In a crowded insurance marketplace, how do agents and advisors differentiate themselves?

If your prospective clients can buy essentially the same products and policies from a competitor, why should they choose you? 

If every advisor says they give great client service and does a good job, how can they tell you apart? 80 percent of the adult driving population says they rate themselves a better than average driver, and we know statically it can’t be true, right?

See also: Why mobile insurance marketing is a must

How do you stand out in a crowd?

How do you answer the marketing guru Dan Kennedy’s question, “Why should I do business with you, as opposed to anyone else who does what you do?”

With a magical marketing proposition that makes them want you and only you.

When someone asks you what you do, how do you answer?

Here are some common responses that I hear from agents and advisors:

“I work with pre-retirees and retirees.”

So does every advisor, so who cares? Not your prospect.

“I help protect your peace of mind.”

That’s nice, but so does Lifelock and my auto insurance agent.

“I make sure you never run out of money in retirement.”

That’s better, but are you going to loan me money if I don’t have enough?

So what’s the solution?

You have to start with who you want in the first place, your target market.

And I don’t mean affluent baby boomers with money.

That’s not a real target market, which is why you waste your money bribing them with free dinner seminars, only to be surprised when they show up only caring about the free food.

Does that change your marketing message?

You bet it does.  Then at the hunting lodge — You mean to tell me you aren’t hanging out where your prospects hang out? Shame on you! — when someone asked what you do, you could say (this is copyrighted so you can’t use this one, but you get the idea), “I help conservative sportsmen protect their retirement nest egg from Hilary Clinton.”

Boom!

You think that starts a conversation? You bet it does! All of a sudden you have five other rich hunters asking you questions, because they are all terrified that she is going to get elected and take their guns, health care, and money away.

What if you were at an estate planning committee meeting of the local Bar Association and you said this: “I help the partners of estate planning law firms set up Mega Roth IRA’s so they can put away as much as they want, when they want, and get it back tax free.”

You think that gets a whole bunch of lawyers asking you what a Mega Roth IRA is? 

It’s an advanced strategy, but it helps to not only know exactly who your target market is, but it works even better if you can offer a solution customized for them as well.  Don’t worry, you don’t need a specialized product, you just need to put a new wrapper on it.

I hope this gets your mind spinning as to the possibilities of market differentiation.

See also:

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