MARKETING
Gaining traction with
target marketing
We recommend
researching at least
four to six markets,
because if one or
two fall off, you still
have others to be
involved in.
One of the biggest challenges with target marketing is getting traction. There could be a
variety of reasons for this, but most often it is due to approaching the market the wrong way.
There are a few ingredients that need to happen to find success with target marketing, not just
in the short-term, but in a long-term sustainable approach to your business.
Markets are NOT just a demographic
A target market is a defined group of people who network and communicate. Networking
and communicating is a key ingredient most businesses miss. If you simply look at a market as
a demographic, you still have to find where that demographic networks and communicates to
access the market. If you identify the groups, organizations and associations where members
network and communicate, you can get inside the group, build relationships and become the
go-to resource.
Ask J.A.M.E.S.
To help determine if a market truly qualifies as a target market, you can call on my friend
J.A.M.E.S. He is an acronym that will tell you if the market you’re considering qualifies as a
target market.
J
JOIN. Does an organization or association exist for the market that you can join or
access?
A AFFINITY. Do you have long-term interest in this market? If it’s not something you’re
interested in long-term, you’re probably not going to stick with it.
M MEETS. Does the organization or group meet at least 6 to 12 times a year? If the
organization only meets once a year, what will you do for the other 11 months? You’ll
have to look for other prospecting activities.
Tiffany Markarian has been
helping BGAs, wealth advisors and
insurance professionals advance
their business momentum since
1995. She is a frequent author for
industry journals and has spoken
at numerous industry conferences,
including FPA, FSP, NAILBA, GAMA,
and regional broker/dealers. She is
the Founder and Managing Director
of Advantus Marketing, LLC and
can be reached at (617) 312-0591
[email protected] or
on Twitter @AdvantusMktg.
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Perspectives
Q1 2020
E ECONOMICALLY VIABLE. Are the members of the organization willing to engage with
the services you provide? Is the only association multiple states away? Is it economically
viable for you to travel to meetings? And what about the dues or sponsorship required
to be part of this group? If it’s thousands upon thousands of dollars, is that going to be
economically viable?
S SIZE. Is there at least several hundred members in the market? If not, it may not be big
enough for you to sustain your practice.
We recommend researching at least four to six markets, because if one or two fall off, you
still have others to be involved in.
Once you identify a qualified target market, be relatable to the members. Discover their
needs, preferences and challenges and speak in ways they can understand — not product
jargon. Articulate how you help solve their problems and advance their opportunities.
Target marketing can be extraordinarily successful, but you need to approach the market
in the right way. Communicate your value, deliver on the client experience and you will be on
your way to sustainable growth in your marketplace.