When I first started my financial planning business I had a dream of being all things to all people.
I thought I’d be helping a carpenter on Monday with his income protection and a doctor on Tuesday with his investment portfolio.
I set up a fantastic website which contained loads of articles and plenty of information on how we could help people.
But pretty soon reality set in – it just wasn’t happening!
So I quickly identified that I needed to target individual niches at a micro level. To do this I set up a number of websites targeting specific occupational areas such as doctors, tradies, lawyers etc with specific information relating to those people and their individual problems that needed solving.
The result? After a few weeks I started to get some traffic trickling though. Then after a month or two I started to get an enquiry or two each week, and within a year I was getting so many qualified leads that I had to start selling them to other advisers!
What I discovered is that trying to be everything to all people is fine if you have a huge existing client base, but if you’re trying to establish yourself from a small base you simply have to specialise in order to give yourself a point of difference.
How do you do this? Well first you need determine your ideal target customer, which I’ll talk about in my next post.