In a previous blog, I discussed the fact that it can take three years of a focused niche marketing strategy before an advisor will reach the level of exponential growth.
In year one, you talk to everyone you know in your niche and establish credibility through content marketing. In year two, you increase your content marketing, establish lead capture mechanisms, and use online strategies to drive leads.
Year three is typically when your efforts finally gain traction. Here is what to focus on in your year-three marketing plan:
1. Host Live or Virtual Events
Hosting your own events, whether in person or online, requires a large mailing list to get people to attend. By year three, you should have been building your list long enough to have enough people that you can host an event.
If your niche is primarily made up of local people, host live events. If your niche is nationwide, then do webinars or other virtual events.
The key to these events is to make them specific to your niche and their interests. Avoid generic topics that would appeal to any audience.
2. Write a Book
Writing a book is a huge undertaking, but it can be the piece that finally propels you to the status of expert. By year three, you should have two years of experience working with your niche and enough content to write a book. If writing is not your thing, you can hire ghostwriters or a service like Scribe Media to write it for you.
Once you have your book, give it away for free to everyone in your niche. You’ll never sell enough books to make up for the time and money you invested, but it takes only a handful of new clients resulting from the book to get the ROI you are looking for.
3. Sponsor Events
If there are events such as conferences or trade shows that attract your niche, this is the time to sponsor them or reserve a booth.
This step is by no means a requirement. In fact, if you are getting speaking engagements, you probably can skip this step altogether. But event sponsorships can be a good way to show your niche you are committed, engaged, and invested in their community.
4. Niche Down
After two years of working with your niche, you may find a subset within the niche that is an even better fit for you.
For example, if you work with divorcing women, you may prefer divorcing women who still have kids in the house and want to keep the home until they are off to college. Or maybe you work with business owners, but you really add value to business owners in professional services.
This is where you niche down and become more specific. This added specificity will help you stand out even more. Once you niche down, refine your website, marketing materials, and content to reflect this new subset of clients.
Final Thoughts
The first year lays the foundation for a successful niche marketing strategy, and the second year builds the framing. In year three, you begin to reap the rewards of your efforts and propel your business forward while making refinements along the way.
About Kristen Luke
Kristen Luke is the President of Kaleido Creative Studio, a marketing agency that helps transform Registered Investment Advisors and their employees into experts in a niche, making it easier for them to stand out from the competition and attract ideal clients. Over the past 16 years, Kristen has consulted with hundreds of financial advisory firms and shared her marketing expertise via industry conferences and publications nationwide.