Last year, I wrote a blog detailing how Cabela’s, the distributor of outdoor hunting supplies and gear, began niche marketing. One day, I received 5 different Cabela’s magazines that were very specific in terms of outdoor products. I drew upon the analogy that specialists make significantly more money than generalists. That when you get small, go even smaller. And, then, get smaller. That is where success lies. Being a specialist in a very niche market.
Yesterday, my wife received a 15.4 pound box from Restoration Hardware, the high end distributor of interior furnishings. The box was delivered via UPS. There were 13 magazines titled as follows: Leather, Furniture, Objects of Curiosity, Tableware, Lighting, Bath, Upholstery, Baby and Child, Linens, Rugs, Outdoor, Small spaces and Interiors.
Think of the business you are in. If you currently are an Advisor, what specific client needs do you specialize in? What credentials or advanced training have you earned? In your community, are you known for your expertise in a certain area whether its Special Needs, Divorce, Retirement, Portfolio management, etc.? If you are a student or have just graduated, are you planning to continue your education? If you enter the business as an Advisor, where will you specialize?
There is enormous opportunity for those who have earned the right to be a specialist in a given area. Focus, education and experience will be the keys that will determine success. The choice is yours. Listen to what the market is asking for and you will have your answer.