Are you missing out on sales by being too broad? It’s time to niche down in order to bring your sales numbers up.
One of the top reasons for missing out on sales is being too broad. When you define your true customer, are you saying, “Everyone”? Well, in this day and age, then it might as well be no one.
The reason you need to niche down is that you have a limited amount of resources. Both your time and your money are limited resources to put towards acquiring clients. Consequently, if you spread your resources too thin, they will be powerless in working towards your sales goals.
Concentrating your resources in one area though (aka niching down). . .
Now, that can be powerful.
Finding Your Sales Niche (i.e. your ideal customer)
- To start finding your sales niche, first define what your customers look like. What are their demographics – age, locations, jobs, point in life, interests, etc.
- Decide what core products you have that meet what these customers think their needs are.
- Decide when these customers want to purchase your products and services.
- Finally, how do they like to buy. Does their age group prefer online interactions? In person? What other avenues do they pursue in solving their insurance problems?
How to Niche Down: A Powerful Example
One good example of how finding your niche sales area can be effective, is with online marketing. To start, in the online marketing space, we all need people to find our website.
- The way they find you is via search – most likely with Google. If you tell Google that your business’ focus is “insurance sales,” then just about no one will find you. That is too broad of a focus.
- Instead, if you tell Google that your focus is “Commercial Insurance Sales in Bend, OR,” then people will have a much better chance of finding you.
Workers’ Compensation Insurance Sales Niche
If you are an independent commercial insurance agent or broker, workers’ compensation insurance is a great example of an insurance niche that can be very lucrative. Moreover, if you are an agent that focuses on workers’ compensation insurance for companies that are in hard to place class codes, then you really have an opportunity to grow your busines.
Foresight Commercial Insurance offers a workers’ comp product that provides both insurance coverage and an included safety management service for insureds in hard working industries. Construction, manufacturing, agriculture and industrial companies can all benefit from both safety and savings using Foresight’s workers’ comp. As an agent, you have a great opportunity to attract companies in these industries with Foresight’s innovative comp products.
Contact us today or fill out our appointment form if you are interested.
Action Steps to Bring Sales Up
Unless you are a giant corporation with millions of dollars to put towards reaching everyone, you need to find a niche. (Moreover, even giant corporations have limited resources and have to set up marketing boundaries.)
You can “niche down” to your target market in all your marketing. Focusing small, or strategically narrow, will help you to bring sales up! Try it out, and then let us know how it goes.