2015 MDRT Annual Meeting e Handout Material. Establish a Strong Niche Market Presence in Four Easy Steps

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1 2015 MDRT Annual Meeting e Handout Material Title: Speaker: Establish a Strong Niche Market Presence in Four Easy Steps Carleton Hollister Presentation Date: Tuesday, June 16, :00 11:00 a.m. The Million Dollar Round Table (MDRT) does not guarantee the accuracy of tax and legal matters and is not liable for errors and omissions. You are urged to check with tax and legal professionals in your state, province or country. MDRT also suggests you consult local insurance and security regulations and your company s compliance department pertaining to the use of any new sales materials with your clients. The information contained in this handout is unedited and errors, omissions and misspellings may exist. Content may be altered during the delivery of this presentation Million Dollar Round Table Million Dollar Round Table 325 West Touhy Ave. Park Ridge, IL USA

2 Carleton Hollister Establish a Strong Niche Market Presence in Four Easy Steps Comfort Level Everyone has a MARKET segment that they are comfortable interacting with and speaking the language of. Blue Collar Workers Attorney s and CPA s High Net Worth Doctors Comfort Level Everyone has a AGE segment that they are comfortable interacting with as well. Mature Families Young Families Seniors Pre- Retirees 1

3 Early in Your Career Repeat Story Comfort market Enthusiastic presentation Existing skill set Experienced Career Repeat Opportunity Knowledge market Rehearsed presentation Improved skill set Experienced Professional Drive Opportunity to You Targeted market Educated presentation Developed skill set 2

4 Look at Existing Client List You enjoy working with them They trust you and enjoy working with you Glad to refer you based on relationship Similar clients equals high confidence Allows you to provide similar solutions Marketing to Existing Clients Newsletters Holiday Postcards Birthday & Anniversary Cards ON LINE HAND-OUT Marketing The process of building name recognition through a variety of means, including personal contact, , seminars, mailing and advertising. Drive clients and referrals to you without contacting them directly. Niche Market Existing Marketing System Niche Marketing Materials 3

5 What is a Niche Market? A group of prospects that have similar needs and solutions, as well as a common goal or issue they are dealing with. Similar solutions Identifiable Niche Market Specific needs Common issues Examples: General Niche Market Pre-retirees A person who is years old with a household income of at least $75,000 Retirees A person who is years old with investable assets of at least $100,000 Newly married Professional couples with at least $100,00 in their household income Public school teacher Teachers that are 1-5 years away from retiring, within a 30 mile radius Market vs Product Oriented Generally more successful when approaching a target market with a great number of product solutions. LTC RETIREMENT LIFE INSURANCE 4

6 Step 1: Establish a Niche Market Affinity to a certain group? Contractors Small business owners Specific industry Local companies or corporations A group in your region with similar issues? Business Association Public school teachers State employees Women s organizations Step 1: Establish a Niche Market Natural affinity to a certain group? Contractors Small business owners Specific industry Local companies or national corporations A group in your region with similar issues? Business Association Public school teachers State employees Women s organizations Is a pending event causing concern? Change in pension rules Changing Government regulations Buy-out opportunity from employer Retirement / S. Security In-service withdrawals Time to Think Give yourself permission to work: On your practice, not just In your practice. Schedule one hour a week to begin thinking and formulating your plan. You will be amazed at the results 5

7 Step 1: Establish a Niche Market Once You Determine The Market You Want to Pursue Interview existing clients or people you know in that market. Research the Market, Read Newsletters and Blogs Build Your Prospect List Prospects Organizations Chambers of Commerce The Builders Association Businesses Step 2: Develop Marketing Materials Biggest Retirement Mistakes For Teachers and State Employees 6

8 Market Specific Brochure Targeted Information Prepared concise message Checklist / Call to Action Brief Biography Market Specific Booklet Written by You Addresses Key Issues Biggest Retirement Mistakes For Teachers and State Employees Causes Questions Creates Need for Help Coupon for Free Meeting Encourages People to Meet No Cost or Obligation Alleviates Fear Establishes Value 7

9 Information Packet Labeled or Imprinted folder Builds Credibility Contains Brochure and Booklet Brief Biography Note Paper, Pencil etc. Additional Marketing Tools s Written and Approved Letters Written and Approved Note Pads with Logo Imprinted Pencils or Pens Step 3: Develop Marketing Calendar Dates Functions Responsibilities 8

10 Marketing Calendar DEFINE EACH STEP Method of reaching the prospect personal, or mail Prepared message short concise , letter or targeted brochure Schedule of seminars and informational sessions Deadlines by when specific tasks need to be completed Who is responsible to complete each task (not always YOU) Identify Specific Groups Purchase Leads? Harvest s Gather Directories Visit Websites Personal Resources Timing is Everything Allow enough time for Development Allow time for Printing Strategic Schedule for Seminars and and Informational sessions Determine best dates for communication 9

11 Identify method of contact Introduction letter Informational brochure Informational Seminars or Information Sessions Personal phone call or contact In-Person meeting Appointment Scheduled DESIGN POSTCARD ORDER POSTCARDS RECEIVED From PRINTER MAILED TO CLIENTS Step 4: Develop A Campaign Implement Marketing Program Coordinate Materials & Dates Identify contact method Identify specific groups 10

12 Step 4: Develop A Campaign Refine Your Message: People will tell others that they came to your seminar or visited with you, GOOD or BAD Make sure that your message is clear so it speaks to the issues at hand. Talk about what is Important to Them! Proper Staffing Must be willing to invest in good staff people. Not possible to handle all these tasks yourself and still service your clients. Campaign Sample: Retirement Roadshow PRIMARY ISSUE: The State of Ohio changed the Retirement Rules from 30 to 35 Years NICHE MARKET: Public School Teachers within 5 Years of Retirement PENDING EVENT August 1,

13 Campaign Sample: Retirement Roadshow Public school employees Central location Convenient dates Convenient Times Determine Schedule Public school employees School Districts within 30 Mile Radius s and Addresses 12

14 Central locations Seminars at centrally located venues that were easy for attendees to get to. Country Clubs Hotels School District Administration Building Classrooms on Campus at University Convenient dates We scheduled every Monday and Thursday evening for January and February. In the U.S., Jan. 19 th is Martin Luther King Day and all school and state employees have the day off. Convenient Times Single presentations started at 6 PM to insure couples could attend. At the colleges, we did 4 PM and 6 PM sessions, and many employees came straight from work. Martin Luther King Holiday 1 PM, 3 PM and 5 PM making it easy for people to plan their day. 13

15 Campaign Development CONTACT We utilized an contact service. is compliance approved ahead of time Sent out at strategic times and dates, so the prospect is more likely to read them. Campaign Development DIRECT MAIL The seminar brochure is addressed and mailed directly to each prospect at their school location. Divided and sent in batches so all brochures did not reach the school in large piles. Hopefully no more than 20 per day. Campaign Development REGISTRATION: Survey Response Service Registration Establishes Credibility and Urgency Link is included in the Register without a phone call. Registrants provide contact info. Allows us to plan for numbers 14

16 Campaign Development CONFIRMATIONS: Registrants received a confirmation and post card. Confirms the location, date and time of the presentation. Retirement Roadshow logo At Sessions: Attendees Receive A high quality Roadshow information folder Containing: My biography, budget sheet Biggest Mistakes booklet Sample pension print-out Note paper, scratch pad, business card and pencil Discovery Session Coupon Evaluation form for comments and to request appointment After Sessions: Attendees Received: Thank you with attached handouts. Thank you letter for attending, encouraging them to schedule their Free 90 Minute Discovery Session. Registrants Received: Registrants who did not attend received a packet in the mail with the booklet, coupon and my contact information. 15

17 Appointments Schedule an appointment at the seminar Received confirmation card right there Reminder call two days before the appointment. Contacted later, when they requested Ongoing Contact With the information received during the registration process, including phone and . Make follow-up contacts over the next several months. Many schedule to meet during the summer. Mail or newsletters 5 times per year Occasionally provide updates on their specific market issue. Results 2015 Roadshow: January and February 22 Sessions over 14 Dates in 8 Weeks 750 People Registered 600 Attendees Appointments Dozens and still counting Over a 3 Year period I have spoken to 2000 people. 16

18 Differentiate Yourself No longer good enough to be an experienced financial planner! By Targeting a Specific Market Truly set yourself apart from the rest. Specialize in these specific clients! Specific knowledge of your market! Maintain high confidence! Continual and consistent message! Establish excellent referrals! YOU HAVE THE TOOLS Today you were given the tools and steps to develop your own niche market. Do One Thing when you get home. The sooner you use these tools, the sooner you will build your practice towards your ideal clientele. Be considered the Go To person! The expert! 17

19 Conclusion Step 1: Establish a niche market Step 2: Develop marketing materials Step 3: Create a marketing calendar Step 4: Implement a campaign Result: Ideal client s Go To person THANK YOU! Carleton Hollister Establish a Strong Niche Market Presence in Four Easy Steps 18

20 HANDOUT Marketing Calendar for Existing Clients Holiday Post Cards 4 touches per year These four dates are printed on the calendar to make sure they are not forgotten. Printing Date When cards are ordered from printer Preparation Date When cards are organized and addressed Mailing Date When cards are mailed When we send e-cards for those we reach by Newsletters 5 touches per year We mail newsletters out to our top 125 clients five times per year. We subscribe to a newsletter service that provides a full color newsletter, complete with my photo, bio and contact information. The articles are all pre-compliance approved, so my assistant prints the address labels and mails the newsletters when they came in. We also have a version that we . Annual Reviews 1 to 2 touches per year We have a defined annual review system. For example, our clients are grouped into review months. At the end of each month, my assistant prints out letters requesting a review meeting with each client in the defined group. After they have received their letter, my assistant calls to schedule the review appointment. Over the next week or so, most of the clients call in and schedule their meeting.