I will be putting together a business plan as I continue through my exploration of this career path. When we talk about niches, what are generally approved? Overused?
Can a community be a niche? Such as a golf community? How about a church?
Any input in this area is welcomed.
Generally, a niche is a subset of a larger group. For our purposes, it can be defined as a specific group having a common interest or trait that you will market to. For example, you could target retired dentists. Keep in mind that when marketing to a niche, you are excluding the larger population. This is not necessarily bad, but could be VERY limiting when starting out.
Thx for response. I'm hoping that someone can provide an example of what is the kind of niche a sales manager would be pleased to see, versus those that he sees new recruits try everytime, with little/no success.
I am also very interested as a new FA to hear answers to opies last question above…espescially regarding the marketing/prospecting portion of the bus plan.
A good niche is one that is CLEARLY definable...a bad one is more generic.
Good examples--"my target client is a technician for XYZ, ABC, or DEF company (big local employers), age 55-65 and worked at the same company for 20+ years"; or "I specialize in K-12 public school administrators in (fill in state)." Hint--to actually BE an expert or specialize, you have to know what that kind of client feels, eats, drinks, does, likes, hates, not to mention the mechanics of his/her pension/401k, etc, talk their work lingo, etc etc. Good news is once you know all these things, it aint hard to compete with someone who doesn't!
Bad examples--"high net worth...", "small business owners," "retirees"; all too broad
However, as mentioned above, you gotta eat, so it's hard to be exclusive when you start. Usually you'll see a pattern from your best clients, then be able to say "I specialize..." or "I'm an expert on..." and actually be telling the truth!
Good input, thank you.
Cowboy93, how can I say a niche of mine will be that I hammer all locally owned business owners? I realize it is not terribly specific, but it will provide a long list for prospecting, which starting out I will need, right?
Yes.... From there you can more narrowly segment your prospecting once you begin to build a client bgase. Its amazing... You develop relationships with 50 or so households and by closely auditing your book, you can see similarities within your top tier clients... You can identify similar needs, concerns, objectives, etc...
From personal experience, I have begun to develop relationships with area commercial printers... It started as one account, then subsequent referrals and prospecting has allowed me to open cash management, 401k, and even personal accounts for the owners. Did I ever plan on focusing a portion of my marketing activities on printing companies?? No... But its all about getting a foothold and postitioning yourself as the expert in that space from there...
Its amazing how accessible a market becomes when you earn the trust of a few and are able to levergage those experiences...