For Accuracy Use a Rifle, Not a Shotgun

For accuracy use a rifle, not a shotgun

You could be some things to all people, or all things to some people, but you can’t be all things to all people. Yes, you have probably heard this before but have you applied this fundamental truth to your investment business?
Many investment reps work very hard to get any type of prospect they can and then do their best to solve that prospect’s needs to make them a client. These reps are marginally successful but sometimes burn out from the search. Many of the most successful reps have found a niche, become an expert in that niche, and the referrals and sales become automatic. This Target Marketing approach is working smarter, not harder.
Here are some tips on developing your own target market;
·         Find your niche- start by evaluating your existing clients to determine who you enjoy working with. Look at both individual and business clients.
·         Evaluate your target market- do some market research to find out as many details about your market as you can. For example, let’s say your market is going to be advertising firms. How big is the market, is it worth pursuing, what kind of concerns do the owners have, do they have a trade association, how do they communicate, who are the players, when do they have time to meet, what are they doing now for financial services if anything, do they have special but common needs or circumstances, etc.
·         Get involved- subscribe to their publications, increase your knowledge, join their trade association, be a guest speaker at a monthly meeting (warning- they love to have speakers but resent just a sales pitch)
·         Don’t throw the baby out with the bath water- don’t stop doing what has made you successful up to now. Add this as a part of your business allowing it to consume only about 10-15% of your time. Let it grow naturally.
In the long term you may find yourself working more efficiently and more profitably. Good luck and good marketing.