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