After so many years in the financial services business, you’ve probably heard just about every reason and strategy on how to, and how not to, build a successful career as a financial advisor.
Unfortunately, most advisors don’t have a marketing and/or business plan in place, so they strive to be all things to all people. They fail to implement creating a profile on their ideal client or lack working in a niche market, so their agenda is to survive another day.
Having and working in a niche market should be one of your most precious priorities because it can lead to increased odds to making more money and growing your business. That said, I’d like to share some of my tactics with you to possibly building a lucrative niche within the African American market.
After reading tons of books on niche marketing and sales, I figured out that there were similarities in the better books that stressed the benefits of niche marketing. It requires you to answer a few questions such as:
- Can you build your own brand, presence, community strong-hold?
- Can you find customers who can afford your services?
- Is there a niche that doesn’t require heavy advertising?
- Is there a niche where most people congregate in the same place?
- Does this niche have soft competition, the potential for long-term demand and is it profitable?
I thought that if I could answer these questions with some solid answers, this would be a good indicator that my niche had potential. After careful planning, thorough research and providing my best efforts to answering these questions, I was confident I would find my niche – and did.
The African American market is not only underserved, but untapped. Here are five proven strategies to build a lucrative niche in the African American community and why it could be a good niche for you:
Is there a need or demand for your product or services?
Every day for the next 19 years, 10,000 baby boomers will reach the age of 65. While many boomers are likely to have defined-benefit pension plans, personal savings, and social security, they are in great need of financial advice. Of the 76 million baby boomers expected to retire in the next 20 years, 9.9 million of them are African American. Do you believe they need some help in planning for their retirement? You bet!
Prudential completed a research study in 2011 called “The African American Financial Experience.” It indicated that the majority of people want financial advice, but concerns about finding a qualified professional they can trust and relate to prevent many from hiring an advisor. That means there is a significant demand for financial literacy, which puts financial advisors in a good position to help.
Do you think this could be a pretty good niche market to go after?
It will be easier to find clients
By establishing a niche market in the African American community, there are numerous ways to meet, interact and find clients.
A great start would be by participating in community events, attending church where many congregate, sponsoring expos and sports teams, and conducting financial seminars, workshops, and teaching wealth-building classes. There are social and business organizations that you can join that’ll provide opportunities to network and seek speaking slots at many of their functions.