“Clients over the age of 70 have ‘concreted over’
and don’t want to move money. There is one event
that will put a jackhammer on that concrete…”
Imagine the ideal client
Let’s say you would like to sell LTC insurance. More
specifically asset-based hybrid products. Most would say
the target market is under 65 years old. There’s only one
serious problem with that age group. They don’t want LTC
insurance. But they are insurable. Yeah, but they don’t want
it. Why? They aren’t sick, that’s why. So, target sick people
because there are solutions for them. More importantly,
their spouses, siblings and children may not be sick, but
they have now become aware of the need for LTC products.
My good friend, Don Quante has cracked the code on LTC
insurance sales. He chooses an older demographic who is
more likely to be sick, addresses their problem with sound
financial and legal solutions and insures immediate and
extended family as a bonus.
Jackhammer to “concreted over” prospect
Client acquisition over the age of 70 is usually not an
attractive target market. They have “concreted over” and
don’t want to move money. There is one event that will put
a jackhammer on that concrete, declining health. Money can
be reallocated for most retirees whose health is failing. They
may need to pass the control to a spouse or family member
who is willing to change advisors. Since most advisors don’t
work in the LTC insurance world, someone who does has an
advantage. Always remember, to gain a new client who has
money, you must have a distinct advantage. To get into the
subject deeper, Don is a great resource. He offers his services
to field marketing organizations and their advisors. He can be
reached at 800-800-6004.
Of course, LTC insurance isn’t the only product that solves
problems. Assets under management, annuities, and life
insurance are all designed to solve specific problems. The
products don’t market well, but solutions to problems do
market well.
Offer solutions and they will come
Don’t be afraid or unwilling to be flexible with the
practice. If you are stuck with a stagnant practice, the
future will get worse. You must adapt to grow. There is no
such thing as a static practice. It’s either growing or dying.
It’s going to take time, work and education to continue
a process of adaptation, but that’s what is required of
business to stay relevant. There are plenty of high visibility
businesses to prove this point. Kmart and Sears are just a
couple of examples. Most companies that have not adapted
are, or were run, by obstinate, hardheaded old warriors
who ran their businesses with the motto “that’s just the
way we’ve always done it.” So, the younger folks have come
along, changed the rules of the game and are kicking butt.
I have had to adapt my marketing company to meet
the needs of the changing clientele. If I hadn’t changed,
my business would’ve been in danger of not surviving.
At the turn of the 20th century, businesses that created
leather goods for horse-drawn buggies had to start creating
products for automobiles or fail to thrive. Today, cab drivers
are doing the same thing because of Uber and Lyft. Auto
companies that don’t create non-fossil fuel vehicles will
fail. Companies that won’t deliver goods and services that
adapt to changing demographics and lifestyle models will
join Kodak as a name forgotten. Kodak almost disappeared
because they kept the “we always did it that way” model as
the digital age changed their world.
Your world is changing. Your Field of Dreams is possible
when you build your marketing message around the needs
of your target client.
www.nailba.org
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