There's a lot of talk about niche marketing or target marketing today. Many speakers feel that it's imperative to find a certain niche in the market in order to survive during difficult times.
Gayle Novak Van Patten, certified financial planner and assistant vice president, Merrill Lynch, found her market as the 'suddenly single.' With the assistance of a book by Alan Unger, Financial Self-Confidence for the Suddenly Single, Gayle conducts two-hour sessions in four- or five-week sessions for people who suddenly find themselves single due to death or divorce.
Gayle uses the conference room in the agency office during the evening when most of her colleagues have gone for the day. She only charges participants for the cost of the book (which she can purchase at a discounted rate), figuring that she'll earn on the return. Gayle's basic premise for conducting the workshops is: the more educated my client, the easier my job. She feels many people are intimidated by investments, so she helps eliminate the fear or the mystery of investment vehicles.
Gayle's general message to her prospects is:
- Read what's available about financial planning.
- Get organized-create a personal filing system with all pertinent financial information in one place.
- Calculate your net worth and cash flow needs.
- Define investment goals.
- Interview advisors (ask friends and relatives who they use and/or recommend).
- Choose an investment broker based on compatibility.
- Invest for the long term.
- Call your advisor as often as you'd like (there is no such thing as a stupid question).
Many people have the same fears about insurance as they do about investments. Couldn't you hold two-hour informational sessions about insurance for your clients and prospects? What have you (more important, your clients) got to lose?