Insurance Agents And Financial Planners: Do You Really Know Your Market?

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…

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 do not have any senior clients, ask your current clients for referrals to seniors. But do not ask for the referral, if your intention is to sell them something. Tell your clients that you are conducting market research in the senior / retiree market.

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 receives the best response and produces the best revenue, you can roll out your advertising on a larger scale.

Identifying what your market requires research. Otherwise you are just guessing, and guessing at what your market wants will not only waste your time, but you will waste a significant amount of advertising dollars.