Highly successful advisors have long determined that the traditional shotgun approach to prospecting using blast emails no longer works. They have found that prospecting with a more targeted approach, focusing more narrowly on clearly defined ideal client types based on a readily identifiable market segment or niche, increases both efficiency and results. These segments or niches are identified by demographics, businesses, careers, interests, or shared financial concerns that distinguish them from others.
We’ve written about the many advantages of niche marketing, including the more efficient use of resources, the ease of establishing one’s authority within a niche, and the built-in networking apparatus of well-connected clients residing in a niche.
However, the most significant marketing advantage is the ease of conducting research to gather intelligence about your market. Through market research, you can uncover critical information enabling you to develop more effective communication methods that appeal to your target market while honing your value proposition to touch their pain points.