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Get success in your insurance company with determine the target market appropriately

Wednesday, July 31st 2013. | Marketing

Like any small business owner, insurance agents need to know who their customers are. Most of people may need the insurance from companies that need large health insurance plans for a huge employee base to individuals of all income levels who need health, life, auto and property insurance policies. But each potential customer group has its own needs, its own insurance requirements, and its own language and you can’t target everyone at once.
Of course deciding the target market of insurance costumer  need the effort and knowledge if you want your target market reached. In this occasion we will help you some tips that will help you determine your target market. These are tips:
1. Does the cost of your products eliminate some customers?
Maybe you specialize in selling auto insurance policies to the luxury market in that case, you shouldn’t target your marketing efforts to a broad consumer base. Your messaging and marketing should be aimed at high-income prospects with a clear interest in luxury cars. If your selling point is affordability, however, you may do better marketing to lower and middle-income prospects.
2. Is there a group your competitors aren’t targeting?
Research the type of marketing your competitors are doing in your community and in the types of insurance you specialize in. Who are they targeting and who are they not talking to? It’s possible that if your competitors are only targeting a certain segment of their market as an afterthought, you could have an opportunity to move in and attract their potential customers by being the insurance agent who specializes in what they need.
3. Do you have a natural connection to a certain industry?
Maybe you worked in the IT industry for many years before starting your own insurance business. Why not specialize in selling life insurance products to employees of tech firms? Or maybe your spouse, sister, and father are all teachers and you have strong connections that would help you market health insurance policies to school districts. The more specific you can be about the industry you specialize in, the more business you’ll have.

target market

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