7 minute read
By Jamie Bosse
Finding Your Niche...by accident
When someone says “Niche Marketing” I automatically think of consultants targeting physicians, pro athletes, and attorneys. Financial consultants tend to zone in on those types of “heavy hitters” with presumably high-income streams with assets to manage. Alternatively, they may zone in on “Retirees”, those that have already amassed great wealth and are transitioning into how to spend it. My niche is different. They are people that look like me (not literally of course), sound like me, and think like me. They hang out at playgrounds and ice cream shops. My target is families with young kids.
This niche happened organically, if not entirely by accident. It all came about by utilizing a skill I enjoy to showcase personal stories, provide examples, and educate others in the process. That skill is writing. I have always loved to write and have incorporated it in different ways over going on maternity leave as a working mother, finding an extra $1,200 in the monthly cash flow for daycare expenses, acknowledging my own mortality by getting an estate plan in place, increasing life insurance coverage, finding ways to express breast milk at work, how in the heck to get everyone dressed and out the door on time each morning, explaining to childless co-workers why I cannot attend meetings at 5:30pm because daycare closes at 6:00 and my husband is traveling. Everything was new, different, exciting, and terrifying.
So, I started writing about these things for our company blog. Practical tips for young parents infused with some humor, self-depreciation, and brutal honesty. I wanted to educate parents on the things they needed to know, why they were important, and where things might go wrong. I knew these topics were important before, but when I became a mother the “why” behind them became so much more tangible. I always knew that having the right amount of life insurance and an estate plan were important, but now I could really see just how devastating the consequences of not doing them could be. I started to write about the things that my friends were asking questions about, issues my clients grown kids were facing, and things I was wrestling with myself.
As I had more children, my articles and advice became even more specialized. “What to do now that your daycare bill is more than your mortgage?” “Things that happen when you go from one kid to two”. I could really empathize with other working parents and understand their worries, fears, and viewpoints, so that is what I focused on. I wrote all my blog articles with that specific audience in mind – a 30-something parent navigating the ins and
the years. When I worked at a bank, I wrote articles for the internal newsletter on how to allocate your 401k or help explain the benefit package in ways that HR communication fell short. When I moved back into the independent RIA space, I started writing for the firm’s blog. I started writing about the cash flow “drip” that we all experience when mindlessly shopping or engaging in our everyday habits. I used personal examples to show that I, even as a professional “money person”, was not immune to it. I wrote about why your kid’s first car should be a clunker and showcased my first ride – a 1980 Oldsmobile Cutlass Supreme.
I had my first child in 2013 and as with most new parents, my world was flipped upside down. There were countless new obstacles to navigate — obstacles I knew were coming, and had supported others through, but didn’t fully understand until I was in it like... fully understanding a disability policy pay out when
Jamie is a mother of 4 and a Financial Planner with Aspyre Wealth Partners in Overland Park, KS. She is the author of the children’s book series, “Milton the Money Savvy Pup” and “Money Boss Mom, Helping Young Parents be the Boss of Their Financial Future” (release date August 2021).
Jamie Bosse, RFC®, CFP®
outs of this crazy and wonderful life stage. Someone who is growing in their career while balancing the competing priorities of saving for education, saving for retirement, and the expenses of today.
I would post all of these articles where people like me “hang out” – on Facebook, Instagram, and LinkedIn. Friends and connections began to see me as a go-to resource for financial questions that young parents face – cash flow issues, mortgage situations, 401k options, etc. Old classmates started reaching out to hire me and referring me to their co-workers, friends, and family members.
When you work with a lot of clients in the same life stage, themes begin to emerge. Many people struggle with cash flow and when you are a parent, it is even more difficult. I know this on a personal scale as my husband and I joined finances and went through several iterations of cash flow management systems before we landed on one that worked for us. So, I wrote a blog article about it – the specifics of how it works, what kind of “buckets” to set up to handle various expenses, and how to build up an emergency fund. I developed it into a presentation that I did for my daycare, some women’s networking groups, and webinars.
I started presenting on “3 Things to Consider when You Add a Little One to the Family” and tackling the topics of life insurance and estate planning and breaking it down to bite-size tidbits of what parents need to know to get started.
Once my kids got a little older, I became interested in teaching kids about money. I did a ton of research for my personal benefit, but then started to write about it. I wrote about teaching kids financial lessons and values combining what I learned from my research with the personal experience of practicing with my own kids. I continued sharing articles about it, then turned those articles into a presentation. I then wrote a children’s book about some basic financial topics that I self-published through Amazon. I have marketed the book through schools, daycare centers, and libraries – all places where my target market hangs out. My firm gives out copies of the book to prospects and new clients with young kids and grandkids. I am currently working on a “grownup” book that is a financial guide for young parents. It is a compilation of the writing I have done over the years and breaks down the financial information that I think parents should focus on.
Most of my new clients seek me out, not the other way around. They are friends or acquaintances that have seen my articles and posts that see me as a helpful resource. My marketing “strategy” is just putting my content out there and sharing it in the networks where other people like me will see it. I focus on education and strive to help them sort through the noise to get the information they really need.
-Michael Kitces, Nerds Eye View Blog
It sounds obvious, but Michael is right. Most of my current clients are people I’ve already known for a while, friends from college, other parents at daycare, or old classmates. They typically reach out to me over social media when they are experiencing a transition or there has been a triggering event that made them realize they would benefit from some outside help.
I of course have clients in other phases of life that I adore and continue to work with, but I focus my marketing content on prospects that are in the same life stage as me. I naturally attract people that are in the same boat, facing the same issues. I stick with that instead of trying to force my way into an unfamiliar market.
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