The ultimate niche market: Where can you make the most money?
By Lew Nason
Insurance Pro Shop
In the past year, hundreds of experienced agents asked us about our marketing and sales systems. They tell us that the niche market they are in is dried up, and they want to know which of our systems works the best in today's situation. Where are the agents we work with making the most money?
I tell them all of our systems are working very well; however, before I recommend anything, I ask them to tell me a little about what’s going on. "Tell me about your situation..."
Their stories are very similar: They were each selling one product in a niche market. For example, one sold final expense polices in the senior market. Another sold life insurance in the payroll deduction market. And, still another sold 403(b) annuities to teachers. The bottom line is that for whatever reason, their market was drying up.
Almost every experienced agent I talk to is looking to move into an easier or better market. It’s human nature. The grass is always greener in someone else’s back yard.
However, as the old adage states, "There are acres of diamonds right in your own backyard, you just have to look for them."
If you've been in the business for five or more years, you have a book of business. You have existing clients, and that’s the ultimate niche market.
The questions now are:
- How can you help your existing clients?
- What do they need?
- What do they want?
How about helping them set up an education fund for their children or grandchildren? Or, helping them reduce their income taxes, set up a supplemental retirement fund or reduce their debt?
Maybe you could help them pay off their home mortgage early, increase their life insurance protection, reduce their insurance costs or convert some of their term insurance into permanent insurance?
The list of opportunities to help your existing clients is endless!
Even if your current niche market seems to be drying up, there is still plenty of money to be made.
If you want to increase your appointments, sales and income, start with just one of the ideas above and then run with it among your existing clients. After you’ve contacted all your existing clients for one idea, then you can go to the next one.
The objective is to eventually get an appointment with every one of your existing clients, and then do a complete fact-find to discover what they really need and want.
The beauty of working with your existing clients is the more you work with them and help them, the more they'll respect and trust you. This, in turn, will lead you to more sales, easier sales and many more referrals! It will also save you time and money.
How can you help your existing clients?