Market Development Inventory/Project PDF Free Download

Market Development Inventory/Project 200 Name: Sales Manager/ Managing Director: Agency: Date:

As a Financial Services Representative, your number one priority is to find people who will purchase financial services. Contents 3 Keys to identifying market groups 4 Exercises to help identify your market 5 Your guide to the Market Development Inventory/Project 200 Form 6 Next steps: Your market strategy The market for insurance and investments* is extensive. Early in your career, you will contact many different types of potential clients. Concentrating a portion of your sales activity to well-defined markets creates more focus when building your client base leading to more effective sales and growth. This booklet helps you define specific market groups by using the Market Development Inventory/Project 200 Form. There are also a few brief exercises to assist you along the way all geared toward helping you build your client roster. * You must be a Registered Representative of MML Investors Services, LLC, to offer securities products. Securities offered through Registered Representatives of MML Investors Services, 1295 State Street, Springfield, MA 01111-0001. (800) 542-6767. Member NASD/SIPC. Excerpts of the text in this overview were quoted from Markets Are People, LIMRA, Inc., Hartford, CT.

1) Keys to identifying market groups To begin the identification of your target market, let s first define what a market is. A market is an accessible group of people who meet the following criteria: Common characteristics Specific characteristics help define and focus your market. The more characteristics that members have in common, the more focus you will have in your sales efforts. As an example, compare IT specialists or CPAs as a market with professionals earning in excess of $50,000 annually. Since IT specialists or CPAs is a more focused and identifiable definition, it would be easier for you to find ways to identify specific people in that market to come up with market-specific product and service offerings and ways to approach these people than would be the case with professionals. Common needs The more similar the financial needs of a member s market, the easier it is for you to match MassMutual products and services to their needs. As you gain experience, you will know whether a particular group of people will be most interested in estate planning, retirement income, an educational fund, business insurance, etc. High level of interaction/communication The more the members of a market interact with each other, the easier it will be for you to find prospects and to build a reputation. Communication within a market may be formal, as in a newsletter or monthly meeting; or informal, with members interacting in a social situation. Not every market you identify fits perfectly with the above criteria. Your definition of a market may often have to consider the size and location of your territory. For example, ophthalmic surgeons may be too narrow in a rural area, but a broader group of medical professionals (doctors, nurse practitioners, hospital administrators, etc.) may better meet the criteria above. The market of ophthalmic surgeons may be the right target in a large metropolitan area instead. Marketing focuses on identifying groups of people who share similarities and communicate on a regular basis. This interrelationship can help you establish a reputation in the community and the given market. Generally, five categories share characteristics, market needs, and a significant level of interaction. (You may think of other market groups once you begin the process.) 1) Geographic groups a particular neighborhood where you are well known a small town where you have good social mobility a city area where a certain industry is concentrated corporate buildings, condos 2) Social and religious groups social groups (alumni, hobby, service) social media networks (LinkedIn, Facebook, Twitter, etc.) religious-affiliated groups 3) Occupational and professional groups a profession in which you already have family or friends an occupation in which you were previously employed Chambers of Commerce and Young Professionals Networks (YPN) 4) Language, cultural, and ethnic groups a society or club related to a specific nationality or culture which you identify with and can be accepted 5) Natural market groups people you already know well and can approach, such as former classmates, friends, and neighbors family and centers of influence (COI) The next section describes how to take your first steps in identifying potential markets. You will begin to organize the people you currently know into groups similar to those discussed above. 3

2) Exercises to help identify your market Your personal background: Exercise As you complete the Market Development Inventory/Project 200 Form, consider your life experiences and current lifestyle. In the next exercise, think about the following aspects and identify characteristics, interests, and experiences useful in directing you toward various markets. Think more broadly and consider the types of people you have interacted with in the past and continue to associate with now: Family background (parents occupations, community activities, interests, etc.): Educational background (major, favorite subjects, extra-curricular activities): Occupational background (previous jobs, summer jobs, internships, etc.): Outside activities, hobbies, and interests: Professional clubs to which I have belonged: Cities/areas I have lived: Social media platforms I use to stay connected with family, friends and acquaintances: Potential market list: Exercise The characteristics of your background should logically direct you toward specific markets. Below are several examples that illustrate potential market groups. Think about your potential markets in this context: Examples: If you were a student athlete, your markets may be coaches, trainers, school administrators, alumni athletes and/or their families, among others. If your family shares a similar career, such as the medical profession, your markets may be other doctors, associates, and professional colleagues in this field. Other similar attributes they may share would be a medical association or social arenas such as a golf course. If you possess a degree in accounting, you may consider accounting firms, as well as financial officers, auditors, and budget coordinators. Next, complete the following exercise to help you identify specific markets related to your interests and previous experience. Characteristic Former Student Athlete Ex. Doctors Ex. Accountant/Auditor 1. 2. 3. Potential markets Coaches, trainers, school administrators, alumni athletes/families Business owner, professional, hobbies (golf course) Business owner 4

3) Your guide to the Market Development Inventory/Project 200 Form Completing this form is very important. You will use this information for the future planning of your market and client-building activities. Your General Agent or Sales Manager will review the results of your Market Development Inventory to assess your market development needs and to assist you in planning a strategy to be effective in your markets. While filling out the form may take some time to complete, it deserves thorough treatment because it is the basis for your marketing plan in your new career. Note: The Market Development Inventory/Project 200 is available in Excel. (Ask your General Agent or Sales Manager for a copy.) You can complete the MDI initially using the Excel version or transfer the information from the MDI booklet. NOTE: The information provided is confidential and private. How to complete the form Begin by reviewing categories A through P of the Market Groups listed in the Market Development Inventory/Project 200 Form. Note the information required for each individual listed. While you may not know the exact information for each person, your estimate should be as accurate as possible. List all the individuals you know in each Market Group then fill in the descriptive information for each person and check off the appropriate Yearly Income, Age, Family Status, etc. Note that for Age, five categories are provided. Select the most accurate choice and check off that box, then check off the box titled Within 5 Years+/-Your Age (if applicable). After you have entered the required information, tally the Market Group Categories on the Summary of Market Groups Specific Market Groups You may wish to reference the following categories when completing the Market Development Inventory Form. (This is a partial list.) Type of businesses/companies with whom you do business Market Groups A & D Auto Dealer Dry Cleaner Landlord Plumber Baker Electrician Landscaper Real Estate Banker Florist Lumber Restaurant Barber/Hairdresser Grocer Movers Roofer Builder Hardware Newspaper Salesman Clothing Store Heating Nurse Service Station Computer/Technical Hotel Painter Sporting Goods Decorator Jeweler Pharmacist Tailor Professionals Market Group B (People with advanced education & usually licensed) Accountant Dentist Engineer Attorney Doctor Government employees/officials Market Group C City Council Fireman School Teachers City Gov t./manager Military/Nat l. Guard Urban Planners Court System Police Known from previous work Market Group E Work Associates Previous Competitors Previous Clients Vendors Professional/trade associations Market Group H Chamber of Commerce Women of Business Associations Estate Planning Council Trade/Occupation - Specific Associations Civic groups Market Group J Arts Festival Sponsors Museums Theatrical Group Ballet Group Symphony Service clubs Market Group K Church/Temple Groups Red Cross YMCA Kiwanis Rotary YWCA Hobbies Market Group N Art Cards Golf Photography Baseball Country Club Health Club Tennis Bowling Dancing Music 5

page, or enter the information into the auto-calculating Market Development Inventory/Project 200 spreadsheet found on FieldNet. When you ve finished the Summary of Market Groups, give this completed booklet to your General Agent or Sales Manager. (Keep a copy for yourself. If you ve completed the electronic version, e-mail it instead.) He or she will discuss completion of the Market Identification Exercises and other activities in your Career Sampling process. Once you have completed the Market Development Inventory/Project 200 Form, meet with your General Agent, Managing Partner, Sales Manager or Managing Director to confirm your priorities for approaching these markets. 4) Next steps: Your market strategy After you have prioritized your potential markets, you will want to prepare for your client-building activities. The next step is to enter each prospect into your database for future contact. If you use OCS cards as your database, transfer the names from your Market Development Inventory to yellow OCS prospect cards. On these cards, indicate the prospect s market in the lower right-hand corner of the card. In this way, after you have begun working with your OCS, you will be able to recall the prospect s original market. If you use an electronic or other database, enter all the information into the database. Be sure to set up your database in a way that you can indicate the market for each name entered. 6

Market Strategy Worksheet For each potential market, you will want to complete this Market Strategy Worksheet. By completing this form, you will be able to anticipate the activities to sell effectively to your specific markets. Potential market: Sources of names: Promotional opportunities: What form of pre-approach (if any) will be used? How/when will you ask for referrals in this market? Indicate the approach you think best to create interest: What needs do you think will be uncovered? List products and/or services which may be used to fit their needs: How do you intend to present these solutions? What closing objections would you anticipate? In the delivery process, what service can you perform? When is the best time for the next review? 7

Market Development Inventory/Project 200 Form Market Group Categories Once you ve filled in the information below on your prospective clients, choose the category that best describes them and place that letter in the Market Group Letter column. Occupational/Business Related: A. B. C. Business Owners (Include Self-employed) Professionals (MDs, Dentists, Attorneys, CPAs, etc.) Government Employees/Officials (Federal, State, Local, Military) D. E. People with whom you do business People known from your previous work (Co-workers, Customers, Competitors) F. G. H. People in the office building where you work People known from significant other s work Members of professional/trade associations Market Development Inventory Mailing List 1. Name Address City State Zip Code Email Phone Number 2. 3. 4. 5. 6 7. 8. 9. 10. 8

Social/Civic/Avocational: I. J. Alumni Groups Civic Groups K. L. Service Clubs Parent Teacher Association M. N. Religious Organizations Hobbies O. P. School Friends Neighbors/Relatives Occupation Employer Yearly Income Age Family Status Contact Frequency Familiarity Business Type/ Occupation Business/ Employer Name Market Group Letter Under $35,000 $35,000 - $49,999 $50,000 - $74,999 $75,000 - $99,999 Over $100,000 Under 25 Years 25-34 35-44 45-54 55 And Over Within 5 Years +/- Your Age Single, No Children Single, Children Married, No Children Married, Children More Than 5 Times 1-5 Times Not At All Close Friend or Relative Speaking Acquaintance 9

Market Development Inventory/Project 200 Form Market Group Categories Once you ve filled in the information below on your prospective clients, choose the category that best describes them and place that letter in the Market Group Letter column. Occupational/Business Related: A. B. C. Business Owners (Include Self-employed) Professionals (MDs, Dentists, Attorneys, CPAs, etc.) Government Employees/Officials (Federal, State, Local, Military) D. E. People with whom you do business People known from your previous work (Co-workers, Customers, Competitors) F. G. H. People in the office building where you work People known from significant other s work Members of professional/trade associations Market Development Inventory Mailing List 11. Name Address City State Zip Code Email Phone Number 12. 13. 14. 15. 16 17. 18. 19. 20. 10

Market Development Inventory/Project 200 Form Market Group Categories Once you ve filled in the information below on your prospective clients, choose the category that best describes them and place that letter in the Market Group Letter column. Occupational/Business Related: A. B. C. Business Owners (Include Self-employed) Professionals (MDs, Dentists, Attorneys, CPAs, etc.) Government Employees/Officials (Federal, State, Local, Military) D. E. People with whom you do business People known from your previous work (Co-workers, Customers, Competitors) F. G. H. People in the office building where you work People known from significant other s work Members of professional/trade associations Market Development Inventory Mailing List 21. Name Address City State Zip Code Email Phone Number 22. 23. 24. 25. 26 27. 28. 29. 30. 12

Market Development Inventory/Project 200 Form Market Group Categories Once you ve filled in the information below on your prospective clients, choose the category that best describes them and place that letter in the Market Group Letter column. Occupational/Business Related: A. B. C. Business Owners (Include Self-employed) Professionals (MDs, Dentists, Attorneys, CPAs, etc.) Government Employees/Officials (Federal, State, Local, Military) D. E. People with whom you do business People known from your previous work (Co-workers, Customers, Competitors) F. G. H. People in the office building where you work People known from significant other s work Members of professional/trade associations Market Development Inventory Mailing List 31. Name Address City State Zip Code Email Phone Number 32. 33. 34. 35. 36 37. 38. 39. 40. 14

Market Development Inventory/Project 200 Form Market Group Categories Once you ve filled in the information below on your prospective clients, choose the category that best describes them and place that letter in the Market Group Letter column. Occupational/Business Related: A. B. C. Business Owners (Include Self-employed) Professionals (MDs, Dentists, Attorneys, CPAs, etc.) Government Employees/Officials (Federal, State, Local, Military) D. E. People with whom you do business People known from your previous work (Co-workers, Customers, Competitors) F. G. H. People in the office building where you work People known from significant other s work Members of professional/trade associations Market Development Inventory Mailing List 41. Name Address City State Zip Code Email Phone Number 42. 43. 44. 45. 46 47. 48. 49. 50. 16

Market Development Inventory/Project 200 Form Market Group Categories Once you ve filled in the information below on your prospective clients, choose the category that best describes them and place that letter in the Market Group Letter column. Occupational/Business Related: A. B. C. Business Owners (Include Self-employed) Professionals (MDs, Dentists, Attorneys, CPAs, etc.) Government Employees/Officials (Federal, State, Local, Military) D. E. People with whom you do business People known from your previous work (Co-workers, Customers, Competitors) F. G. H. People in the office building where you work People known from significant other s work Members of professional/trade associations Market Development Inventory Mailing List 51. Name Address City State Zip Code Email Phone Number 52. 53. 54. 55. 56 57. 58. 59. 60. 18

Market Development Inventory/Project 200 Form Market Group Categories Once you ve filled in the information below on your prospective clients, choose the category that best describes them and place that letter in the Market Group Letter column. Occupational/Business Related: A. B. C. Business Owners (Include Self-employed) Professionals (MDs, Dentists, Attorneys, CPAs, etc.) Government Employees/Officials (Federal, State, Local, Military) D. E. People with whom you do business People known from your previous work (Co-workers, Customers, Competitors) F. G. H. People in the office building where you work People known from significant other s work Members of professional/trade associations Market Development Inventory Mailing List 61. Name Address City State Zip Code Email Phone Number 62. 63. 64. 65. 66 67. 68. 69. 70. 20

Market Development Inventory/Project 200 Form Market Group Categories Once you ve filled in the information below on your prospective clients, choose the category that best describes them and place that letter in the Market Group Letter column. Occupational/Business Related: A. B. C. Business Owners (Include Self-employed) Professionals (MDs, Dentists, Attorneys, CPAs, etc.) Government Employees/Officials (Federal, State, Local, Military) D. E. People with whom you do business People known from your previous work (Co-workers, Customers, Competitors) F. G. H. People in the office building where you work People known from significant other s work Members of professional/trade associations Market Development Inventory Mailing List 71. Name Address City State Zip Code Email Phone Number 72. 73. 74. 75. 76 77. 78. 79. 80. 22

Market Development Inventory/Project 200 Form Market Group Categories Once you ve filled in the information below on your prospective clients, choose the category that best describes them and place that letter in the Market Group Letter column. Occupational/Business Related: A. B. C. Business Owners (Include Self-employed) Professionals (MDs, Dentists, Attorneys, CPAs, etc.) Government Employees/Officials (Federal, State, Local, Military) D. E. People with whom you do business People known from your previous work (Co-workers, Customers, Competitors) F. G. H. People in the office building where you work People known from significant other s work Members of professional/trade associations Market Development Inventory Mailing List 81. Name Address City State Zip Code Email Phone Number 82. 83. 84. 85. 86 87. 88. 89. 90. 24

Market Development Inventory/Project 200 Form Market Group Categories Once you ve filled in the information below on your prospective clients, choose the category that best describes them and place that letter in the Market Group Letter column. Occupational/Business Related: A. B. C. Business Owners (Include Self-employed) Professionals (MDs, Dentists, Attorneys, CPAs, etc.) Government Employees/Officials (Federal, State, Local, Military) D. E. People with whom you do business People known from your previous work (Co-workers, Customers, Competitors) F. G. H. People in the office building where you work People known from significant other s work Members of professional/trade associations Market Development Inventory Mailing List 91. Name Address City State Zip Code Email Phone Number 92. 93. 94. 95. 96 97. 98. 99. 100. 26

Market Development Inventory/Project 200 Form Market Group Categories Once you ve filled in the information below on your prospective clients, choose the category that best describes them and place that letter in the Market Group Letter column. Occupational/Business Related: A. B. C. Business Owners (Include Self-employed) Professionals (MDs, Dentists, Attorneys, CPAs, etc.) Government Employees/Officials (Federal, State, Local, Military) D. E. People with whom you do business People known from your previous work (Co-workers, Customers, Competitors) F. G. H. People in the office building where you work People known from significant other s work Members of professional/trade associations Market Development Inventory Mailing List 101. Name Address City State Zip Code Email Phone Number 102. 103. 104. 105. 106 107. 108. 109. 110. 28

Market Development Inventory/Project 200 Form Market Group Categories Once you ve filled in the information below on your prospective clients, choose the category that best describes them and place that letter in the Market Group Letter column. Occupational/Business Related: A. B. C. Business Owners (Include Self-employed) Professionals (MDs, Dentists, Attorneys, CPAs, etc.) Government Employees/Officials (Federal, State, Local, Military) D. E. People with whom you do business People known from your previous work (Co-workers, Customers, Competitors) F. G. H. People in the office building where you work People known from significant other s work Members of professional/trade associations Market Development Inventory Mailing List 111. Name Address City State Zip Code Email Phone Number 112. 113. 114. 115. 116 117. 118. 119. 120. 30

Market Development Inventory/Project 200 Form Market Group Categories Once you ve filled in the information below on your prospective clients, choose the category that best describes them and place that letter in the Market Group Letter column. Occupational/Business Related: A. B. C. Business Owners (Include Self-employed) Professionals (MDs, Dentists, Attorneys, CPAs, etc.) Government Employees/Officials (Federal, State, Local, Military) D. E. People with whom you do business People known from your previous work (Co-workers, Customers, Competitors) F. G. H. People in the office building where you work People known from significant other s work Members of professional/trade associations Market Development Inventory Mailing List 121. Name Address City State Zip Code Email Phone Number 122. 123. 124. 125. 126 127. 128. 129. 130. 32

Market Development Inventory/Project 200 Form Market Group Categories Once you ve filled in the information below on your prospective clients, choose the category that best describes them and place that letter in the Market Group Letter column. Occupational/Business Related: A. B. C. Business Owners (Include Self-employed) Professionals (MDs, Dentists, Attorneys, CPAs, etc.) Government Employees/Officials (Federal, State, Local, Military) D. E. People with whom you do business People known from your previous work (Co-workers, Customers, Competitors) F. G. H. People in the office building where you work People known from significant other s work Members of professional/trade associations Market Development Inventory Mailing List 131. Name Address City State Zip Code Email Phone Number 132. 133. 134. 135. 136 137. 138. 139. 140. 34

Market Development Inventory/Project 200 Form Market Group Categories Once you ve filled in the information below on your prospective clients, choose the category that best describes them and place that letter in the Market Group Letter column. Occupational/Business Related: A. B. C. Business Owners (Include Self-employed) Professionals (MDs, Dentists, Attorneys, CPAs, etc.) Government Employees/Officials (Federal, State, Local, Military) D. E. People with whom you do business People known from your previous work (Co-workers, Customers, Competitors) F. G. H. People in the office building where you work People known from significant other s work Members of professional/trade associations Market Development Inventory Mailing List 141. Name Address City State Zip Code Email Phone Number 142. 143. 144. 145. 146 147. 148. 149. 150. 36

Market Development Inventory/Project 200 Form Market Group Categories Once you ve filled in the information below on your prospective clients, choose the category that best describes them and place that letter in the Market Group Letter column. Occupational/Business Related: A. B. C. Business Owners (Include Self-employed) Professionals (MDs, Dentists, Attorneys, CPAs, etc.) Government Employees/Officials (Federal, State, Local, Military) D. E. People with whom you do business People known from your previous work (Co-workers, Customers, Competitors) F. G. H. People in the office building where you work People known from significant other s work Members of professional/trade associations Market Development Inventory Mailing List 151. Name Address City State Zip Code Email Phone Number 152. 153. 154. 155. 156 157. 158. 159. 160. 38

Market Development Inventory/Project 200 Form Market Group Categories Once you ve filled in the information below on your prospective clients, choose the category that best describes them and place that letter in the Market Group Letter column. Occupational/Business Related: A. B. C. Business Owners (Include Self-employed) Professionals (MDs, Dentists, Attorneys, CPAs, etc.) Government Employees/Officials (Federal, State, Local, Military) D. E. People with whom you do business People known from your previous work (Co-workers, Customers, Competitors) F. G. H. People in the office building where you work People known from significant other s work Members of professional/trade associations Market Development Inventory Mailing List 161. Name Address City State Zip Code Email Phone Number 162. 163. 164. 165. 166 167. 168. 169. 170. 40

Market Development Inventory/Project 200 Form Market Group Categories Once you ve filled in the information below on your prospective clients, choose the category that best describes them and place that letter in the Market Group Letter column. Occupational/Business Related: A. B. C. Business Owners (Include Self-employed) Professionals (MDs, Dentists, Attorneys, CPAs, etc.) Government Employees/Officials (Federal, State, Local, Military) D. E. People with whom you do business People known from your previous work (Co-workers, Customers, Competitors) F. G. H. People in the office building where you work People known from significant other s work Members of professional/trade associations Market Development Inventory Mailing List 171. Name Address City State Zip Code Email Phone Number 172. 173. 174. 175. 176 177. 178. 179. 180. 42

Market Development Inventory/Project 200 Form Market Group Categories Once you ve filled in the information below on your prospective clients, choose the category that best describes them and place that letter in the Market Group Letter column. Occupational/Business Related: A. B. C. Business Owners (Include Self-employed) Professionals (MDs, Dentists, Attorneys, CPAs, etc.) Government Employees/Officials (Federal, State, Local, Military) D. E. People with whom you do business People known from your previous work (Co-workers, Customers, Competitors) F. G. H. People in the office building where you work People known from significant other s work Members of professional/trade associations Market Development Inventory Mailing List 181. Name Address City State Zip Code Email Phone Number 182. 183. 184. 185. 186 187. 188. 189. 190. 44

Market Development Inventory/Project 200 Form Market Group Categories Once you ve filled in the information below on your prospective clients, choose the category that best describes them and place that letter in the Market Group Letter column. Occupational/Business Related: A. B. C. Business Owners (Include Self-employed) Professionals (MDs, Dentists, Attorneys, CPAs, etc.) Government Employees/Officials (Federal, State, Local, Military) D. E. People with whom you do business People known from your previous work (Co-workers, Customers, Competitors) F. G. H. People in the office building where you work People known from significant other s work Members of professional/trade associations Market Development Inventory Mailing List 191. Name Address City State Zip Code Email Phone Number 192. 193. 194. 195. 196 197. 198. 199. 200. 46

Summary of Market Groups Market Development Inventory Name: Agency: Date: Letter Assigned to Each Market Group A B C D E F G H I J K L M N O P Total Number of Names Listed in Each Market Group Under $35,000 $35,000-49,999 Yearly $50,000-74,999 Income $75,000-99,999 Over $100,000 Under 25 Years 25 34 35 44 Age 45 54 55 And Over Within 5 Years +/- Your Age Family Status How Often Spoken To In Last Year How Well Known Single, No Children Single & Children Married, No Children Married & Children More Than 5 Times 1 5 Times Not At All Close Friend or Relative Speaking Acquaintance 48

Notes: 49

Notes: 50

MassMutual. We ll help you get there. 51

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