Agents And Planners: Do You Really Know Your Market?
Know your market...and prospecting and marketing becomes much
If you ask a group of agents or planners what they believe their
market wants, they will rattle off their opinions with conviction. But if you
ask them how they know, chances are they will say they have been in the business
for a number of years, and they just know. The problem is, if these agents and
planners really knew their market, they would have their agencies filled to
the brim with prospects waiting to fill out applications.
Knowing your market is an essential ingredient to the success of any insurance
agent or financial planner. Knowing your market allows you to craft marketing
messages and close sales faster and easier than anyone else in your field. Because
if you really know your market, you know how to create desire for your financial
products and services by addressing your clients core needs and wants and adapting
them into your presentation and promotions.
So how do you find out exactly what you market wants and
needs? Here are a few tips:
A very inexpensive way to find out this valuable information is to simply ask
them. If your market is seniors, or you want to target seniors, call or mail
your senior clients. Explain to them that you are conducting a survey and you
would appreciate their assistance. Reward them for doing so.
If you don't have any senior clients, ask your current clients for referrals
to seniors. But don't ask for the referral, if your intention is to sell them
something. Tell your clients that you are conducting market research in the
A second alternative is to send out a survey to a list of seniors and reward
them in some way for filling out the information. You can even insert a
survey in a newspaper or newsletter that caters to seniors. The information
you glean from these surveys will not only give you valuable information on
your market's needs and wants, but you will also build a solid list of prospects.
A more expensive alternative is to test ads and find out which ones are getting
the best response. For example you could test a product offering, like long-term
care, but instead of marketing the product, offer free information on long-term
care. Then test another ad that offers another product or service. Once you
find out which and gets the best response and produces the best revenue, you
can roll out your advertising on a larger scale.
Identifying what your market requires research. But it will be well worth
your time and effort. Like I said, know
your market and your marketing will become much easier. Guessing is an excercise
in disaster. And guessing at what your market wants will not only waste your
time, but you will waste a significant amount of advertising dollars.
Brian Maroevich is a direct marketing consultant and direct marketing entrepreneur.
He has written several courses on prospecting and marketing. His website https://www.insurance-leads-advisor.com
is a valuable resource for any insurance agent and financial planner looking
to grow their agency.
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