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Dart on the bull's-eye of a dart board - niche market

Life Health > Running Your Business > Marketing and Lead Generation

Eagle Eye Marketing to Your Target Niche

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What You Need to Know

  • A target market is a group of people who share similar characteristics.
  • Demographic information is usually only part of the data needed for successful targeting.
  • You also need information about how a prospective buyer thinks.

Want to make your marketing budget as efficient as possible?

Understand your target market and direct your marketing to that target.

A target market is a group of people who share similar characteristics, such as age, income, lifestyle, or location.

Businesses use target marketing to identify these groups and then direct their marketing efforts toward them.

Simply Gathering Demographic Data Is Not Target Marketing

Recently, I read a report about demographics and about how using a demographics-data-based approach could help annuity sellers identify who might be a specific annuity buyer.

But I found that report to be shallow because demographics didn’t explain to me why a person would buy.

Demographics can explain who the buyer is, by providing data such as age, marital status, income and gender.

Psychographics takes a deeper dive to learn why they would buy.

Inside the Buyer’s Head

Psychographics provides information that includes details about a prospect’s belief systems, values, goals and attitude.

How is this information collected, so the agent can convert a sales process to the conclusion?

How do agents begin to understand the use of psychographics?

Agents can find and understand that information through the fact-finding process.

Back to Demographics

The psychographics fact-finding process will, in fact, start with looking at demographics information.

Can you identify your ideal candidate? Is your ideal candidate’ demographics what you think it is?

Do you focus on retirees, divorcees, widows, or high-level executives, for example?

Know your specialty, and then level up your content game, to engage prospects who are seeking what you have to offer.

You will discover your niche market through the ones who reach out and engage with you.

You cannot just say you market your services to everyone. That just simply is not the case.

Specializing is where you will find your niche riches.

Narrowing Your Scope

Once you have a general idea about the demographics of the people who might need what you offer, you can drill down, by studying the personality, values, attitudes, interests and lifestyles of the people in the relevant demographic groups.

By understanding what motivates people and what their needs are, you can create content that resonates with your target audience, by speaking to your prospects’ specific needs and concerns.

This will help build trust and credibility, which is essential in financial planning.

Try to learn as much as you can about your prospects’ challenges, fears, hopes and lifestyle choices.

For retirement income planning clients, challenges might include uncertainty about income and the fact that they’ve started saving too late.

Fears could include worries about spouses, children, job stability and investment market volatility.

Hopes might involve dreams of retiring by a beach and owning a bait shop, or a bookstore.

Examination of lifestyle choices might show that the prospects do contribute to their 401(k) plans at work and do pay their life insurance premiums but are too scared to look at their 401(k) account performance reports.

Once you have a list like this in mind, write about topics such as retirement income strategies, estate planning, inflation, and running out of money scenarios — in articles targeted toward prospects with certain sets of psychographic characteristics.

This will show your leads that you understand their needs and can help them achieve their financial goals.

Want to learn more about deep diving to your “real” target market? Here is a powerful link to a beginner’s guide to the use of psychographics in marketing.

I use it and suggest you consider the power of this exciting and approach to target marketing that’s rarely used by individual agents or advisors.


Bill Broich (Credit: Broich)Bill Broich, co-owner of Annuity.com, also works as a content marketing strategist for financial professionals.

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(Image: Adobe Stock)