Marketing is important for any business, regardless of their industry. But when it comes to the retirement industry, how do you obtain the clients that most align with your mission and goals?
This blog post will teach you how to reach the best clients for your company in the most effective way.
What is Targeting?
Targeting is defining the group of people that we want to direct our marketing and services to. This is accomplished by segmenting: for the retirement industry, segmenting means dividing up the entire United States market into smaller, more manageable chunks based on some shared characteristic.
Why does it matter?
We don’t want to just meet the status quo of our industry. Our industry tends to be entirely referral-based when it comes to receiving new clients. We want to change that.
By actively conducting research and funneling the most useful information out of the raw data, you will determine the best clients for you to target and identify the most effective way to reach them.
Furthermore, targeting helps you to better determine and achieve your company goals. You want to define your goals as narrowly as possible. All goals should be SMART: Specific, Measurable, Attainable, Realistic, and Timely.
To create these goals, ask yourself questions such as:
- What service am I providing?
- How many new plans will I need to attain my goals?
- What milestones do I want to reach?
Depending on your goals, different segments will be analyzed and used in your targeting. Most importantly, keep your mission statement in mind at all times. You never want to pursue a segment, no matter how attractive or profitable it is, if they do not align well with your company’s mission or values.
Why is it so difficult?
There is a very large amount of data out there but not enough manpower to sift through it. Therefore, it is difficult to determine which segments to look at and how to target or rank the most important segments for your company.
It’s also about knowing which resources are most relevant to your goals when you are conducting your research.
What are some resources I can use?
When beginning your research process, these are the two options you have:
- Primary research – research you do yourself (Interviews, internal data, etc.)
- Secondary research – research done by someone else (government resources, public libraries, etc.)
Where do I go from here?
Check out the next blog in this series, where we will give you the tools and steps necessary to solve this problem for your business.
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