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The pandemic disrupted marketing and growth plans for financial advisors.

As my favorite business-school professor would ask when we faced a marketing challenge in one of our case discussions, “How can we turn lemons into lemonade?”

Here are five growth opportunities that will help you advance your firm while the competition sits on the sidelines.

  1. Finally, a niche!!!

While studies show that firms that specialize in niches and specific target markets have higher-growth rates and profitability, many firms have been reluctant to embrace this concept.

You don’t have to commit to a single niche for life, but the pandemic offers the opportunity to pilot marketing and offerings to a specific target audience.

Use inexpensive digital marketing to add five to 10 clients who match your ideal client profile and also happen to be from a similar group.

Consider: Messages in these pilot marketing campaigns can be segmented from your general firm and client marketing to avoid confusing your existing contacts. Also, you will find it easy to track the progress of these nascent ventures.

For example, an advisor client of mine picked one of his archetype ideal clients to embark on this path of “riches from niches.”