A salesperson who happens to be an expert on the product she sells or the service she provides would be considered a subject matter expert or SME. And, of course, we all know about target marketing. But what happens when an SME becomes an expert at the demographic she’s targeting? She might be regarded as the Holy Grail for a customer looking for a particular product or service. I was recently working with a client named Roger who endeavored to take his first steps down this very path.
Roger began his career in financial services straight out of college. Rather than suffering the arduous task of building a clientele from scratch, he wisely he took over an already-existing book of clients from a colleague. Over the course of seven years, he became a certified financial planner and built an impressive portfolio consisting of numerous high net worth individuals. From an income perspective, he was doing well, but wanted to be more efficient with his operations in order to grow his client base; that’s how he found his way to me.
I asked Roger to explain his reasons for wanting a larger client base, and he came back with a rather standard response: He wanted more money and more free time. Neither of these points seemed particularly motivating to him, but regardless, we worked together on streamlining his time management practices.
In our couple months of coaching, Roger progressed well enough, managing to gradually increase his efficiency on a weekly basis. Eventually, his need to improve revenue production came to the fore. I initially addressed this facet of his practice by asking: “How do you differentiate yourself from other financial planners in the marketplace?” He honestly assessed himself, and recognized there was nothing remarkable about the service he provided. His frankness allowed me to ask a more pointed question:
‘What specific market or population peaks your interest, makes sense to pursue in terms of commercial viability, and inspires you to delve into it and gain a high level of ability and expertise in that area?”
For weeks he went back and forth with this question, weighing the pros and cons of several possible markets, until he finally settled on a woefully-underserved population in his city of residence: Children with special needs. This was an exciting possibility for Roger, well-worth exploring, but he didn’t have any sources of information to draw from beyond the web. To obtain the depth of knowledge he desired, he’d have to make direct contact within the field to gather the information he needed.
I asked him a few questions to get the wheels turning:
- How does a medical, mental or physiological disability impact one’s life on a personal level?
- How does this kind of disability impact the lives and decisions of parents, siblings, and other family members?
- What other individuals, professionals, and associations also serve this population?
His answers were extensive, and his list of potential resources to contact was long. He could contact: Pediatricians, OBGYN’s, surgeons, counselors, school administrators, Special Ed teachers, physical therapists, trust attorneys, and parents of children with special needs. He could join children’s volunteer groups, perhaps assist with a Special Olympics event, and reach out to other businesses that serve this population.
By going beyond the defined parameters of his “job” as a financial planner—taking time to gain an in-depth understanding of the challenges faced by children with special needs and their families, Roger was primed to attain an exceptional level of expertise and reputability in this field. This journey also promised to generate a new circle of colleagues who would likely recommend his services down the road, and would also seek his expert counsel. With this comprehensive approach, Roger increased his chances of building solid, strategic, professional alliances that, in the long run, will be significantly more substantive and fruitful than if he were to simply rely on the “common courtesy” referral process within his field.
What specific market or population genuinely peaks your interest—i.e. inspires you to delve into it and gain a high level of ability and know-how? Exercise some due diligence and see if your area of interest is also commercially viable and worth pursuing. Perhaps one day you, too, will be a sought-after expert in your chosen niche!
For more in-depth information on this approach chick here.
