April 18, 2014 by Kristine Garrett
Choosing the correct segment—target audience—for a marketing message can dictate its success.
Segmenting allows you to use the information you know about someone—such as gender, age, income or interests—to create a persona/client profile.
According to Eloqua,1 a leading provider of marketing automation and revenue management software, “Personas are fictional characters created to represent your ideal buyer.” Click here for a sample client profile.
When creating a persona, recognize that there are different types of clients. Look at your client list and prioritize what type of client is most important to your business. For example, you may work with clients in different life stages such as pre-retirement or retirement. Which one of these segments is the most beneficial to your business? Create that persona first.
Click here to download a client profile template to help you complete your persona.
Here is an example of a segment you might look for in your database to market life insurance.
- Workshop attendees: Keep track of workshop attendees in your database. And, record what workshop they attended. Creating a follow up campaign will help keep you top-of-mind after the workshop—and hopefully, when they are ready to buy.
When you are ready to create your next marketing communication, choose your segment or persona first so your message resonates. Remember, you can use multiple segments to narrow your marketing message such as: women who attended a workshop on estate planning.
The next step in creating a relevant message is to decide on your desired outcome. The next bog will go into detail about how to create a call to action.
1Pacheco, Claire. “EloquaU Power Hour: Creating Buyer Personas.” Topliners. Eloqua, 7 Feb 2014. Web. 28 Feb 2014. <http://blog.biltd.com/wp-content/uploads/2013/11/SalesFunnel_2.jpg>.
March 24, 2014 by Pat Lanigan
Although most Americans view life insurance as a necessity, many are underinsured or have no life insurance at all.
Here are some facts from LIMRA’s life insurance consumer studies:1
- Almost 9 in 10 Americans view life insurance as a necessity.
- Only 6 of 10 Americans surveyed said they actually own some sort of life insurance.
- Half of American households said they needed more life insurance.
Why aren’t people buying the life insurance they feel they need?
Competing financial priorities and overestimating the cost are two factors. But according to LIMRA the primary reason people do not buy life insurance is simple—indecision.1 People don’t know how much life insurance they need or what kind to buy—so they procrastinate.
Fortunately, LIMRA has identified five tips to help move your client or prospect from procrastinator to buyer.1
- Conduct a needs analysis. “Consumers who get one are considerably ‘more likely to buy’ than consumers who don’t.”
- Make a recommendation. “…producers who recommend an amount of insurance to buy ultimately sell more policies, at a 60 percent higher coverage level.”
- Meet directly with clients and prospects.“More than 7 in 10 life insurance shoppers who met with a producer face-to-face bought a policy.”
- Raise the issue. Among households who say that they are likely to buy life insurance in the next year, “…35 percent say they have not yet bought…because no one has approached them about it.”2 And, “One-quarter of life insurance shoppers consider life insurance only after a producer initiated the discussion.”1
- Be persistent with follow up. “More than one-third of (life insurance) shoppers said the producer should have followed up with them while they were still deciding whether to buy.”
To learn more about selling life insurance and sales strategies offered through Brokers Life, call us today at 866.528.7933 or visit www.BrokersLifeGroup.com.
1 “Insure Your Love.” LIMRA. N.p., n.d. Web. 24 Jan 2014. <http://www.limra.com/uploadedFiles/limracom/About/Insure-Your-Love -2013.pdf>.
2 “Facts About Life 2013.” LIMRA. LIMRA. Web. 24 Jan 2014. <http://www.limra.com/uploadedFiles/limracom/Posts/PR/LIAM/PDF/Facts-Life-2013.pdf>.
©2014 Brokers Life Marketing Group, LLC. All rights reserved.
March 17, 2014 by Travis Redfern
Firm name: partner, Secure Retirement Solutions, Green Bay, WI
Licenses: life, health, property, casualty
College: University of Wisconsin, bachelor’s degree in business administration
Dean Listle had built a solid career in sales and consulting when he decided that he’d had enough of working around the clock, and flying around the country.
Having had a long career that involved finance and corporate budgeting, he didn’t think it was too much of a leap to switch gears and move from helping companies with their money to helping people with their finances.
Two years later, Dean is settled comfortably. He’s a people person with a penchant for numbers, so helping people navigate important financial decisions has been a good career choice.
What have you learned since switching professions?
My background was mainly dealing with sports leagues, putting together products and services for them; or representing their companies. Talking to a board of directors is one thing. However, when you sit down and talk to someone who is ready to retire, and has a finite amount of money that means the world to them, you have to look at things differently.
What’s a good way to approach a conversation with a client?
I approach them one way all of the time. I lean back in my chair and fold my hands in front of me and let them know there is no right or wrong answers, because we’re swapping ideas and just talking. Then you can see them go from clenching their hands on the arms of the chair to relaxing.
What’s one thing you’ve learned from a mentor that’s been important to you?
What was brought up to me—and it’s not always an easy thing to abide by because we’re human—is to treat others like you want to be treated. When I am speaking with someone, I try to put myself in their shoes: “What would I think if I were on the other side of the table?” If you abide by that premise, you’ll be successful whether it’s in this industry or any other.
What do you like most about the work you do?
People. I’m definitely a people person. I always have been, and always will be. You can enjoy things with people. You can mourn with people. You can connect with people. It always comes down to people. I’m always amazed at how many people in a sales position need to talk more than the client or prospect. We have a saying in our office, “You have two ears and one mouth. You should always listen more than you talk.”
March 13, 2014 by Rebecca Prescott
One of the quickest ways to build brand recognition is to give back to—and make an investment in—your community.
But before you open your wallet for a charitable donation, or roll up your sleeves for some community service work, take stock of what it is you have to offer your community.
There’s a phrase called strategic philanthropy, and its definition is self explanatory: Choose your philanthropic ventures based on your business goals.
Doug Conent, the former president and CEO of the Campbell Soup Company, likens philanthropy to a method of conducting research and development for your business.
“I encourage companies to view philanthropic investments as incubators for promising ideas and a mechanism for understanding both community and corporate needs,”1 he wrote in an article for McKinsey & Company.
For financial professionals, it might be a great way to generate leads or help build credibility in your community. As a volunteer, you become a resource and partner in the community.
Here are some ways to practice strategic philanthropy:
- If you’re a professional whose strategy is to educate customers, offer to provide free financial counseling to lower-income families or single parents.
- If you’re looking for mass appeal, consider a larger donation to a group in your community that has a high profile. This increases the amount of promotion you’ll receive.
- If your goal is to cultivate customers in their early retirement years, offer to give a presentation on the basics of using a 401(k) to a local young professional’s organization through the Chamber of Commerce or Jaycees.
- Try not to turn away the school carnivals and after-prom committees. The amount they request is usually small, so try and support as many as you can. The parents asking for these donations need financial professionals.
For more ideas, read this article on the value of small business philanthropy.
Take a minute to think about how you can give back in your community. Because it does more than help you feel good on inside. It’s good for business.
1 Conent, Doug. “Why philanthropy is R&D for business.” McKinsey on Society Voices Expertise Our Practices Economic Development Social Innovation Education Sustainability Global Public Health Tools – See more at: http://voices.mckinseyonsociety.com/doug-conant-corporate-philanthropy/
February 17, 2014 by Travis Redfern
Steve Hudziak is all about the interview. He knows that the best way to figure out a client’s true needs is to respect the science of the interview.
That doesn’t mean that all Steve does is ask questions (even though he asks a lot of questions). But he also pays close attention to body language, and makes sure his reactions match their actions.
And he knows that the sale doesn’t come from the first appointment. It comes from subsequent meetings, and getting to know the person.
Most importantly, he’s built his success on referrals. He’s built a large clientele, and treats them all like family. And that’s why we’ve chosen him for our next installment in our agent interview series.
Firm name: Co-owner, Secure Retirement Solutions, Green Bay, WI
Years in industry: 24
Licenses: Life and health; member of the National Ethics Bureau, Better Business Bureau, and Financial Planning Association.
College: University of Wisconsin, Madison, bachelor’s degree in marketing and finance
1. Why do you choose to work with an independent marketing organization, like Brokers International?
At Brokers International, if you need them, they’ll come to bat for you.
From the first time we sat down with Brokers’ leadership, we knew almost right away that we would be moving our business. [Brokers employees] are more like us. We’re down to earth. We want to be fair to them. They want to be fair to us. We all want to do what’s right.
2. What are the methods that you use to get to know your clients?
If you treat clients sitting across from you like they are your family, and you’ll do anything for them, they’re going to come back to you.
I like to see how they sit in their chairs. We have round tables in our office, because when you have people sitting around, you’re not sitting across someone so there’s not a barrier. You feel like you’re in a family setting.
I always ask open-ended questions. If you wait, and ask the right questions, they tell you a lot of things, because you’re really digging into hot button issues.
I like to use the Sandler Pain Funnel strategy, which really helps me to get to know them.
3. Tell us about a recent interaction with a client where you really felt like you helped them.
A client that I’ll call Jane had just turned 60, and her husband had worked for 36 years at the Georgia Pacific Corporation in Green Bay. He was planning to retire, but got cancer and passed away suddenly. She had no one to help her with the paperwork that accompanied his death. They had made such an impact on me that I continue to work with her.
I will do anything for that lady and her late husband. He was good people. He would have her email us lists of people at Georgia Pacific that needed our help.
I recently met with her and her daughter last week to review her strategies. It was kind of a tear jerker just because I got close to him. And I thought about someone working his tail off for all those years and didn’t get to spend it and enjoy it.
Sometimes you get close like that. She’s already sending me more people. That’s just how we are here—we treat clients like family, like parents sitting across from us.
This material is being provided as a service to you. Please note that the information and opinions included are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Broker’s International.
February 10, 2014 by Kyle Pieper
January has come and gone, and you should have some questions about how to plan for a successful 2014. Those questions could be:
- What have I done to plan for 2014?
- Do I want to take my business to the next level?
- How do I handle dormant clients?
- What do I do with clients that are time consuming but are generating no revenue?
This blog focuses on the heart of your business—clients. Clients aren’t customers. Customers are a commodity. Clients have a relationship with you, one that goes far beyond an inventory of their accounts.
If you have more customers than clients, you really need to take a step back and evaluate why they are not clients. Dig into your database and identify the people that haven’t done business with you in a while. Ask these questions about them:
- Are you building a relationship?
- Are you truly helping them in a holistic manner?
- What value are you adding to your client’s situation?
- Are you just one of the people they go to for specific financial products?
Now that you’ve asked (and hopefully answered) these questions, you should start to see some opportunities to reconnect with your clients. In the next installment of this blog, I’ll go over some strategies on how to beef up your referral business.
If you need additional ideas, don’t hesitate to contact me. I’d be happy to help you dive deeper into your database and grow your business. Call me at 877.886.1939 or email me at firstname.lastname@example.org.
January 30, 2014 by Kristine Garrett
As the definition of the traditional family changes, so does the traditional female role.1 More than ever, women are taking leadership roles in the home, at work and in the marketplace.2
Yet, the financial services industry has been slow to accept women in their new role as chief financial officer of the household.
In my previous blog, “Who bought the kitchen table,” I discussed the failure of the financial services industry to connect with women, and cited the need for effective communication in order to acquire and retain female clients.
The “Women, Money, and Power Study” commissioned by Allianz Life Insurance Company of North America (Allianz) supports these findings, and identified four factors financial professionals must understand before effectively communicating with women.3
The first step is to understand why you should target female clients. The Allianz study gives several reasons:3
- Lack of knowledge: The study discovered 90% of the women respondents feel at least somewhat financially insecure. Help women feel good about their financial decisions in your effort to become a trusted resource.
- Referrals: Women typically have a larger circle of influence than men and tend to give more referrals. By gaining her trust, you may get access to her networking system.
- Loyalty: Acquiring a female client may take more effort initially. But, if you build a relationship with her, she’ll be a loyal customer.
- Women and legacy: To women, legacy is more than wealth transfer. It’s about handing down values, traditions and memories. Take a holistic—not just a financial—approach.
- Impact of Divorce: Many women say that divorce changed their financial outlook. These divorcees may want to handle their money differently and could potentially be good prospects.
- Mortality rates: Women live an average of 5 years longer than men.4 So, not only are women assuming control of more wealth; they will likely be responsible for their wealth longer.
- Small-business ownership: Women-owned businesses have shown rapid growth. This represents an emerging opportunity for financial professionals.
Now that you understand why you should target female clients, we are ready for the next step in effectively communicating with women—understanding how life events influence financial decisions. Watch for my next blog in the series.
1 Allianz Life Insurance Company of North America, “The Allianz Women, Money, and Power Study: Empowered and Underserved” (2013) available at http://www.biltd.com/CarrierMaterial/Allianz/ENT-1462-N_FINAL.pdf.
2 FleishmanHillard and Hearst Corporation, “Women, Power & Money: Wave 5″ (2013) available at http://cdn.fleishmanhillard.com/wp-content/uploads/meta/resource-file/2013/women-power-money-white-paper-1374761552.pdf
3 Allianz Life Insurance Company of North America, “Help your clients find solutions that fit.” (2012) ENT-324-N
4 National Vital Statistics Reports, Volume 61, Number 3, September 24 2012.