Niches: Small Markets with Huge Returns
Posted on: July 1, 2015 by Care Providers Insurance
Have you ever heard the term “Jack of all trades, master of none”? This figure of speech refers to the individual who can show competency in a variety of areas, but doesn’t excel at anything in particular. In the book Riches in Niches: How to Make It Big in a Small Market, author Susan A. Friedmann suggests that placing yourself as an expertise in a specific market gives you a winning advantage over competitors. And guess what? We agree.
So how can an insurance agent use niches to leverage large returns?
1. Become an expert. Find a market you enjoy, and immerse yourself in that industry. To be successful in specialty insurance, you must learn as much as you can about your particular class or industry. Your specialized knowledge will give you a competitive advantage over other agents. Having expertise means that you are able to give more value to your clients. By knowing your particular industry inside and out, you are able to better identify the risks and exposures your client faces. This gives you the ability to provide the coverage and expert service that other agents can’t.
2. Own your expertise and flaunt it. The reason why niche marketing is so effective is because people feel more comfortable when working with somebody who has a great deal of experience with their specific need. Make sure that your target market knows that you are an expert, and always expand your knowledge base. Read industry publications, and keep current on what’s happening on the field. At the end of the day, we don’t want you to be a just good choice for your clients. We want you to be their best choice.
Becoming a niche expert takes a high level of commitment.
Remember, your clients would rather go to an “expert” than a “generalist”. Becoming a recognized expert in your chosen field will enhance your reputation and give you the power to leverage yourself over other agents.
The teams at Care Providers and Sports & Wellness Insurance are committed to helping their clients to reduce the risks. We will provide insurance for your property and automobiles, crime coverage, and various forms of liability insurance. In addition, with NSM Insurance Group’s programs, you will have the confidence of working with an experienced staff that specializes in the industries we cover to provide unique expertise and superior service. For more information, please contact the Program Underwriting Manager, Brad Hogan, at email@example.com or 800-761-7072 x1389
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