Niche Marketing Efforts

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Jan 15, 2008 5:41 pm

So there was a thread on this not too long ago, which went nowhere fast.  I am working on focusing my practice to a specific niche, but wanted to see what others are doing to focus their practice.  Most of my new clients are coming from 2 specific employers in our area.  I am starting to focus much of my efforts on these groups of people.

They tend to have large 401K balances, long tenure, and generally make good incomes (low 6 figures).  Between these two companies, there are about 10,000 employees.  Obviously, the population I am looking at is probably a third of those employees, but still, 3,000 people is a lot to focus on.
 
My question, does anyone else focus on specific company employees like this?  If so, what has worked, not worked, etc.  Both firms are tought to get into (physically).  They don't allow employee education programs (other than their 401K providor), I can't do any seminars, etc.  But I am trying to penetrate through my existing clients and relationships (doing invite-a-coworker dinners, etc.).
 
Everything I read points to focusing your practice on niches.  This is one of the few areas I have seemed to gravitate towards (versus going after "everyone").
 
Thoughts are appreciated.
Jan 15, 2008 5:51 pm

They may not allow seminars/workshops, etc. on premises, but that doesn't mean you can't hold them in the nice restaurant or hotel across the street or a block away.  There is also generally no prohibition against placing paid ads publicizing your events in the company publication - hard print or online.  You can't say it's sponsored by the company but you can certainly say it's an educational event tailored specifically to the employees of company X.


Jan 16, 2008 12:47 pm
Morphius:

They may not allow seminars/workshops, etc. on premises, but that doesn't mean you can't hold them in the nice restaurant or hotel across the street or a block away.  There is also generally no prohibition against placing paid ads publicizing your events in the company publication - hard print or online.  You can't say it's sponsored by the company but you can certainly say it's an educational event tailored specifically to the employees of company X.

 
Good point.  That is one idea I have toyed with.  My firm is very particular about NOT stating a companies name in the ad.  But they said it would be OK to state that it is for employees of a particular "industry".  So I could say it's a seminar for "electronics manufacturing" employees.  Since they are the only one in the area, it sort of addresses my need. 
Thanks.
Jan 16, 2008 1:48 pm

B24, I have a friend who has successfully done this and to a smaller extent, I've been able to do this with alocal electric utility.  His and my experiences are similar...It's all about the foot in the door approach.  Land a few of them, take very good care of them and they will turn into referral-making money machines.  I try to reinforce good behavior with thank you notes and small gift certificates.  These people talk and if it becomes known that you have helped several of them with good success, you'll have more than you can manage...which is a good problem.

Jan 16, 2008 2:25 pm
Broker24:
They tend to have large 401K balances, long tenure, and generally make good incomes (low 6 figures). 
 
 
I don't have any advice for you, but I would appreciate it if you would find out if they're hiring, and if so, fax an application to me.
Jan 16, 2008 3:10 pm

I cant wait to get my series 7 and advertise everywhere.

Jan 16, 2008 5:04 pm
iceco1d:
mrsobama:

I cant wait to get my series 7 and advertise everywhere.



Your best bet would be to shave the top of your head and get an "I sell mutual funds" tatoo on the top...might as well get your name out while you're "in front of people."







Icecold...I think u are "IN LOVE" with me. Why else would u follow me around in all my posts? U seem to have nothing better to do. Go figure out the 'mind bottling " question u couldnt answer. Lets see if ur smart a$$ can come out with a $mart answer.

Jan 16, 2008 9:19 pm
Borker Boy:
Broker24:
They tend to have large 401K balances, long tenure, and generally make good incomes (low 6 figures).





I don't have any advice for you, but I would appreciate it if you would find out if they're hiring, and if so, fax an application to me.





Most of them have been working there 25+ years. New hires start at the bottom. Sorry   

Jan 16, 2008 9:22 pm
Indyone:

B24, I have a friend who has successfully done this and to a smaller extent, I've been able to do this with alocal electric utility. His and my experiences are similar...It's all about the foot in the door approach. Land a few of them, take very good care of them and they will turn into referral-making money machines. I try to reinforce good behavior with thank you notes and small gift certificates. These people talk and if it becomes known that you have helped several of them with good success, you'll have more than you can manage...which is a good problem.





That's reassuring. Sort of my goal....I just have to implement properly.



Thanks.