This year, we’re mixing things up! Our weekly tips will follow a quarterly theme, and for Q1 2025, we’re diving into implementing a multi-niche approach. Each week’s tip will wrap up with a question, and we’d love for you to join the conversation in our Public Square.
Many firms gravitate toward a multi-niche strategy out of fear—fear that narrowing their focus too much will alienate potential clients and lead to lost business. Fear-based decisions, however, almost always lead to mediocre results. If you’re going to adopt a multi-niche approach, do it because your current strategy is already successful and you’re ready to tap into new opportunities.
You’ve Achieved Organic Growth and Are Ready to Segment Strategically. Once your firm has grown organically (e.g., surpassing $1 billion in AUM), a multi-niche approach allows you to refine your focus. Segmenting your existing client base into specialty areas fosters deeper connections and more tailored services, naturally driving further organic growth.
You’re Cultivating the Next Generation of Advisors. Empowering your next-generation advisors with specific niches provides them with a clear, structured path to grow as business developers—not just service advisors. A niche-focused strategy allows them to quickly establish credibility and build their own client base, independent of the existing leadership team’s network.
You’ve Hired Advisors with Unique Expertise. Career changers often bring deep networks and specialized knowledge from their previous industries. Leverage these built-in advantages by developing a niche strategy that enhances their connections and positions your firm as the go-to expert for those audiences.
You Have Outgrown Your Current Niche. Growth goals sometimes require expanding into new markets when you’ve exhausted opportunities in your current niche. A strategic multi-niche approach allows you to broaden your reach and achieve new levels of growth.
The power of a multi-niche strategy lies in its intentionality. Each niche should have its own dedicated champion, a clear marketing plan, and measurable goals. Done right, multi-niching positions your firm not as a generalist trying to appeal to everyone, but as a collection of uncomparable experts uniquely suited to meet diverse client needs.
We Want Your Take! Do you agree that a multi-niche approach works best when built on success rather than fear? What other reasons might inspire you to adopt this strategy? Share your thoughts in the OnNiche® Public Square!