Advisor Marketing Made Simple: Episode Summary
Episode Title: Advice Line: How To Focus Your Marketing When Your Niche Is Too Broad (Phil Weiss)
Release Date: February 5, 2025
Hosts: Taylor Schulte and Kendra Wright
Guest: Phil Weiss, Apprise Wealth Management
Introduction
In this episode of Advisor Marketing Made Simple, hosts Taylor Schulte and Kendra Wright welcome Phil Weiss from Apprise Wealth Management. Phil seeks guidance on refining his marketing strategies to effectively target a more specific niche within his broad client base. The discussion delves into identifying ideal clients, optimizing content, and leveraging podcast appearances to attract and engage clients who resonate with his services.
Guest Introduction: Phil Weiss
[01:41] Phil Weiss introduces himself as the owner of Apprise Wealth Management, located in Phoenix, Maryland. His firm manages $50 million in assets under management (AUM) and aims to double this figure within the next four to five years.
Current Marketing Efforts
Phil outlines his existing marketing strategies, which include:
- Weekly Blogging: He maintains three rotating blog formats to provide consistent content.
- Lead Magnets: Phil is rolling out a new lead magnet focused on life planning.
- Podcast Guesting: He has engaged a firm to secure podcast appearances, aiming for two per month.
- Video Content: Developing video materials for various social media platforms.
Despite these efforts, Phil feels his content isn't reaching enough potential clients. He notes, “I block every week I have three different blog formats that I rotate... I just think that my content in general has more value than it's bringing to me at this time.” [03:14]
Defining the Ideal Client
Phil's ideal clients are women facing new beginnings, which encompasses individuals going through:
- Divorce
- Widowhood
- Empty Nest Syndrome
- Approaching Retirement
However, Phil acknowledges that his current client base is skewed, with approximately 60% being empty nesters, 20% already retired, 20% divorced, and 10% widowed.
Challenges in Messaging and Niche Definition
Kendra and Taylor engage Phil in refining his niche, pointing out inconsistencies between his website messaging and his actual client demographics. Kendra highlights, “Wealth management for women facing new beginnings doesn't really tell me much... What are those big changes? What are you helping me flourish through?” [13:38]
Phil shares his personal story, linking his motivation to assist women facing financial uncertainties following major life events, inspired by his mother's struggles. This narrative underscores the emotional and financial challenges his clients face.
Strategies for Refining the Niche
Narrowing the Focus
The hosts suggest that Phil should narrow his focus to either divorced or widowed women to create more targeted marketing strategies. Kendra advises, “If we really want to get clear with our niche, if we want to cast a wide net and we're okay with that, then we can continue down that path.” [14:27] However, they lean towards specialization to enhance message clarity and marketing effectiveness.
Adjusting Messaging
Kendra emphasizes the importance of clear messaging that directly addresses the pain points of the target audience. She recommends removing vague terms like "life planning" and instead focusing on specific challenges such as:
- Handling credit card debt.
- Navigating major reductions in household income.
- Managing tax implications of divorcing or becoming single.
Phil agrees, stating, “I could tell you a funny story about that... And then if you look at the next line, it's we help you flourish through life's changes.” [13:54]
Content Alignment
Phil acknowledges the need to align his content more closely with the specific needs of his narrowed niche. This involves creating resources that directly address the unique challenges faced by recently divorced or widowed women.
Leveraging Podcast Appearances
Phil has started appearing on podcasts relevant to his target audience, which has resulted in several client inquiries. Taylor advises enhancing this strategy by offering tailored lead magnets during these appearances. For example, providing a “one-page checklist” or “free ebook” that addresses specific issues faced by the listeners can help convert podcast listeners into leads.
Phil responds positively, “That sounds like a really good idea. I like that.” [26:36]
Optimizing the Marketing Funnel
Tailored Lead Magnets
Hosts suggest creating distinct lead magnets for different segments within Phil's target audience (e.g., divorced vs. widowed women). This ensures that each segment receives relevant and valuable resources, enhancing lead conversion rates.
Building Relationships with Referrals
Kendra proposes leveraging relationships with professionals who interact with Phil’s ideal clients, such as divorce attorneys or estate planners. By positioning himself as a trusted resource among these professionals, Phil can gain more targeted referrals.
Phil notes, “I definitely have gotten some referrals from estate attorneys because of that.” [30:37]
Addressing Overarching Challenges
Kendra and Taylor discuss the emotional state of Phil’s potential clients, recognizing that recently divorced or widowed women may feel overwhelmed. They suggest offering more personalized support options, such as a “free 60-minute one-to-one coaching call,” to better cater to their immediate needs rather than just providing informational resources.
Phil reflects, “I understand that there is definitely a difference between those two. And you're right, what they're looking for can vary.” [29:40]
Takeaways and Action Items
By the end of the episode, Phil identifies several key actions to refine his marketing approach:
- Narrow Down the Niche: Focus specifically on recently divorced or widowed women rather than the broader category of women facing new beginnings.
- Enhance Content Focus: Align blog posts, lead magnets, and other content with the specific challenges of the narrowed niche.
- Improve Podcast Strategy: Develop targeted lead magnets for podcast audiences and ensure alignment between podcast content and client needs.
- Build Strategic Referrals: Strengthen relationships with divorce attorneys and estate planners to increase targeted referrals.
- Personalize Client Support: Consider offering personalized coaching sessions to address the immediate emotional and financial needs of clients.
Phil concludes, “I think the first thing is that I want to think about how I want to narrow down my niche... And what I'm offering when I make those podcast guest appearances needs to be better aligned with the needs of the niche.” [32:18]
Conclusion
This episode highlights the importance of defining a clear and specific niche in financial advisor marketing. By narrowing his focus, refining his messaging, and leveraging strategic partnerships and content, Phil Weiss can enhance his marketing effectiveness and better serve his ideal clients. Hosts Taylor Schulte and Kendra Wright provide actionable insights and support, emphasizing the value of clarity and targeted strategies in achieving sustainable business growth.
Notable Quotes:
- Phil Weiss [03:14]: "I just think that my content in general has more value than it's bringing to me at this time."
- Kendra [13:38]: "Wealth management for women facing new beginnings doesn't really tell me much."
- Phil Weiss [26:36]: "That sounds like a really good idea. I like that."
- Phil Weiss [30:37]: "I definitely have gotten some referrals from estate attorneys because of that."
- Phil Weiss [32:18]: "I think the first thing is that I want to think about how I want to narrow down my niche... And what I'm offering when I make those podcast guest appearances needs to be better aligned with the needs of the niche."
This comprehensive summary encapsulates the core discussions and actionable strategies from the episode, providing valuable insights for financial advisors seeking to refine their marketing efforts.