Chances are you've heard countless times – from a variety of sources – about why you should develop a niche as a financial advisor. Niches aren't a novel marketing idea, and by no means are they exclusive to financial advising, though they have gained quite a bit of steam in recent years in the industry. And while the term is used ad nauseam in many financial advisor marketing circles, it's often a substitute for the broader marketing principle of a target market or target audience.

So why are we covering a topic that's already been covered plenty of times before? A target audience – your niche – is a critical part of a strategic marketing plan, a point that's hammered home in any marketing course or undergraduate marketing class. Financial advisors have often escaped the need to define their niche because referrals have represented a bulk of their new business. But as the digital lead generation push becomes greater, there's a greater need to solidify strategy and, in turn, your niche.

In this episode, Dan dives into the pitch to define your niche (officially pronounced 'neesh' for those keeping score at home). He explores the background of what a niche is, what's led to a greater need for financial advisors to have a niche, some examples of niches, and a couple of key points to keep in mind as you work on one.

Questions about developing a niche? Other topics you'd like us to cover in future episodes? Send an email to podcast@emergingria.com.

LINKS
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