Target Market Prospecting
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We must focus. It is so easy to get distracted by the opportunity of the moment. If you make an inquiry into a product or any other advertised process or technique, the inquiry is followed by an avalanche of emails on the latest opportunity in the insurance industry.
Not too long ago, webinars for prospecting were the rage. It seemed as though every marketing organization in the country was telling us that if we just convinced a prospect to look at a webinar online, they would call us and buy something. Well, that didn’t turn out so well. Nobody called. Insurance agents wasted time and money driving to a dead-end street, only to turn around disappointed, disillusioned and even discouraged.
Whatever has worked will work. No doubt our world is always changing. With change comes opportunity, but human nature doesn’t change. One’s needs remain the same. Agents must focus. What is a good target market for you? How will your practice be defined? If you are trying to keep it simple, then target a specific demographic for a specific purpose.
When selling financial products, it has become far more complex. A product must now be suitable, and the advertising must be compliant. You are required to know more about your prospect.
So why not go all the way? Find out about everything that could affect the retirement of 60- to 70-year-olds. Stay on top of changes to their lives … What is affecting cost of living? What affects quality of life? What are the latest headlines on federal policy, gas prices, foreign exchange, taxes, health care, Medicare, Medicaid, vehicle options, food, etc.?
All of these things affect peoples’ decisions about money. When you are prospecting, all of this updated knowledge puts you in a position to be of help.
You have defined your market and your product line, but you must discover how to get a favorable appointment. The quality of your lead will be determined by the amount of time or money or both that you are willing to spend. The more you pre-qualify the prospect, the more expensive it gets. If you just want general demographics, that’s far less expensive than interested, specific prospects. A general mailing list costs much less than a tightly defined list, for instance.
Anyway, this is a complex subject that can be understood with research. So, where do you look? Targeted prospecting that is affordable and profitable is achievable. You just need to look until you find it. Don’t give up.
