Filed Under:Markets, Diversity Market

How to prospect to multicultural markets

figure 9Prospecting is a critical part of any agent’s practice, and his or her success depends upon it. But, when it comes to the multicultural markets, many agents feel the marketing materials available to them are inadequate to effectively market to these clients. An alarmingly low number (4 percent) of respondents focus their prospecting efforts on a specific multicultural group. (Figure 9)

How much of this scarcity of specialized marketing material is due to the individual agent versus the industry may be up for debate. However, as seen in Figure 8, from the product affordability section, when asked what the No. 1 way insurers could help agents be more successful, overwhelmingly, the answer was marketing materials that have been customized for the target market (57 percent). That number sticks out and magnifies the need agents have to obtain more targeted information for these underserved markets.

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10This observation is backed up by the respondents who also say that the No. 1 factor that would help them be more successful when selling to multicultural clients is marketing materials that have been customized for the target market (60 percent). Other factors that would help include: access to a translator when needed (44 percent), partnering with a multicultural advisor (40 percent) and in-language marketing materials (40 percent). (Figure 10)

11Agents were also asked to comment on the most effective ways they prospect to multicultural clients versus the way they prospect to non-multicultural clients. (Figures 11 and 12) It’s in these breakouts that similarities and differences arise. The biggest number that stands out is in reference to referrals, one of the drivers of prospecting. For the multicultural groups, 51 percent of respondents listed referrals as one of the most effective prospecting tools. That number is OK, but when compared to clients who do not fit a multicultural group (80 percent), the different outlooks advisors approach diverse groups become clear.

12Or does it? One factor that could be throwing off the numbers is the fact that 49 percent of the respondents said they do not market specifically to multicultural clients. In any event, lead generation, prospecting and referrals drive new business and respondents in this study continue to look for new inroads to the multicultural markets.

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