By Bryce Sanders

Niche marketing is for you. All you need to do is find your niche. Remember when you started in the business? A friend would ask: “What kind of clients do you handle?” Your answer was: “If they have a pulse, then they qualify.” Then you became successful...

So Many Niches So Little Time

21 Niche Markets for 2021

There are more niches than you might imagine. Here are 21 examples for 2021 thinking.

1. Professions You specialize in working with police officers, teachers or airline pilots. You have clients in a certain business segment like real estate brokers or franchise owners. You understand their profession. You might have done the same job.

2. Neighborhoods Remember Desperate Housewives? Edie Britt was the real estate agent for Wisteria Lane. It was understood if you were selling or buying, Edie was going to be your real estate agent. She expected nothing less. The pandemic meant many people have been working from home. An upside is your neighbors now have a “branch office of your firm” on their street.

3. Cultural background Your family historically came from someplace else. You maintain many traditions, speak the language, and celebrate holidays. Others in your market share the same background. They often prefer working with people like them. People like you.

4. Life events Divorces happen. Emotions can run high. Child custody issues are stressful. Some consultants hold a designation like Certified Divorce Financial Analyst (CFDA).

5. College education funding It’s not as straightforward as you might imagine. Parents need someone to guide them through the maze of grants, loans and other programs. That could be you.

6. Retirement planning If it’s the biggest financial event you are likely to face in your lifetime, why wouldn’t you want a consultant who specializes in addressing this need? 7. Charitable activities You serve on the non-profit board. Roll up your sleeves write checks, and do jobs large and small. You are admired by the wealthy people surrounding you. You’ve “given” to their charity. Sending business is a nice way to thank you.

8. The old school tie You went to the State University. You live and work here. There’s a very active alumni association. You are involved. Raising your visibility and giving talks for fellow alumni can make you the logical choice to be their consultant.

9. Hobbies People with a passion love sharing their passion. Your interest in wine, activity in the local wine club, and presence at wine auctions makes you a person everyone knows. They admire your knowledge. They assume your commitment to your career is equally strong.

10. Chamber of Commerce There might be consultants in the Chamber. How many are active, serving on committees and climbing to officer status? Community leaders know you. They admire your commitment. You buy from their businesses. As boosters for the local economy, doing business with you seems the right move.

11. Senior executives Your local office specializes in senior executives at listed public companies. Why? Because several firms are headquartered nearby. You understand Rule 144, control persons and restricted stock issues. You know how their compensation plans are structured.

12. Religious referrals Your pastor or minister knows what you do. You advertise in the weekly bulletin. From time to time, they are approached by parishioners who lost their spouses. They need help investing the insurance proceeds or managing their assets. Yours is one of a few business cards they offer.

13. Friendly accountants If the widowed parishioner doesn’t approach their pastor, it’s because they’ve already spoken with their accountant. This professional does financial planning, not the actual investing. They need a safe set of hands to help their client. That’s you. The accountant is your client. They will likely offer a few consultant’s names, but several referrals turn up on your doorstep.

14. Stepping up Your firm has a carriage trade reputation. Your high minimums are printed on your window! It’s understood once you’ve made substantial sums of money, this is your next step. Think about the private banking business model.

15. Family as your niche “Keep it in the family.” Remember the bond firm that said “We treat you like family?” Better a consultant everyone knows and trusts.

16. Celebrity Don’t you secretly wish you could have Hillary Farr from Love it or List It decorate your house? In this case, you are the niche. You have a high profile in the community. Although you maintain confidentiality, everyone knows the local wealthy work with you. When they win the lottery, you are their first call. 17. Shared interests People from the same faith or political party often prefer doing business with one of their own. You might have belonged to a trade union in your previous career. You specialize in helping union members.

18. Injury victims You’ve seen those lawyer ads on TV. Where do those accident victims go after they’ve won a large settlement? Where does the attorney send them to get advice? Maybe that’s you.

19. Shared discipline You work out at the gym. It’s a major focus in your life. You have the results to prove it. You are surrounded by others with the same drive. It’s another example how potential clients relate your focus in one area of your life to your professional career. Yes, I think there are even vegan advisors.

20. Company specific Your focus isn’t just executives. You have many clients at a specific firm or government department. You understand how they are compensated and how their retirement plan works.

21. Moms and pops Coaching in a children’s soccer league, parents would ask this consultant what he does. His explanation would include “I work well with moms and pops.” It’s both a niche and a wide swath of the population, depending if you are the parent or the advisor.

Has this changed your definition of niche? There’s one (or more) for you.

Bryce M. Sanders Bryce Sanders is President of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book “Captivating the Wealthy Investor” is available on Amazon.

Contact: (215) 862-3607 brycesanders@msn.com www.perceptivebusiness.com

Professions • Neighborhoods • Cultural Background • Life Events • College Education Funding • Retirement Planning • Charitable Activities • The Old School Ties Hobbies • Chamber of Commerce • Senior Executives • Religious Referrals Friendly Accountants • Stepping Up • Family • Celebrity • Shared Interests Injury Victims • Shared Discipline • Company Specific • Moms & Pops

10 Member Benefit

Web-Based Client Relationship Management

Redtail Technology, Inc. is the leader in Web-Based Client Relationship Management solutions for the financial adviser. Redtail is bringing nextgeneration technology to the financial consultant to help them better manage their client base so that they can have MORE TIME , earn MORE MONEY, and have MORE FUN!

Whether you are looking to strengthen your client relationships, improve your team’s collaboration efforts and overall efficiency, increase your revenues and profitability, decrease client attrition, or engage in any number of other businessbuilding activities, Redtail CRM offers tools to assist in your efforts.

You’ll also be happy to know that Redtail integrates widely and deeply with other popular tools in the financial services industry, which helps to eliminate redundant data entry and create consistency across the platforms you use in your daily operations.

https://corporate.redtailtechnology.com/