MARKETING STRATEGY PROSPECTING METHODS Wale Ogunsola INTRODUCTION This

MARKETING STRATEGY & PROSPECTING METHODS Wale Ogunsola

INTRODUCTION This class introduces the marketing strategy; successful agents use; identifying your natural market and penetrating it using a target marketing strategy.

From Marketing to a Marketing Strategy Marketing begins with your knowledge of the products and service you are licensed or able to sell effectively.

Marketing Defined Marketing is the planning and implementation of a process dedicated to identifying specific consumer needs, isolating groups of people who have those needs, and then producing and customizing the products and services that satisfy those needs.

Marketing versus Selling Marketing involves planning, much of marketing does not involve interaction with a buyer for the purpose of making a sale. Selling is the end result of successful marketing.

Qualified Prospects Need and value: As much as a prospect needs your product they must also want them i. e. value them. Many marketers fail because they confuse the two together. Needs and Values are the main reason people buy Insurance. Qualify: In a situation where a prospect needs and wants a product, but don’t qualify for it i. e. in the case of insurance, someone who is uninsurable. Afford: Refers to two things; firstly selling products to prospects; that would have difficulty paying over a period of time the second is based on what the prospect feels he can afford. Approachable by you: A prospect may have all the required qualifications, but if you can’t approach them favorably, they are not a prospect for you.

Perpetual qualified machine; by perpetual we mean continuous with little further intervention. The best way to create such a machine is through referred leads. For example, if each client gave you two referrals that turned to sale with clients like them your business would grow exponentially. Lower appointment to sales ratio; your strategy should help you decrease the number of appointments it takes to generate a sale, the better you are doing in your sales interview, your prospecting and marketing, or, as in most cases, both. Object of Market Strategy Lower contacts made to appointment ratio; you can also measure a strategy’s effectiveness by whether or not it is resulting in a lower number of contracts needed to set an appointment. Focus and specialization; a good marketing strategy will help you focus on a market or a few related markets for which you can become the insurance or financial service expert.

MARKETING STRATEGY There are two strategies for marketing;

Techniques for Discovering one’s Natural Market • Identifying your natural markets; you can allow your natural markets to develop or you can take some time to identify them. There are two important factors, your personal background and your personal production. • Personal background and history; your personal background and history have a lot to do with defining your natural market. If you know a lot of people in town you will find this to your advantage. If you are particularly young you may have difficulty getting older prospects to respond well to you. • Past personal production; your previous personal production is another major consideration in identifying and selecting markets. It is a clear indicator of where you know that you can do well based on firsthand experience. •

Natural market In approaching those with whom one has an affinity to or have natural access to. Natural markets are a rich source of prospects because you’re working with prospects that already trust you or those you can easily build rapport with. – Affinity: These are friends, family and acquaintances. You have a certain comfort level with them because of these commonalities. – Access: These are people you have access to other than direct personal knowledge or acquaintance. Access means that you can approach a group and gain entry with greater ease because you have something in common. This translates into a personal understanding of their needs and the way they think. •

Target market This strategy targets groups, who have common needs, common characteristics etc. These groups should be small enough; that they are distinguishable but large enough so you don’t run out of prospects. • Benefits • Increase efficiency in your natural market. • Create perpetual qualified prospect machine. • Increase your visibility and prestige. • Provide systematic expansion of your natural market. • Help you identify new opportunities.

Market segmentation There must be a proper delineation of your market

PROSPECTING METHODS Prospecting: This is the lifeblood of your business and must be an ongoing in everyday activity for you. It entails continuously finding new people/clients/prospects, to meet and approach them about your business. It involves drawing up a list of people to meet and contracting them via email messages, telephone.

1. Referrals: People to whom you are introduced to, by someone who knows and values your work. 2. The list approach: Provide your clients with a list of names that you have prepared in advance and ask which of them will value the work you do. Follow up by asking clients to tell you about them.

Centre of Influence (COI) The influential people you know and who agrees to introduce or refer you to others. • Benefits- Strangers will see you when referred by a center of influence because the referral carries with it the prestige of the center. • Developmental steps- Develop the relationship with your center of influence, always think about what you can do to serve the interests of a center and you will always find them willing to promote your cause. Create a win-win relationship. – Define the type of client you want to attract. – Go through your lists of clients and identify the ones who meet the criteria for being a center of influence for the client you intend to attract. – Draw up a list to include as many people you believe your center knows or is likely to know.

Creating social mobility This involves letting people know who you are and where to find you. It also involves being involved in your community and giving people the opportunity to see you working for common interests. • Where you live and your neighborhood. • Where you do business yourself. e g bank, stores, shops, restaurants etc. you frequently use. • Those you pay bills to regularly. • Those you pay bills to occasionally. • Places of leisure. • Where you participate in the community. • Former employers, co-workers etc. • Where you go for help.

Networking The process of continuous communication and sharing of ideas and prospects names with others whose work does not compete with yours, but whose clients have the tendency of becoming your clients.

Cold canvassing This involves on the go movement from door to door looking for clients. Its challenging, time consuming and rarely unproductive as getting referred leads from clients or centers of influence.