK OUT for…) when it comes to choosing the right market…

And a simple strategy to help you pick a Niche so that you can be seen as an Expert at – at Something – to Someone!

Firstly, it’s difficult to cut-thru the marketing ‘noise’ when you try to talk everyone. What end’s up happening is that you try to talk to everyone, but you actually talk to NO-ONE…

WHY?

Because you’re message has to be soooo broad and so ‘watered down’…. that it just doesn’t resonate with anyone in particular….

No one hears the message that you’re trying to get out there and it actually ‘fly’s straight past them’ them because it didn’t resonate with a specific problem they faced or wasn’t targeted at anything they needed!

That’s probably the reason you’re attracting so many ‘tyre-kickers’ that you don’t really want to work with…

You can fix that here

Lack of target or specific message actually appeals to people who are ‘desperate’ and are looking for anything that will help them (and they usually want if for free as well…). They just want the next quick fix!

Remember, you’re client attraction strategy actually has two roles…

1. It’s supposed to Attract the people you want to work with…
2. It’s also supposed to Repel the people you don’t!

So here’s what you can do if you don’t know how to choose an ideal target market….

There are 4 Steps… And they’re pretty simple.

Step 1. Close your eyes….

Step 2. Relax your mind…

Step 3. Take a deep breathe…

Step 4. Think of all the possible AVATARS you could have….

Who you’d ideally like to work with….

If you could conjure up – in your ‘mind’s eye’ – the perfect clients for your business…

In a line a mile long from your office door and down around the corner…

As far as the eye can see…

If they we’re the exact ideal client that you’ve been dreaming of….

WHO WOULD THAT PERSON BE…?

What you’ll find is that one person or one group ‘stands out’ above all others…

It could be a Demographic of people. It could be an Industry niche. It could be by a specific Need that you enjoy working in (like Aged Care advice or Pre-Retirees…). Maybe for you it’s from your Background or a Market you are familiar with…. (Don’t worry, my worksheet will help you with this process…)

Once you’ve chosen, I want you to pick that target market that one and run with it…. 🙂

In other words, there’s NO REAL SCIENCE around this.

“It’s as hard to choose a niche, as it is important that you choose one.” [TWEET THIS]

Here’s where I would start.

It’s my 3 R’s Formula for creating a client niche:

1. Relationship – Are these the people you want to build your biz around and work with long term…? Do you like these people? Do you care about these people…? Are these people that you want to see succeed…?

2. Revenue – Do they have MONEY to pay you…? Don’t forget, you are running a professional business here…And although there are people out there that say that “a financial planner should actually help everyone….”Fact is that some people just can’t afford to pay for you… It’s NOT RIGHT – it’s NOT WRONG….IT’S JUST A FACT!‘Just because there’s a hole…, it doesn’t mean YOU have to fill it!’So I’d suggest that if you are looking to create a sustainable target market…, it would be one where people can actually afford to pay you for your advice and services….So number two is Revenue….

3. Results – Can you help them and do you have the knowledge & skills they need to improve their situation? What I mean by that is that if you said ‘Business Owners….’And you don’t really want to be skilled at Keyperson Insurance or Structures or Succession Planning….Then that’s probably NOT the right NICHE for you. Or you want to work with DOCTORS or Medical Professionals….And you don’t have SMSF knowledge…Then that niche might be a mis-match for you…?So you need to make sure there’s a RELATIONSHIP. That there is potential REVENUE.

   And thirdly, you can give them the advice and RESULTS they need!

We talk more about Overcoming Your Niche Fears at our popular Profitable Planner | INTENSIVE 1-day workshops where I dive in deep on this and 5 other pillars of a world-class financial planning firm.

You should check it out and let me know if you’d like to join us.

In the meantime, you can grab a copy of my AVATAR Identifier™ Worksheets here.

The better you understand who your ideal prospects are, what they’re thinking, the issues they face day to day, their secret desires and un-spoken problems…, the better positioned you’ll be to get the right message out to them at the right time.

Your prospect will feel an instant bond and respond to your perfectly matched messages.

Your business will take off when you remove your niche fears.

Try it.

Steve ‘it’s time to get focused’ Salvia