/ by Don Connelly / Marketing Yourself / 0 comments
We’ve posted several times why advisors have a greater opportunity for success when they narrow their focus and concentrate on developing a niche. It has been proven that trying to grow your business by casting a wide net to find prospects is a waste of time, effort, and resources. The crowded advisory landscape demands that advisors differentiate themselves and become more specialized to be recognized as the best-of-breed for a specific type of clientele that can be served effectively and profitably.
The challenge for financial advisors is identifying a niche in which they can thrive. Traditionally, advisors have relied on demographic factors to define their niche. However, while demographics provide a foundational understanding of who your prospective clients are, they don’t reveal their motivations—what truly drives their decisions. Enter psychographics—the study of values, lifestyle choices, and personality traits that shape financial behaviors.
When financial advisors tap into a target market’s psychographics, they can lead to deeper relationships, more targeted and effective marketing, and a more fulfilling practice. This article explores how you can find and serve niche markets by understanding your clients’ values, lifestyles, and motivations.
Read more
Beyond Demographics: Finding Your Niche Through Psychographics and Client Values
/ by Don Connelly / Marketing Yourself / 0 comments
We’ve posted several times why advisors have a greater opportunity for success when they narrow their focus and concentrate on developing a niche. It has been proven that trying to grow your business by casting a wide net to find prospects is a waste of time, effort, and resources. The crowded advisory landscape demands that advisors differentiate themselves and become more specialized to be recognized as the best-of-breed for a specific type of clientele that can be served effectively and profitably.
The challenge for financial advisors is identifying a niche in which they can thrive. Traditionally, advisors have relied on demographic factors to define their niche. However, while demographics provide a foundational understanding of who your prospective clients are, they don’t reveal their motivations—what truly drives their decisions. Enter psychographics—the study of values, lifestyle choices, and personality traits that shape financial behaviors.
When financial advisors tap into a target market’s psychographics, they can lead to deeper relationships, more targeted and effective marketing, and a more fulfilling practice. This article explores how you can find and serve niche markets by understanding your clients’ values, lifestyles, and motivations.
Read more