Niche Marketing V. Selling to Anyone

[Kenno]

What is the concensus on this topic? Some "experts" claim that new agents achieve success fastest by targeting a niche market and only selling to that market (think doctors, seniors, blue collar, etc.), essentially becoming a specialist in that market.

My experience has been that new agents normally aren't in a financial situation that allows them to take the time needed in developing a niche, and therefore they need to cast their net far and wide for new clients.

Opinions?

 

[STIBROKER]

target all the niche market's........hahahahaha

 

[BTFuzz]

What is the concensus on this topic? Some "experts" claim that new agents achieve success fastest by targeting a niche market and only selling to that market (think doctors, seniors, blue collar, etc.), essentially becoming a specialist in that market.

My experience has been that new agents normally aren't in a financial situation that allows them to take the time needed in developing a niche, and therefore they need to cast their net far and wide for new clients.

Opinions?

You have that backwards...new agents aren't in a financial situation to "shotgun" their marketing efforts. Niche markets will always provide a better ROI.

 

[coachd]

When I was new I went for two niche markets. I am glad I did. It kept me in the game. I now have 4 and teach agents that i bring on to find a niche and market to that niche.

 

[Newby]

Is this even a real question?

Just drop 1,000 mailers that say I sell all kinds of insurance to everyone and see who responds.

Then drop 1,000 mailers that say I specialize in auto insurance for people in Ohio who are age 45 and older who have had no accidents in the last 5 years and drive Fords.

Now drop the 1,000 pieces to a list of Ohio residents who are 45 to 55 years old and own Fords and you will get great response.

This example may be silly. I don't do P&C. But the more that people recognize themselves the more likely they will respond.

Look on the shampoo isle at the store. Do you buy shampoo that says "great for everybody" or do you buy shampoo that says "great for silky blond curly hair"? Do you really think any of those shampoos is any different. Niches attract buyers.

 

[BTFuzz]

Is this even a real question?

Just drop 1,000 mailers that say I sell all kinds of insurance to everyone and see who responds.

Then drop 1,000 mailers that say I specialize in auto insurance for people in Ohio who are age 45 and older who have had no accidents in the last 5 years and drive Fords.

Now drop the 1,000 pieces to a list of Ohio residents who are 45 to 55 years old and own Fords and you will get great response.

This example may be silly. I don't do P&C. But the more that people recognize themselves the more likely they will respond.

Look on the shampoo isle at the store. Do you buy shampoo that says "great for everybody" or do you buy shampoo that says "great for silky blond curly hair"? Do you really think any of those shampoos is any different. Niches attract buyers.

No Newby, that's not silly...that is a great example!

 

[DBKuhnke]

I agree with Newby. His is a great example in support of Niche Marketing and sales strategy. All sales, and buy decisions, are personal!!! And would you rather compete with everyone or a defined few "experts"?

 

[Daytona_Guy]

One of my favorite sayings (author unknown)

"The riches are in the niches."

and the other famous truth:

"Jack of all trades, and master of none."

I'm enjoying the former.

Great analogy, Newby!

 

[Mark]

Niche marketing is the way to go!

 

[Frank Stastny]

I believe the biggest reason new agents fail, other than being too lazy to work, is that they start out trying to be all things to all people.

Pick a product, literally become an expert on that product before you begin marketing something else.