NAILBA Perspectives Winter 2020 | Page 20

NICHE MARKETS Diverse niches can mean riches Diversity & Inclusion isn’t just the right thing to do…it’s good for business too! Do you think your practice could grow in a market that is currently responsible for $1.7 trillion in economic impact? Well, according to the National Gay & Lesbian Chamber of Commerce, that is the financial impact of LBGT-owned and operated businesses on the US Economy each year. This is just one example of the power and potential of diverse niche markets. Thompson Reuters, under the corporate brand Refinitiv, created an investment index to objectively measure the relative performance of companies against factors that define diverse and inclusive workplaces. The index ranks more than 7,000 companies globally and identifies the top 100 publicly traded companies with the most diverse and inclusive workplaces. Not only have these companies scored well, but the index has outperformed the Thompson Reuters Global Total Return benchmark, demonstrating that diversity and inclusion can also lead to profitability. Tapping into the power of community Why should this matter to you? Most of us understand the value of niche marketing. Strategically, targeting the right audience greatly improves your chance of success. However, business develop explodes when you capitalize on the power of community. To be embraced by a community as one of their own offers a wealth of referral opportunities. With the financial industry valuing the power of referrals, diverse niche markets can yield some of the best referrals when cultivated effectively. Brian Haney, CFS, CIS, CFBS, CLTC, LACP, has been in Financial Services since 2003, and founded the multi-lines agency, The Haney Company, with his father 7 years ago. Routine speaker and podcaster, Brian supports diversity, inclusion and equity in the industry: [email protected] Get invited in The best way to build relationships is to get invited in. When I asked a client what groups he was involved in for his business, he mentioned the local LBGT Chamber, and offered for me to come to the next event. When I went, I made several solid connections and began to quickly develop some key relationships — all because my client invited me in! Know the celebrities Once you’ve been connected, get to know the “celebrities” in the group — the key leaders and influencers. After connecting to the LBGT Chamber, I got to know the Board members and leaders; discovering how I could help the group. I learned about the community’s needs and from there, built professional relationships and friendships that have been key to developing relational equity in the community. Giver’s gain By giving to others — whether to your client by taking a genuine interest in their business, or to a diverse community through volunteering, or board service, the law of reciprocity is a powerful force that ingratiates others to you. When you’ve given without the expectation of return, those who recognize this tend to give back to you. I found this to be true by being on the LBGT Chamber’s Board for 4 years, ending as its Vice President. Diverse markets offer immense potential because they unlock deeper levels of human relationship and belonging. Ultimately, the best way to get referrals is to be referable. Devoting yourself to growing a diverse market practice will make you very referable and will form strong community relationships to benefit your practice. 20 Perspectives Q1 2020