Target marketing is smart marketing, and if your agency isn’t using these five strategies already, we’ve got news for you: chances are you’re working too hard for too little payoff. But how can you find target markets?
Here are five opportunities to look into:
- Take a look at clients you’re currently serving and examine your book of business. Do you write a lot of restaurants and contractors? Maybe you’ve had a lot of success providing life insurance for families, or you’re familiar with the long-term disability market. Whatever it is you’ve written a lot of, leverage your experience to appeal to prospects interested in these markets.
- Emerging industries and businesses should always be on your radar, especially local ones. Cybersecurity is a great example; as a trend that spans the past few decades and is only growing in importance, it could be VERY beneficial for you to become versed in the cybersecurity market. Developing expertise in upcoming businesses pays off in multiple ways: the main one being the main provider of the businesses’ insurance. You can write all the supplemental insurance as well. After providing cybersecurity insurance for a business, you could also provide all the other property and casualty needs (SmartPublishing.com).
- Use your knowledge in other industries. If you worked in another industry prior to finding your footing in insurance, you can reach out to your previous contacts. Your knowledge in another industry could be your golden ticket. Insurance is such a diverse industry that you can easily carry those prospects over.
- What about products? Is there one insurance product in particular you just can’t get enough of? Maybe you have a personal connection to a product or policy, you can use that as the basis for your marketing. Grow your knowledge about that product or type of product and market it as your specialty. Paired with other target marketing strategies, this is an easy and effective method to garner attention for prospects looking for something specific.
- Statistics are your friend! Analyze the demographics in your area. What do demographic trends tell you? Right now, companies across the nation are poised to implement more permanent work-from-home methods, which means they will be looking to invest in heavier cybersecurity protection. The demographic shift of baby boomers moving to retirement or long-term care facilities during a pandemic means that life insurance is now a HOT topic of discussion.
Here’s an important takeaway: You shouldn’t restrict yourself to one target market. You don’t want all your eggs in one basket, and these strategies work the best in tandem with one another. Specialize in several markets so you can offer more services to current and potential clients. Why should they keep shopping if you already provide it all?
If you focus your energy on markets that you already write a lot of business with, you will build your reputation and credibility more easily. Paired with your current marketing efforts like postcards and newsletters, your agency will gain recognition quicker in your targeted market. Bottom line: You’ll work smarter not harder.