Let’s rap about this niche market thing I’m always talking about.
Suppose you’ve looked at a niche market but rejected it because it looks like it’s not lucrative. Let’s use the “senior” market as an example.
Most people consider the senior market to be “price sensitive,” given the preponderance of fixed incomes in that market. If you want to find the best deals on dinner, go where the seniors go. If you want to charge premium fees for your services, seniors aren’t the first demo you think of.
You might want to think again.
Not all seniors live on a fixed income. Many have investments and real property, some have retired from running businesses but still draw an income, some are still running their business, and some are quite wealthy.
These folks may identify as seniors but lack of money isn’t an issue.
Okay, what about a lack of need? Most seniors aren’t as active as they once were, most have already taken care of their estate planning needs, and many have long standing relationships with attorneys and don’t really need you.
Many, but not all.
What if you could identify well-off seniors with unmet legal needs? A niche market within a niche market.
You could own that market.
Seniors get divorced. They get into car accidents. They even commit crimes.
They have tax issues, real estate issues, investment issues, business issues. And more than a few have not yet taken care of their estate planning needs because, you know, 70 is the new 50.
And even if they don’t need you. . .they know a lot of people. They have a lifetime of contacts: family, former co-workers and employees, professionals they have hired, and centers of influence in your niche market and community.
They can send you referrals and they can introduce you to prospective clients and referral sources.
In other words, even if they don’t hire you, their contacts can be very profitable for you.
I’m not trying to get you to choose the (wealthy) senior market as a niche necessarily. I’m simply trying to get you to think outside the box about what makes a viable niche market.
Okay, that’s it for me. I’m off to an early lunch and some networking. I hear Denny’s has a great senior special.
Need help choosing a niche market? Here you go
