Niche marketing can be a lot of different things… It could be that you are a restaurant insurance agency, a work comp insurance agency, etc…
What you’re nicheing in doesn’t really matter, but the fact that you are doing mostly the same thing, or have large segments of business in a particular niche, not only gives you more authority with your underwriters in your companies, it puts you in a position of leadership and authority within the industry to jump from one carrier to another.
In addition to that think of how this affects your agency team. When they are dealing with the same type of mentality day in and day out, time after time, they tend to keep talking the same talk, walking the same walk. It becomes much less likely they will make a mistake. In the same breath, their confidence in their voice to the marketplace becomes that much greater, because they know what they are talking about.
And don’t lose sight of this, it’s absolutely true, I’ve verified time and time and time again: these people talk to each other. If you go to seminars or conventions on an annual basis, your marketplace is ALL there, they’re all talking to each other, and they’re all trying to pick each other’s brains on who’s the best at what, including insurance. I’ve done trade shows for years in particular niche markets.
When you’re the go-to person, you’re the one they’re talking about, and you’re the only one that they’re talking about, and all of a sudden, as Michael Gladwell, the author, so aptly put it in his book The Tipping Point, “Pretty soon, the paradigm has shifted in your favor.” You become the one, you become the ONLY ONE, and all of a sudden that entire marketplace wants to do business with nobody else but YOU.
Now let me warn you, this does not happen overnight, it takes a lot of persistence.
You must know the marketplace… What keeps them up at night?
Good luck, make a difference and be unstoppable!
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