You can own your market, but it takes “territory management”. To some, the idea of a territory conjures up door-to-door selling, but that’s the wrong perspective. It minimizes your influence.
Territory is more than the physical area in which you work. Your territory is the people and prospects you aim your service at and want for prospects and clients. Territory management is an important part of building a business. You do it when you:
- Get involved in territory causes… show your prospects that you care about what matters to them and they will more likely care about what you can do for them. That’s using psychological reciprocity to your advantage.
- Advertise where your market pays attention. If you want to own your territory, you can’t be invisible. Owning a territory is staying “top of mind” and keeping your name in front of your prospects – all the time.
- Provide helpful information to your market with newsletters, blogs, reports on topics that matter to them. Be the source of valuable information on your specialty.
- Offer seminars to demonstrate your specialty. They don’t have to be elaborate affairs. Just provide the help and you will attract the sales.
- Mail your community regularly to remind them you can help in your specialty.
- Get around in your market and see the people in it. You want to get in the way of business opportunities. Being seen is a good way.
- Review your client’s insurance portfolios regularly to build your prestige, testimonials and recommendations among them. Service sells.
- Do regular media releases or even letters to the editor on current topics related to your specialty to local outlets so you are seen as THE ADVISOR in the market.
The ultimate idea of territory management is to become an “industry celebrity” in your territory. This job never ends. It requires frequency of contact, repetition of message and patience to let the process work.
When you become the person to call… you will get the calls. You will also get a better response when you call. Think Territory management to maximize your results.
The RUTA Report – Real Usable Tactical Advice – is provided exclusively to the Canadian Life e-newsletter each week by veteran financial industry consultant, speaker, writer and media commentator Jim Ruta. Starting at age 22, he led one of Canada’s largest insurance agencies by age 40. Jim has been featured around the world including the MDRT Main Platform and has several best-selling books to his credit. He is Managing Partner of Boston-based InforcePRO Software, a unique automatic presentation from existing policies system.
Do you know that you can “own” your marketplace? I mean you can be THE advisor the people you consider as prospects think about when they think about what you do. When that happens, and all your competitors come to mind after you do, you own your marketplace.