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Should You Take On Clients Outside Of Your Target Market?

We all have a specific market that we would like to aim our attention to, be it business owners, single moms, realtors, or some other group of people. For me, as an example, I prefer working with small business owners, but I also do a lot of work with realtors. I didn't go looking for them, but we just have so many realtors in my area that it couldn't be helped.

There are times, however, when you find yourself working in a totally different market, That's fine because in the end a sale is a sale. I'm not going to turn away business because the client was not in my business plan. And neither should you.

When you do have someone approach you that you had not planned on helping, it's important to remember they may have different needs and budgets than what you are used to. Your usual banter may not be applicable or appropriate when talking to a new group of clients either.

A good example of this is when I recently found myself getting referred to several school employees, from the principal to the custodial staff. These were people who were getting most of their insurance from various benefits companies, but someone had put the bug in their collective ears that they needed insurance "outside of work". It was a real eye opener in a lot of ways.

First of all, a lot of these people had side hustles that were interesting. In one instance, a history teacher raised a special kind of hens that laid colorful eggs. When school was not in session, he dedicated his time to this business, which, according to him, was very lucrative.  

It also made sense that most of these people had exit strategies when it came to working in the public school system. The low pay and stress that came with the job incentivized them to start businesses they could continue after leaving the school. 

After a few weeks of meeting with many teachers, cafeteria workers and administrative people, I found that their needs and budgets were all different. This forced me to learn about new and different products other than I was used to offering because those products would not fit the bill for these people. In a way it was actually kind of fun to do something in my industry (insurance) but was different enough to keep it interesting.

I know realtors who insist that they only deal with upscale neighborhoods and clients making six figures. When a small quick sale falls into their lap, what are they going to do? Will they turn it down because it's not in their market, giving it to another realtor, or will they do it themselves and make a quick commission? After 2008 when realtors were starving, they would have been grateful for any client, no matter what size the home. 

This reminds me of a guy who bought a very successful insurance agency in a small town. He told people he was going to change the agency to only deal with higher income clients. The employees tried to explain to the new owner that the town didn't have enough "high dollar" people to sustain the business on their own, but he wouldn't listen. After a year he shut it down. 

The moral of this is that there is nothing wrong with working out of your market. When this happens, be grateful and consider it an opportunity, not a problem or obstacle. You never know who may be handing out referrals when the sale has gone through.

Chris Castanes is a professional speaker who helps sales people succeed through workshops and humorous presentations. He's also the author of "You're Going To Be Great At This!", a humorous look at sales. For booking information, click here. He's also the president of Surf Financial Brokers selling life and disability insurance in several states.

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