Where will you look for prospects to build your book?
Emulate the focused approach of the Olympic athlete. Consider yourself having these 2 potential markets.
I’m pretty sure Olympic athletes don’t dabble. They don’t say, “Maybe I’ll row.” They don’t think, a couple weeks later, “Track sounds interesting” followed by “Look! The Olympics is coming. I wonder what I will sign up for?” Unfortunately, many agents and advisors seem to think that way with their scattered approach to prospecting.
You know what Olympic athletes do. Early in their career, they learn they are good at swimming. They weight train, they exercise, they run, they eat special diets. They compete a lot. They are focused on their goal.
But many agents and advisors approach prospecting as someone might casually approach weekend sports. They try a prospecting strategy. It gets to the point when it’s at the tipping point of producing results and they say: “It’s not working. I’ll try something else.” Maybe the catalyst is a friend saying: “I just started this prospecting program. It’s supposed to be great…!”
A financial advisor I met in California told me: “You can chop down a tree with a hammer.” What that means is, persistence pays off. The Olympic athlete is persistent, constantly seeking to improve their performance.
Where will you look for clients, to build your book?
You want to emulate the focused approach of the Olympic athlete. Consider yourself having two potential markets:
- Where you work. You work long hours. It’s in the business district. A major part of the successful agent’s job is finding new clients. There’s lots of opportunity within walking distance.
- Where you live. It’s in the suburbs. You are in a high income area. It’s where you play golf. Your children attend school nearby. You are surrounded by people needing insurance or investments.
Choose one. Make it your focus, like the Olympic athlete who chose swimming at an early age. This doesn’t mean you won’t take clients from anywhere (you are licensed).
If the Olympic swimmer’s spouse says “The neighbors invited us over for tennis” the swimmer isn’t going to say, “Not interested. I only do swimming.” If you meet an interesting person on vacation and they say: “I’m looking for an insurance agent” you won’t say no. You will say “That’s great! I’m glad to help.”
Pros of building a business where you work
Let’s consider why focusing on business downtown makes sense.
Your gym is in the building. You go every morning before heading up to your office. You are surrounded by executives and professionals.
Executives work nearby. If you get an appointment with a middle manager, lawyer, engineer or accountant, their office is within walking distance.
Your office makes a statement. It’s in an office tower. Dark wood paneling in the reception area. Thick carpeting. Maybe the firm name is out front or on the roof. All this contributes to your credibility.
Specialists are close. Your prospect might have a unique situation. They have a special needs child. You want to bring them in for a consultation. This can happen almost immediately.
The private lunch club. You belong to a City Club. Great for impressing clients and prospects. The membership includes many community leaders. They get to know your name because you see them often.
Abundant prospect pool. Your office building is surrounded by other office buildings. Hundreds, maybe thousands of people work nearby. This includes clients. They can introduce you to their peers.
Prospects are within walking distance. You get a meeting with someone. Grab your coat. You are there in five minutes.
College alumni club is nearby. If there’s a local chapter that does lunches, it’s likely downtown in the business district. Why? It’s convenient because people need to get back to work.
Pros of building a business where you live
You and your spouse worked hard. You saved enough money to move to a nice area. It’s someplace you enjoy.
It’s where you play golf. You joined the country club. It offers golf, dining, a bar and numerous social events. It radiates exclusivity. You should be on an equal footing because you are a fellow member.
You patronize many local merchants. Sometimes you need to become their client first. It’s where you get your hair cut, buy hardware, shop for clothing and get your car serviced. You contribute to the livelihood of others. You are a “regular.” Shouldn’t they be asked to be clients?
Neighbors ask questions. Everyone knows you work in the insurance field. People want free advice. They wonder about ads they have seen on TV. You don’t need to figure out “How can I bring up business” because they are the ones asking questions.
Community involvement is easy. This is where you spend your leisure time. Many people volunteer. Others join social groups. They attend charity galas. They support the symphony. You are mixing with people with the potential to become clients.
Your children attend school. Everyone around you has children. You live in an excellent school district. Parents are involved because they want to keep it that way. Your children play with other children. Parents get to know each other. School sports brings you together on weekends.
Your home is a social entertainment space. In the city, you might take people out for lunch or drinks as part of the cultivation process. At home, these folks are your friends and acquaintances. Getting together for a picnic, BBQ or drinks in your living room is what friends do! You meet their friends. It’s a lot cheaper than buying food and drink downtown.
People are relaxed. When meeting with people downtown, there’s the pressure of work. They are thinking “I’ve got to get back to the office. How long will this take?” If you’ve been to New York City, you get the feeling everyone needed to be somewhere else five minutes ago. At home, people unwind. They talk about personal things.
It’s easy to meet people. You join the right groups. You see plenty of new faces. The current members want the new folks to feel welcome. There’s an atmosphere of acceptance. You get a steady supply of new neighbors. People get relocated because of their jobs. Others get older and decide to downsize. New folks move in. They don’t know anyone. Now they know you. They probably need an insurance agent.
It’s easy to make a case for one or the other. Like the Olympic athlete, once they choose their sport, they are committed. Once you choose your market, you need to actively cultivate it, generating a steady pipeline of new prospects. You want to be “the insurance person” everyone knows and likes.
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