Written by: Stan Mann | Results Producer This article turns everything you knew about finding a niche upside down. It’s a whole new approach to finding your lucrative niche that’s totally different from the way everybody else’s told you to do it.I call it the Cash Rich Niche System.With this system you attract high net worth, loyal referring clients.My client Chris skyrocketed his client acquisitions 147% in four months. Rick launch a very successful multimillion dollar business. Charlie achieve his production goals four months early and had six more hours a week to spend with his wife and two boys. And Randy grew his sales from $1 million to $4.5 million in one year.With this system you attract high net worth, loyal referring clients.My client Chris skyrocketed his client acquisitions 147% in four months. Rick launch a very successful multimillion dollar business. Charlie achieve his production goals four months early and had six more hours a week to spend with his wife and two boys. And Randy grew his sales from $1 million to $4.5 million in one year.
Why Have a Niche?
- When you have a niche you can provide specific solutions for a defined target market, so you are more valuable and can charge more.
- When you can paint a clear picture of who you help, it’s much easier for clients to refer to you, so you’ll get more referrals.
- CPAs and estate planning attorneys are approached all the time by advisors the description of what you do, and what is unique about what you do, needs to stand out. And you’ll stand out when you can explain the specific solutions you provide your targeted clients.
- Instead of sending direct mail to thousands of households and getting a low response rate, you can mail your items to a niche and get a high response rate.
- Instead of going to just any networking event you can go where your ideal prospect goes, so you get better leads.
- Your website can talk about specific challenges faced by your clients and how you have helped them, so the right client will be attracted to you.
- By targeting a niche, you become an expert in providing solutions for your particular group, so you get better word-of-mouth.
- Imagine having a practice where you’re able to get more profitable high net worth clients, more assets and higher commissions. Have the freedom to work the way you want, when you want. You don’t have to ask anyone for permission if you need to take your little girl to the doctor or go to her recital. You can send your children to the best schools. You can save for a secure retirement.This proven system will help a range of advisors, from advisors who need clients, to advisors who have a substantial practice but need more clients so they can start growing again, to advisors who have enough clients but they want more freedom to work the way they want and live up to their full potential.I’m revealing a brand-new way of getting a rich niche to double, triple or even 10 X your assetsYou’ll learn how to naturally and intuitively grow into a niche that fits you like a glove, is right for you and get you plenty of high net worth clients.
Hard Way to Find Your Niche.
The way most of you are told to find a niche is hard and complicated. It’s like climbing endless stairs that go on forever. It’s no surprise many of you are confused. I’ve seen long complicated technical Instructions for choosing a niche. You search for segments of the population. Look for money in motion. Research population and financial trends. And on and on and on. It’s a lot of work. Then you might find you don’t like the resulting niche.I’ve seen far too many financial advisors sweating trying to figure out how to choose a niche. When these financial advisors think about choosing their niche, they freeze up with confusion. They fear they’ll choose the wrong one.What if I told you that there was an easier way – not only easier but better? Better because it’s intuitive and natural. It’s based on who you are and what you are already naturally doing in your business.For example, one of my clients was an expert in 401(k) management. He knew how to better manage their 401(k)s for safety and yield.This was natural for him because he knew a great deal about his 401(k) service. He believed in it and felt good about helping employees. He has some great stories about how he had help many employees get great results.But he was working way too hard for the results he was getting. He had reached a certain level of success and now hit a wall. He stopped growing.The problem was it took too long to find a prospect and make a sale. His target market was any employee with a 401(k). His prospects were scattered and hard to find.
My client, let’s call him Sam, and I put our heads together and came up with a plan.He knew what services he wanted to sell. He wanted to sell his program to better manage the 401(k) plans of employees.Now he needed a system to easily find groups of employees he could talk to.There were many large retail companies where he lived. He had a friend who worked for one of these companies. She was interested in his services and willing to help him. So we targeted this company and made it his niche. (Sam asked me not to reveal the name of this company.)Sam’s niche met the main criteria – easy to find. The employees congregated at one easy to find place, the store they worked at.
Contact Your Niche
Now he needed to talk to them. A quick call to the HR department didn’t work. Human resources did not want to appear they were endorsing him and turned down his offer of a free educational lunch. Some HR departments will allow this and is a great option, but not in this case.So we hit upon a plan of offering a free coffee and sandwich at a nearby coffee shop. Sam made flyers of his offerHis friend at the store posted a flyer on the bulletin board and she told Sam where employees parked. Sam put flyers on the employees’ windshields. He also stood outside the door at quitting time and handed out flyers.On his first try, Sam met six employees at the coffee shop and got appointments with all of them. He sold five programs. Sam was excited. His business was growing again. He had a business breakthrough.Sampson niche had several stores within a 50 mile radius. Sam hit every single one of them. His is practice thrived.
Focus on your niche
Sam now specializes in serving this one company. He is becoming known by the employees and getting excellent referrals.Right now, Sam is plenty busy. When this Goldmine begins to run out, he will choose another company as his niche and repeat the process.
So, instead of agonizing over choosing a niche, let your niche choose you. Start with where you are and look at what you’re doing. Let it evolve into your cash rich niche.Look for where target market congregates – at a company, at a golf course, at your children’s private school, at a professional organization, to name a few examples.When you discover an easy to find target market who have problems you can solve, make it your niche. Announce it to the world. Do all your prospecting with this niche.Specialize in serving them. Make yourself an expert at solving their problems. You’re on your way to having a cash rich niche the easy way.
Related: A Simple Way For Financial Advisors To Double Their Productivity