Red Door Wealth Management is an example of a company successfully identifying a niche audience – one that Gretchen Gassner Turley, director of client relations, could personally identify with and, therefore, communicate to successfully. She gives some of her insight into the company’s niche audience of female breadwinners in this guest post.
In the past, personal financial responsibilities often fell into the hands of the man of the household. In fact, in 1987, less than 25 percent of women made more money than their husbands. However, there has been a shift in this trend over the last two decades. In fact, in 2015, more than 38 percent of women had a higher income than their partner. And, with the increasing number of women forced into the role of breadwinner of the family – through divorce or other circumstances out of their control – it was clear that this was an audience that we could offer guidance and support to.
Some of the specific needs of this niche audience include paying off high debt accumulated in student loans (resulting from higher education pursuits) and credit cards (on which many rely during the transition of a divorce), as well as establishing a household budget, learning how to save for emergencies and building an investment portfolio to secure retirement.
Dealing with financial issues can not only be overwhelming but also scary for women. We help to guide and reassure them, and the advice we give is in their best interest. We see a lot of women being taken advantage of through products and bad investments that benefit brokers.
Being a single mother myself, I understand how these women feel and what their concerns are in providing for their families. Securing a sound financial future is very important to these women, and we directly address their concerns in our targeted messages – through email, social media and in-person communication. For me, this is an audience that I relate to personally, and I want them to know that they can absolutely succeed!