2 minute read
By Monroe “Roey” Diefendorf, Jr
Does the Niche Market Lead to Organic “Growth?
(Yes but only with a strategic plan!)
Is defining a niche in your practice limiting due to its narrow focus, or does it open up a new set of opportunities because of its unique value to your clients and prospects?
I have always been a proponent of having a “specialty” vs. being a “specialist.” Either way, the key is to develop what is known as your “unique value proposition.” It’s the “why” of “why should a client choose to work with you over someone else.”
All too often when a consultant is asked what they do, the response is so general and so diluted that is has lost its power, its punch. “Jack of all trades… master of _______.” Allow me to share a five step process that has proven to work for me.
Step I
The Target Market – The question I choose to have you ask yourself is, “Whom am I fishing for?” Is it the newly married, the pre-retiree, the business owner, the corporate executive? The list can go on and on? It is imperative that you determine precisely who “the who” is. This is numero uno in your things to ponder. If you get this wrong, then all the rest won’t matter.
Having personally used this strategy in my personal practice over the past 50 years, the good news is that you can change your target market as you grow personally and professionally. This is not about creating perfection, but about developing a process that can be worked and re-worked time and time again.
Step II
The Gaping Hole – Everyone has gaps in their planning and this is your next project – to identify the optimal solution to your target market’s problem. You have to be very focused on what products or services are required to become the hero in the story.
This means you have to actually see yourself being the problem solver. Your attitude should be that of “they need me more than I need them” because they do! So be specific and create a big enough hook to land this “big fish” you’re going after. Step III
The Special Sauce – What is it that makes a Big Mac different from a regular hamburger? It’s the special sauce. If you have identified the fish, and created the hook, then it’s time for you to become the bait on that hook. A fishing lure has many features; it looks attractive, it smells delicious (if you’re a fish), it is satisfying to eat and you should be too. What are the trimmings/trappings that you need? Remember, this is not based on who you are currently or what your current capabilities are. It’s what the prospect in this niche wants. Be specific on the ingredients that will make up your special sauce.
Step IV
The Expert – Here’s where the real work begins. Experts are always knowledgeable and knowledge comes through continuing education. What are the specific degrees and
Monroe “Roey” Diefendorf, Jr., RFC®
2021 Loren Dunton Lifetime Achievement Award Recipient See pages 17 and 18.
