According to a story at Reuters, targeting a very specific audience makes marketing that much easier, said Michael Philibrick, a director of wealth management and associate portfolio manager at Richardson GMP, who mainly deals with dental professionals.
People talk about niches,” he said. “‘Oh, I deal with this or that,’ but you’ve really got to drill down until you’ve got a pretty small area that you can dominate, that you can become an advocate for, that you can become the go-to person for.”
He said that if he were to start a laundry soap business, for instance, it wouldn’t be one that competes against an big company like Tide, with its deep pockets.
“So, I’m going to do laundry soap that gets the axle grease from train axles out of the uniforms that the train axle mechanics wear. You see how niche it is?”
“Now I can market to them, now I can get into their trade journals, now I can be at their trade shows, now I can become significant in their minds — I can own some mental real estate.”
“That’s the type of micro-niche marketing that we still don’t see financial advisers really embracing, which we think is crucial in the acquisition of high-net-worth clients.”
Photo by bcvineliving.