It's every salesman's dream come true – the ability to read the mind of the prospect.
Unfortunately, few, if any, people possess that kind of Uri Geller ESP expertise. So important is knowing this information, though, that providers are willing to throw a ton of money at market research firms who promise to divine the answer. But, what if I told you there was a way to get spot-on market research at virtually no cost?
Would you be interested? Would you be willing to make the effort to get this information?
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I'll tell you how to do it, and, then, at the end of this article, I'll give you a quick and easy one-time shortcut.
To begin, make a list of keywords you think might be important, then go to favorite keyword search tool and see how they score.
Of course, I'm lucky. I don't have to do that. I can simply us Google Analytics and see what were the most often used keywords to access FiduciaryNews.com. That gives me great insight for the entire spectrum of industry concerns. You could do the same thing with your firm's website. That will at least give you a hint on how your market views your position.
A more direct way of finding out what's on the mind of the market is to go to their favorite social media haunts. But be careful here. There's a difference between LinkedIn groups that 401(k) plan sponsors are interested in and LinkedIn groups that 401(k) service providers are interested in.
Sure, there may be some overlap, but not always. Now, don't make a rookie mistake and start interacting with those "pure" plan sponsor sites. More often than not, you risk being labeled a site pest. Understand (and accept) your purpose in this group. It's not to engage (which is contrary to what all those social media gurus tell you), it's to listen. Listening means keep your mouth (or, in this case), keyboard, shut.
If this sounds like too much work for you, you might want to try going to the online professional media. See what publications — e.g., BenefitsPro.com – are most directed to your prospect base and read their content. Over time, you'll see a pattern to their articles. Better yet, and this usually occurs on either side of year-end, the publication will publish a list of its most popular articles. This, too, will reveal the important issues of the market.
Along those lines – and this is the short-cut I referred to before – check out "5 Articles That Define the Most Important Issues for the 401k Plan Sponsor and Fiduciary," (FiduciaryNews.com, January 6, 2014). It'll show you a great example of letting publication lists easily, and quickly, tell you what your prospects are thinking. And you don't need a Uri Geller or a market research firm to help.
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Christopher Carosa
Chris Carosa has been writing a weekly article and monthly column for BenefitsPRO online and BenefitsPRO Magazine since 2011 and is a nationally recognized award-winning writer, researcher and speaker. He’s written seven books, including From Cradle to Retire: The Child IRA; Hey! What’s My Number? – How to Increase the Odds You Will Retire in Comfort; A Pizza The Action: Everything I Ever Learned About Business I Learned By Working in a Pizza Stand at the Erie County Fair; and the widely acclaimed 401(k) Fiduciary Solutions. Carosa is also Chief Contributing Editor of the authoritative trade journal FiduciaryNews.com and publisher of the Mendon-Honeoye Falls-Lima Sentinel, a weekly community newspaper he founded in 1989. Currently serving as President of the National Society of Newspaper Columnists and with more than 1,000 articles published in various publications, he appears regularly in the national media. A “parallel” entrepreneur, he actively runs a handful of businesses, including a small boutique investment adviser, providing hands-on experience for his writing. A trained astrophysicist, he also holds an MBA and has been designated a Certified Trust and Financial Advisor. Share your thoughts and story ideas with him through Facebook (https://www.facebook.com/christophercarosa/)and Twitter (https://twitter.com/ChrisCarosa).
