Your Niche is More than Who You Serve

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Your niche-focused business model is more than the type of people you serve. It is what you do to help them. This article covers the four elements of building a niche-centered business model.

Advisors who successfully develop a niche practice design all aspects of their business to serve that niche. A niche is not only the “who” you work with but also the service you specialize in to help your target market.

It is the “who” plus the “what.”

A niche is a deep commitment to your ideal client. It dictates the brand you select, the message you communicate, the services you offer, the content you create, the technology you implement, and the staff you hire.

Let me give you an example of what it truly means to serve a niche.

Many firms describe their ideal client as business owners who are 55 to 65 years old, within five years of retirement, and delegators. They have at least $1 million in investable assets, with more assets coming in after the sale of their business.

Some firms will offer their standard retirement planning and investment management services to these business owners. There isn’t much the firm does differently for business owners than for other clients. The client just happens to be a business owner. The presentations the advisors give are on general economic and financial topics that would appeal to a mass market.