Target Market(Occupation)

[cowgoesMoO]

I did a search and didn't find a whole lot. So I'd figure I'd throw it up there. I've learned so much on this forum and wanted some input from you guys.

Everything I've read on here in regards to target markets just says sell to everyone, and while I would never turn anyone away if they wanted a policy; All of the MDRT producers I have met have a specialty. Whether it be disability for doctors, or estate planners who are partnered with attorneys or something specific that is 90% of their business.

I am young and only have a few years experience under my belt. So, I know I won't become an expert overnight but I wanted to see if any of you guys specialize in a specific arena that is 75%+ of your AP.(excluding final expense)

I've been working with contractors over the past few months, but the ones with money are busy as hell and the cases take 6 months to issue. I'm looking for ideas for my next target market. Whether it be youro target market or a guy you met one time that specialized in healthcare for astronauts or whatever.....

 

[agentinsouth]

I did a search and didn't find a whole lot. So I'd figure I'd throw it up there. I've learned so much on this forum and wanted some input from you guys. Everything I've read on here in regards to target markets just says sell to everyone, and while I would never turn anyone away if they wanted a policy; All of the MDRT producers I have met have a specialty. Whether it be disability for doctors, or estate planners who are partnered with attorneys or something specific that is 90% of their business. I am young and only have a few years experience under my belt. So, I know I won't become an expert overnight but I wanted to see if any of you guys specialize in a specific arena that is 75%+ of your AP.(excluding final expense) I've been working with contractors over the past few months, but the ones with money are busy as hell and the cases take 6 months to issue. I'm looking for ideas for my next target market. Whether it be youro target market or a guy you met one time that specialized in healthcare for astronauts or whatever.....

There is not much about this online
Look at your carriers and what you like to sell. I target realtors & mortgage brokers.

 

[DHK]

The more specific your niche... the wider your (geographic) net has to be. That means a lot of traveling.

True, you can establish yourself, over time, to be "the" go-to guy in a certain field by writing articles for their trade magazines, going to their conferences, trade-booth rentals, speaking engagements, etc.

Just because "MDRT members" do it, doesn't mean it's a good plan for you. True occupational niches take time to discover and develop. And it could cost you some money too for placing ads in their trade magazines, etc.

I think if you focus on this before you feel that you're established... it'll KILL your career.


If it were me (and in a way it is), I would focus on general local demographics, not specific occupations.
- Income, age, marital status, children, homeowner status, geography.

Learn the skills to ask for professional introductions to those that fit your ideal client demographics.

At the end of each year, look at your largest sales and ask yourself what they all have in common. If you begin to see an occupational trend... THEN you start to go down that path by asking about their professional associations, union memberships & sponsorships, etc., in annual reviews.

But until you see a trend developing in your existing sales... you'll do a lot of planning, a lot of scheming, and a lot of preparation... for targeting an occupation that hasn't worked with you yet. You'll end up spending a lot of money and you'll lose sales opportunities as you're doing this.

Always follow the bouncing ball on what is working for you. As trends develop in your business... follow the bouncing ball for those trends too. But don't try to create a trend. Let it happen naturally for you as you focus on your local demographics.

Just my advice on the topic.

----------

But you're also the guy that's promoting Mutual of Omaha through association discounts... well, keep doing what's working, and drop the stuff that isn't working right now.

There are two kinds of prospecting strategies: "Today Prospecting" and "Tomorrow Prospecting"

"Today Prospecting" focuses on getting results and getting paid today - cold-calling and door-to-door for cases that will be closed and paid within 90 days or less.

"Tomorrow Prospecting" focuses on building trusting relationships, centers of influence, and occupational specialities. This takes significant time... so don't drop the ball on today's profitability while trying to establish yourself long-term in a new niche.

Even Ed Morrow (president of IARFC) said that if you wanted to tap into the business market, take one afternoon per week and dedicate it to that market... and soon you'll do one case per quarter, and it'll accelerate over time. But don't stop doing what's working.

https://www.youtube.com/watch?v=0NTw369Eo1A

 

[cowgoesMoO]

***mind blown***

DHK, great post. words of wisdom. My whole association pitch has found me a nice niche with contractors.

here is the deal with these guys: like I said the ones with money are super busy.
1st phone call: today
multiple other phone calls until about......

1st meeting: 2-3months later
2nd meeting: 1-2 weeks later
3rd meeting: 1-2 weeks later(application)
paramed.....underwriting....
approved and paid: 1-2 months later

once I set an appointment within a week, but that is rare.

 

[critter]

What DHK said is spot on. I have spent quite a bit of time identifying a few key markets and cultivating them with quite a bit of success.

Recently, though, I have altered that approach. Now I simply look to work with professionals who I enjoy talking to. I am actually more productive now, but more importantly I spend my day I conversations I truly enjoy. Life is too short to be stuck with people I don't enjoy.

 

[DHK]

***mind blown***

DHK, great post. words of wisdom. My whole association pitch has found me a nice niche with contractors.

here is the deal with these guys: like I said the ones with money are super busy.
1st phone call: today
multiple other phone calls until about......

1st meeting: 2-3months later
2nd meeting: 1-2 weeks later
3rd meeting: 1-2 weeks later(application)
paramed.....underwriting....
approved and paid: 1-2 months later

once I set an appointment within a week, but that is rare.

Yep... that part is NORMAL. Can't fix normal much. But once you've GOT that first meeting, you're paid in about 90 days for that case.

For business contacts, I'd be more wary if you got immediate appointments. The best prospects don't have time... but they'll make time if you can show enough value and that you won't be wasting their time.

So keep building up that pipeline... but if you need immediate sales today, you'll want to find another niche/target market to develop. One nice thing about targeting homeowners... is that you'll generally speak to a household decision maker... rather than a gatekeeper.

----------

Since you're already developing a niche with contractors, check out this resource:

The Blue Book Network - Welcome to The Blue Book Network

You can place a FREE ad, get a copy of the directory yourself, use it to feed names for referrals, etc.

 

[WinoBlues]

What DHK said is spot on. I have spent quite a bit of time identifying a few key markets and cultivating them with quite a bit of success.

Recently, though, I have altered that approach. Now I simply look to work with professionals who I enjoy talking to. I am actually more productive now, but more importantly I spend my day I conversations I truly enjoy. Life is too short to be stuck with people I don't enjoy.

Totally agree. In my experience it also pays in inbound sales call and referrals. Consultative sales as opposed to price or hard close sales.

 

[agentinsouth]

The more specific your niche... the wider your (geographic) net has to be. That means a lot of traveling. True, you can establish yourself, over time, to be "the" go-to guy in a certain field by writing articles for their trade magazines, going to their conferences, trade-booth rentals, speaking engagements, etc. Just because "MDRT members" do it, doesn't mean it's a good plan for you. True occupational niches take time to discover and develop. And it could cost you some money too for placing ads in their trade magazines, etc. I think if you focus on this before you feel that you're established... it'll KILL your career. If it were me (and in a way it is), I would focus on general local demographics, not specific occupations. - Income, age, marital status, children, homeowner status, geography. Learn the skills to ask for professional introductions to those that fit your ideal client demographics. At the end of each year, look at your largest sales and ask yourself what they all have in common. If you begin to see an occupational trend... THEN you start to go down that path by asking about their professional associations, union memberships & sponsorships, etc., in annual reviews. But until you see a trend developing in your existing sales... you'll do a lot of planning, a lot of scheming, and a lot of preparation... for targeting an occupation that hasn't worked with you yet. You'll end up spending a lot of money and you'll lose sales opportunities as you're doing this. Always follow the bouncing ball on what is working for you. As trends develop in your business... follow the bouncing ball for those trends too. But don't try to create a trend. Let it happen naturally for you as you focus on your local demographics. Just my advice on the topic. ---------- But you're also the guy that's promoting Mutual of Omaha through association discounts... well, keep doing what's working, and drop the stuff that isn't working right now. There are two kinds of prospecting strategies: "Today Prospecting" and "Tomorrow Prospecting" "Today Prospecting" focuses on getting results and getting paid today - cold-calling and door-to-door for cases that will be closed and paid within 90 days or less. "Tomorrow Prospecting" focuses on building trusting relationships, centers of influence, and occupational specialities. This takes significant time... so don't drop the ball on today's profitability while trying to establish yourself long-term in a new niche. Even Ed Morrow (president of IARFC) said that if you wanted to tap into the business market, take one afternoon per week and dedicate it to that market... and soon you'll do one case per quarter, and it'll accelerate over time. But don't stop doing what's working. https://www.youtube.com/watch?v=0NTw369Eo1A

Very interesting YouTube, are you doing the program?

 

[DHK]

I will attend the business owner consulting workshop... one day.

It's very reasonably priced for only $395 - for IARFC members or non-members.

IARFC

 

[RFG]

DHK, Man I love the way you think. I have been in the Insurance business for almost 18yrs. (Captive CO ) Up until a few weeks ago when I started to review some of the posts within the forum I was considering leaving the company at some point over the next few years and going independent. But since I have been reading your posts and others that tone has subsided. I think you put out some great posts. I look forward to becoming more involved and getting your take on some of the questions I have.

RFG