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Creating a Market Niche

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Identifying Your Market Niche

Insurance sales in a down economy can be an incredibly uphill battle. To establish yourself as a knowledgeable resource it may not be best to take the 'jack of all trades, master of none' approach. Rather, it may be necessary to establish a unique niche in the marketplace that you possess the knowledge, backgound, and drive to fill unlike any other agent or broker.

When choosing that niche to fill however, you must ensure that it has enough breadth and business volume to sustain an active sales quotient. To assess that properly, several factors are key to focus your attention on:

  • What are the latest industry trends, does your niche take advantage of where the market is moving?
  • If it's a timely trend, is it still rising or is it possible that the trend is on the downside of its peak?
  • Do you have the knowledge and expertise to understand where the market for that niche may trend over the next year or the next few years?

These questions identified above are key to ensuring the niche you have selected has a long shelf-life and won't fade soon after you've invested a great deal of time and energy in moving on it.

Next, it is important to identify how to ensure that you are the best resource available in the market. You must identify the means needed to keep clients coming to you for insurance products and solutions so that you continue to fill this unique niche instead of having it taken over by others who are more resourceful. This may include achieveing a relevant designation or certification to illustrate your expertise.

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