Build your business faster

When you were new to the industry your best immediate results came from the people you already knew. 

After that, there have always been two ways to approach prospecting and marketing:

1. Finding anyone with a wallet and a pulse, or
2. focusing on a specific market. 

While both approaches work, the second option, “targeting”, has been proven over the years to work significantly better.

Here’s why: 

The “Anyone” Approach 

If you’re using the “anyone” approach, you’re saying, “I work with everyone. I give them whatever they need (financial advice, any kind of investments, annuities, life insurance, retirement planning, etc.), and they work with me because I’m a great person.” 

You tell people you’re an “insurance agent” or a “financial advisor” or that you help people “plan or save or protect their future”.

The problem with this approach is that you look and sound like every other advisor. As I point out in my book, Become a Client Magnet, you’re a white crayon in a box of white crayons. If someone wants to color, it doesn’t matter which crayon they choose. 

Nothing about you appears to be special or unique. If I’m looking for something specific, you’re not likely to be my first choice. If you’re trying to form strategic alliances with professionals who already have a relationship with an agent or advisor, you’re not likely to interest them.

And it’s more difficult to determine where and how to market your business. 

All of this makes it more difficult for you to grow. You don’t stand out in a crowded field. 

This leads to challenges like having too few introductions to qualified prospects, and difficulties in finding what marketing works best. 

Success using this approach consumes a lot of time, is more expensive, and less effective. You spend your precious resources—time, energy and money—finding people randomly. You don’t appear special to them in any way, so you look like just another advisor or insurance producer, and you’re missing the fact that people these days want experts—and you don’t appear to be one.

Targeted “Niche” Marketing 

By contrast, focusing on a specific niche helps you to determine the best way to reach qualified prospects. You appear to be special to them—not just another generic advisor—an expert in their specific problems and needs. You’re a red crayon in the box of white crayons they’ve investigated, and that makes you more appealing. It also helps you find joint venture partners. 

This approach requires you to know four things about your business: 

1. Who you work with. Who is your ideal client? 
2. What that client needs that you provide. While there may be many things you can do for them, lead with what you think they need or want most often. 
3. Why you are the one advisor or producer that your target market should work with. 
4. How you can reach them. Young families will be reached in a different way than small business owners. Choosing a niche lets you stop using ineffective approaches. 

Once you know the first three of these, the fourth one, reaching them, becomes intensely focused. It will be easier and less costly. 

The idea is to focus on a specific market. Choose an ideal client—a niche. Identify the one service you believe your niche needs most. Be able to tell people why you’re the best person to provide that service to your niche. And market to them where they are. 

Having a clear target allows you to stand out in a crowded market. You’ll get more introductions to your ideal clients. You’ll appear to have a higher value to clients and prospects, because you’re no longer just another general practitioner—you’re a specialist. 

As a specialist, it’s easier to create strategic alliance partners. When their clients are your target clients and need a specialist in the type of problem you solve, these strategic alliance partners will refer clients to you even if they usually send them to someone else. 

When you are a specialist, you know exactly where to market and it’s easier to grow your business. 

Some examples of niches that are working for agents and advisors are: 

• Medical professionals seeking to avoid taxation in retirement 
• Busy women business owners 
• Owners of construction companies 
• Classic car owners 
• Vegans 

Having a niche gives you fewer potential clients, but more actual clients. Prospecting becomes easier. You become attractive to professionals working in your niche. And you have less competition.

So why don’t all agents and advisors target?

I generally hear two reasons: Fear of losing or alienating potential clients who are not in the niche, and not knowing which niche is right for them.

The first of these is imaginary. Men who know you will want to work with you even if your niche is women business owners. Existing clients won’t care what you tell new people about your work, and people who are not in your niche will want you to make an exception for them, so they can be in your “club”. You’re only shifting your marketing, not who you will work with. 

If you want to accelerate the growth of your business easily, I recommend three steps: 

1. Choose a niche and one service they need. 
2. Have a compelling explanation of your services for that niche. 
3. “Brand” yourself everywhere—online and off, as the advisor who works with that niche and provides that service. 

1. ​Choosing a niche 

There are, generally, two ways to select your niche.

(A) The first is to identify an existing client or one you want to pursue. Go as narrow as possible. “Women professionals” is better than “women”. “Contractors” is better than “business owners”. 

The “target” can be built around affiliations (alumni, golfers, ethnic groups, church members, hobbyists); it can be people with similar values. 

(B) The second is to declare yourself an expert in an area that dictates who your target will be. If your expertise is protecting young families from the possible death or disability of the family breadwinner, your market is defined for you. 

Either way, you’re looking for a target that’s an easy reach, has specialized needs, a strong desire and passion to solve their problem, and has money to invest or spend on insurance. 

2. Compelling explanation of services 

While elevator speeches are still a thing, you’ll want to craft an explanation of why you’ll work with them to solve their big problem and why you’re the person they should be talking with. 

Who are they? What do you believe about their situation? Why do you believe that? What do you do because you believe that? Who have you done it for? Why should they meet with you? 

3. Branding yourself 

Your message should be consistent everywhere—with clients and prospects, when you’re networking, and everywhere you appear online. If you send or post articles, they should be targeted to your market. And, your only marketing should be where your target clients are, or where other professionals who serve them are.

Follow these guidelines and you’ll see your business growth start to accelerate.