2 target market myths

With a passion for photography and a previous career in education, Scott Roger Lebin, RFC, CWS, would seem to be an unlikely match for  the physician market. When you dig a little deeper, however, it makes perfect sense. With an educated background and an appreciation for the world around them, physicians were a natural niche market for Lebin, a 17-year MDRT member from Geneva, Illinois, when he entered the profession in 1985.

Lebin explains some of the keys to his success, unraveling some of the incorrect assumptions about working in a target market.

Myth 1: Stay within your own world of experience

As a teacher, Lebin had no experience in the world of physicians, yet he believed they would help him achieve long-term success in his new career. More important than their income-earning potential, Lebin thought he could build a long-term relationship with these individuals. He knew they could find common ground in interests outside of the workplace, such as travel and appreciation for the world around them.

While he is paid to help his clients build and preserve their wealth, Lebin knows that part of the job has little to do with money. “We spend more time speaking about their personal issues and lifestyle issues than finances,” he said. “If you want to know and help them, you have to be interested in them as people.”

As he learns more about his clients, Lebin reveals his own personality as well. Talking about himself and sharing his own interests, he said, helps them open up. On his website, managedeconomics.com, Lebin features his love for photography and his community involvement. With several photos from his travels and a video of his participation in a local Habitat for Humanity home build, Lebin shares part of his life with prospects and clients.

Myth 2: Once you’ve zeroed in on your target, you don’t have to work hard

“If you’re going to build anything worthwhile, you’re going to work hard for it,” Lebin said, explaining that working with a target market doesn’t change that. He explained that he stands out among the competition by being available to his clients during the evenings and weekends by phone, and by occasionally scheduling weekend meetings. “If you’re willing to do that, you’ll have an advantage in this business,” he said.

Knowing that he’s in a relationship business, Lebin said, nurturing those client relationships is important. In addition to his flexible availability, he makes the extra effort to meet with “A” clients twice a year or more, and he makes himself available to other clients as needed.

Read more about three other target market myths in the Resource Zone at mdrtresourcezone.org.

Learn more

• “Fun ways to find clients” (podcast), with Renato Alfredo Alarcon, Crawford McGill and Nguyen Win H. Le.
  
• “Women: One of your wealthiest market segments” (PDF) with Michael S. Ross.

Written by Kathryn Furtaw Keuneke, Content Strategy Manager