Depending on your industry and the focus Is not on middle market people, but larger sales, larger dollars. In the financial industry for example, advisors and consumers are trained that these services are for high net worth people and riche individuals. Yet most advisors in order to survive need to cultivate the middle market and build their practice organically by helping them build wealth. The problem is middle market when you first start is lower in revenue, but they are steady customers and if they are engrossed in your system then they build with you and you have a customer for life.
As an advisor or insurance agent, here are some key facts about the middle market:
· According to LIMRA (2015)
o 25% do not have any Life Insurance or Disability Insurance
o 75% do not have a savings plan but want to retire early
o 80% have old retirement accounts they do not know what to do with
o 65% have life and/or disability coverage but are extremely underinsured and do not know what to do
o 58% leave their families in financial disarray
o 93% want help but do not know where or whom to turn to
In addition, some other facts for middle market consumers for other industries according to the United States Chamber of Commerce:
· Average net available monthly spending is $500 a month and as high as $2,500 on non-fixed items (fixed items are groceries, gas, and mortgage/rent)
· Looking for solutions and ways to reduce costs and achieve goals
· Looking for ways to simplify life
· Want a relationship not a transaction
· Looking for ideas and help
Thus how do you cultivate the middle market?
1. Create solutions that are easily workable and applicable
2. Optimize the family and connect how the solutions help integrate the family and the growth
3. Create savings on products and services and also in their financial savings.
4. Build a foundation and a financial house
Are you looking to work with the middle market? Let’s talk to change your language and develop strategies to work with the middle market and grow your business.
Rodney Mogen, is the president of solveurpuzzles, a business focused company. Solve ur puzzles helps three groups: Small Businesses, Financial Advisors/Agents (fixed business only), and Local Government Entities. Rodney is also a small business coach focused on developing strategies for small business owners and helping them develop their own strategy and ideas to grow, sell, develop the way they want. He is focused on creating proper strategies for Advisors and business owners to assist them in their day to day duties by solving their puzzles.