Editor’s Note: The following is an excerpt from a “Million Dollar Sales Idea” article that first appeared in the August, 2004 issue of Life Insurance Selling, but we think you’ll find its message equally relevant today.
The producer’s client benefits from his or her expertise, and the producer benefits significantly as well.
[In my target market of young physicians,] I learned the student loan rules inside and out — when to consolidate, when to defer, and so on. I understood the various disability policies and could help these physicians decide which policy best fit their needs. I learned about the benefit packages offered in each specialty and could help my clients evaluate many job offers. [...] My point is that I was an expert, or in their eyes, a specialist, who could add much value to their lives.
A second benefit in becoming an expert in a specific target market is credibility. I was referable. It was easier to gain someone’s trust and confidence because I already had worked with several of my prospect’s friends. This, in turn, helped the sales process go more quickly, because my first meeting usually was a combination of introduction and fact finder, and many prospects filled out the form in advance of my meeting and brought it in. Also, almost all of the referrals became my clients and so did their friends, I didn’t need to waste time working with people who did not become clients.
An obvious byproduct of my early success was that I developed a tremendous amount of confidence. This helped me become more referable, and gain more clients, which built more confidence, and then the whole thing snowballed. By becoming an expert in a specific target market, the producer can accelerate his career and personal goals, whatever they are.
Prospects and clients benefit from the producer’s expertise in obvious ways, too. Their precious time is saved to use on their career and families because they have found a trusted resource in the producer. [...] A price can’t be put on peace of mind, and to the extent that the producer provides this, he becomes an irreplaceable and trusted resource.
Peace of mind promotes happiness and makes clients more likely to pass the producer’s name on to a friend. A specific target marketing strategy benefits everyone involved.