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Life Health > Running Your Business > Prospecting

Will that prospecting concept work for you?

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Last month’s article focused on finding a mentor with proven prospecting methods. An emphasis on transferability is important. Are these prospecting concepts transferable, or are they unique to an individual?

Many producers come into the insurance industry from an analytical background. It could be accounting, engineering or even law. To an analytical person, an article on social networking would seem impossible, and in fact, it probably won’t work for an introverted person who doesn’t mix well at mixers. I am one of those.

When I go to an event where there will be people I want to meet, I often take my wife with me. She’s an excellent people person. She introduces me to everyone, including some I don’t really want to know. If I go alone, I’ll be a sofa warmer hoping someone will sit nearby. They don’t because they aren’t sofa warmers.

I had to find prospecting methods that don’t require a lot of social interaction. I chose seminars and direct mail. They work for me. What works for you? Have you discovered it yet? Have you even tried anything different? Did someone tell you referrals are the only method that works? What if you are no good at developing referrals, like me? Does that mean you should keep trying that method and die by it, moving on to auto sales where you get the next “up”?

Finding a niche

I have found something else that also works for me: niche marketing through niche concepts and methods.

Here’s an example. Let’s say you live in an area that has a significant number of workers with pension plans. Government employees would fit that category. Federal, state and municipal employees include all walks of life, from law enforcement, fire and rescue, and teachers to affiliated workers, electrical workers, etc. The list could be huge.

First, become very knowledgeable about the plans they have. There are always shortages in any plan that can be fixed with insurance products. Targeting these groups could be a cash-flow bonanza if you find the entry points to these employees and then follow up with client/prospect events just for those types of people. You can start client/prospect events with just a handful of clients. The domino effect can really get things going.

That’s just an example. There are many. I am a niche marketer because I have a niche practice. So, my practice continues to grow and is profitable.

Will it work for you?

Don’t get stuck in methods that worked for someone else but don’t work for you. Some very successful producers have developed marketing processes that are unique to their situation. One top producer, who was a frequent speaker at conventions, talked about his long work weeks, his seminars and sales process.

See also: Why do most advisors survive and only a few thrive?

After a few years of hearing his speeches, I had a conversation with someone who knew this top producer well. One little thing he left out was his inside access to an extremely prominent estate-planning attorney with thousands of wealthy clients. That’s not a transferable concept. Other producers may have been following his spoken processes but were missing his secret ingredient, which happened to be pivotal.

Be sure to remain dynamic, experimenting with one method at a time and becoming an expert on the method. Prospecting is as much a science as the sales process and just as important.

For more from Kim Magdalein, see:

Beware of false promises

Are your clients special?

Successful agents build bridges


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