4 Ways You Can Define Your Market
Have you ever been asked: “Who do you take on as clients?”
Years ago, the jokey was “anyone with a pulse.”
This does not speak to exclusivity, especially if you’re trying to offer holistic planning and solutions based on permanent life insurance to high-net-worth individuals.
The solution is to aim for one or more target markets.
Of course, having a target market does not mean you will reject business that falls into your lap.
You will likely start your practice by taking on people from anywhere you are licensed before specifically targeting a market.
Early in my career, I had a client from St. Maarten in the Netherlands Antilles. (If you’ve taken a Caribbean cruise, you’ve probably visited the island.) He walked through the office door.
I did not have an active Caribbean prospecting strategy.
The man’s money was good, I did not need a special license to help him, and he had a local address.
He became a client.
But focusing on a few target markets can help you get more out of your time and energy.
Here are four ideas about possible target markets.
1. Where You Work
Your office is in the center of the business district in town.
There are plenty of restaurants where you can have lunch. When you commute to work, everyone gets off the train at your stop.
You go to the gym in the building several times a week.
The Chamber of Commerce is located nearby.
There are office towers all around you filled with professionals like doctors, lawyers and engineers.
There are lots of corporate executives, too.
The logic: This becomes your target market because there are plenty of prospects.
If you make friends with someone at the gym and start talking business, you and they can meet at their office. When you do an annual review for a client, meeting at their office allows you to meet their coworkers too.
Little time is spent getting from one appointment to another.
Your office is located in a fancy building.
Although your desk is in the bullpen, you have a handsome conference room where you can meet with prospects.
2. Where You Live
You live in a nice part of town or a smart suburb.
Your children go to school nearby. You play golf at the country club.
You shop in the area and patronize dozens of businesses.
There are 250 houses in your development.
The area has plenty of nonprofits and the hold meetings, events and galas throughout the year.
You’re in good financial shape, and your neighbors fit into the same economic bracket.
Your family lives nearby. They know everyone because they’ve lived in town for years.
