We all know that there is nothing more frustrating than working in a field in which you have little to no interest whatsoever. If you are breaking into the insurance industry as a producer with this approach, you will find it particularly exasperating, not only because it may produce a lesser effort for the client, but also because the situation can be easily avoided. The answer is in niche marketing.
Niche marketing involves offering services in a specific field for which you have a strong background or affinity. For example, I started in the insurance industry in 1986 as a medical professional liability underwriter for hospitals, nursing homes, and other health care providers. When I switched to the insurance agency side in 1999, I was able to use my underwriting background to speak intelligently to someone such as a nursing home administrator and employ my knowledge in our discussion so that the customer would realize how much I knew about their industry. By gaining their trust with my knowledge, it increased my ability to secure their business.
How to find your niche
Suppose you do not know what niche to go after as a producer. If so, then research the possibilities using the following three questions:
1. What did you do before entering the insurance industry? If you worked in a specific industry such as hospitatality, construction, or retail, it might be worth your time to serve that niche as an insurance agent.
2. What are your hobbies or favorite pastimes? For example, if you like gardening, why not consider offering coverage to greenhouse operators? Most likely, you already speak their language and know what hazards they face and can apply them easily in your sales approach.
3. If you could do anything other than insurance, what would it be? Imagine your dream job, and the passion you have for it will translate into keeping your interest alive as you pursue and research that industry group.
Are there any fields which you should avoid picking as your niche? Yes — those that are technical in nature and those in which you have no expertise or background. Unless you have had some past experience in your life, avoid these industries when selecting your niche. Otherwise, the sky’s the limit.
Following through WITH your niche
Once you have selected your field of interest, check the Internet for associations close to home and join several of them. Get involved on boards and committees and start networking. Remember that with any association you join, the key goals are to be patient and persistent. Every group has a list of members — learn who they are by name and take time to get in front of them and introduce yourself as many times as you can, including by phone and email, but without asking them for the sale. You want to be known as a family member of the association, not as the pushy agent in the group. Timing is everything.
Besides participating in your business associations, attend industry trade shows and have a booth that will allow you to share your talent and information with others. Attend educational classes on insurance. You may be pleasantly surprised to find that you can extend your network through the people sitting right next to you in class. Write articles in newsletters and volunteer to speak at meetings on insurance-related topics that hit home for your specialized niche, and periodically send interesting articles to prospects so they see your name over and over.
All these efforts will increase your visibility as an expert on insurance-related issues for that niche. Therefore, when you call on prospective clients, chances are they will remember your name, which will increase your chances of making a sale. Once you write a handful of policies, you can use your clients as referrals to grow your book, and pretty soon they will be calling you. Patience and persistence are definite assets.
The great thing about our industry is that every business needs what you are selling — insurance. Without it, the business world as we know it would not operate properly. Be proud that you are in the insurance field, and show that pride by pursuing your favorite activities via niche marketing.