Market Research Workbook 1 Identify and Research Your Markets Objectives In this step of Discovering Your Markets, you will: • Conduct Market Research to become more knowledgeable about what’s required to achieve your goals in the role of financial representative, as well as to become more aware of the financial beliefs and realities of the individuals you identified in Step 1. In doing so, you will experience what it feels like to be in front of potential prospects and centers of influence. • Begin expanding your list of potential clients using the Market Research Workbook. • Assess each potential market’s size, approachability, accessibility, level of interaction, and compatibility with Northwestern Mutual. Market Research The Market Research exercise is an exciting step in exploring the Northwestern Mutual financial representative career. In this exercise, you will meet with people you know to discuss your professional development and success potential in the financial services industry. In doing so, you will gain their perspectives on your strengths and opportunities as you consider the career. Conducting a Market Research also allows you to understand your market better – you’ll learn about yourself and your markets in the process, including what people think about financial planning and whether they have experience working with an advisor. If you complete the activities as suggested, you will end up with a robust go-to-market plan that will help you to efficiently and effectively build a clientele. Where can you get this market research? The best source of research about a market is generally comes from the people who make up the market. To complete a Market Research Workbook, you will interview members of your potential target markets to learn as much as you can about each market. This will help you plan the best ways to approach your markets and will also add to your credibility. Begin expanding your list of potential clients using the Market Research Workbook. Conducting a Market Research Workbook will lead to greater success because: • You will be better able to assess whether the markets you’ve identified will be productive for you. • You will know how to approach the markets you’ve selected and maximize your chances of establishing strong business relationships. 2 Identify and Research Your Markets Who will you research? On the YOU Worksheet in Step 1, you identified existing contacts in a number of market categories. You also identified one or more “center” in each market category—individuals who are especially influential, respected, and knowledgeable in that market. Use these directions to help you create a list of people to interview for your Market Research Workbook: 1. From your completed YOU Workbook, select two to four potential markets based on the number of names in each market category and your degree of confidence in successfully approaching the people listed. 2. From these potential markets, select five individuals you know well, including two centers. 3. From these potential market categories, also select five acquaintances (individuals somewhat outside of your comfort zone). 4. After you have researched the ten people above, conduct an additional five researches with individuals you’ve been favorably introduced to from your first ten researches. It’s important you complete a minimum of 15 researches in person. Scheduling Appointments Now that you know the names of the people you want to research, how do you get these people to agree to meet with you? To conduct an efficient Market Research Workbook, it’s highly recommended that you contact your prospects via phone to effectively secure appointments. Since you only have a limited amount of time to explain what you need, you have to be clear, convincing, and brief. You may use the following language when phoning people in your potential target markets to set up Market Research interviews. Phoning Language Calling a Friend, Relative, or Acquaintance Hello (name). This is (your name). How are you? (Name), the purpose for my call is to schedule a time to meet with you to get your input. I’m considering a sales career in the financial services industry with Northwestern Mutual, and I’m thinking about working in a market that includes people like you. However, before I make the change, I’d like to know a little bit more about your perceptions of the industry and how best to be a resource to people in the marketplace. Could we get together in the next few days for about 20 to 30 minutes? I’d like to reach a decision as soon as possible. (Set appointment time and place.) Calling a Referral or Favorable Introduction Hello, (name). My name is (your name). Do you have a moment to speak? You don’t know me, but I was visiting with a mutual acquaintance of ours, (name), and he/she suggested that you might be willing to provide me with some research on a career change I’m considering. The purpose of my call is to schedule a time to meet with you to get your input. I’m giving serious consideration to a sales career in the financial services industry with Northwestern Mutual. I’m thinking about working in a market that includes people like you. However, before I make the change, I’d like to find out more about your perceptions of the industry and how best to be a resource to people in the marketplace. Could we get together for about 20 to 30 minutes? I’d like to reach a decision as soon as possible. (Set appointment time and place). 3 Identify and Research Your Markets Asking the Questions When meeting the people with whom you have obtained interviews, it is important to use the time efficiently. The Market Research worksheets on the following pages gives you a structure for your interviews, enables you to gather the right research in the shortest possible amount of time, and helps you appear well-organized and professional. Use these directions to help you conduct the Market Research Workbook: 1. Begin by thanking the prospect for his or her time and then give a brief explanation as to why you are conducting this research. See recommended language. 2. Follow the sequence of the questions listed and take notes in the spaces provided. 3. At the end of the interview, remember to ask the questions that can help you get favorable introductions to other knowledgeable individuals in the prospect’s market. Record contact research for these individuals directly on the Market Research Workbook. Introduction Hello, (name). My name is (your name). Do you have a moment to speak? You don’t know me, but I was visiting with a mutual acquaintance of ours, (name), and he/she suggested that you might be willing to provide me with some research on a career change I’m considering. The purpose of my call is to schedule a time to meet with you to get your input. I’m giving serious consideration to a sales career in the financial services industry with Northwestern Mutual. I’m thinking about working in a market that includes people like you. However, before I make the change, I’d like to find out more about your perceptions of the industry and how best to be a resource to people in the marketplace. Could we get together for about 20 to 30 minutes? I’d like to reach a decision as soon as possible. (Set appointment time and place). When you sit down with your contact, say: As I mentioned on the phone, I’m giving serious consideration to a career in the financial services industry with Northwestern Mutual. Before I make this decision, I would appreciate hearing your thoughts about the industry and what you think of me joining it.” 4 Identify and Research Your Markets Market Surveys—Interview #1 Write down the following information: Name: Occupation: Telephone No: Date: Ask the following questions and write the replies in the space provided. Financial Experience Notes: 1. What has been your experience with the insurance, investment, and financial planning industry? 2. Who do you primarily rely on for financial advice? How did you choose that person? 3. What are the chief financial planning issues facing successful professionals in your industry? 4. Have you created a personal financial plan? If so, how often do you review it? 5 Identify and Research Your Markets 5. How would you personally like to be introduced to a financial services professional? 6. If you were in my shoes and decided to join the financial services industry, how would you get introduced to professionals like you? 7. If I choose to go into the financial services industry, what advice or cautions would you give me? 8. If I do decide to join Northwestern Mutual, would you allow me to meet with you, along with an experienced Northwestern Mutual financial representative or advisor, to discuss your personal financial plan to see if we could add value? 6 Identify and Research Your Markets Obtain the names of additional people in this market (and get a little prospecting practice) by saying: “As I continue to evaluate this opportunity, it is important for me to meet and get feedback from other professionals outside my current network of contacts. Who can you suggest for me to connect with to broaden my perspective on a financial services career?” Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information It can be helpful to prompt people’s thinking by “feeding” them possible categories/professions, such as: • Accountants • Attorneys • Medical Professionals • Dentists • Business Owners • Salespeople • Investment Bankers Thank the person for their time and conclude the meeting. 7 Identify and Research Your Markets Personal Reflection Now that you’ve had an opportunity to meet with someone and complete the survey, take some time to reflect on your experience and be prepared to discuss with the leadership team. Personal Reactions Notes 1. How could the person I just surveyed best be approached if I become a financial services professional? 2. Based on the names I gathered from completing this survey, how will I plan on approaching these individuals? 3. What new insights did I gain about this market? 4. How easy or difficult was it to conduct this survey? How did it feel? 5. Other observations? 8 Identify and Research Your Markets Market Surveys—Interview #2 Write down the following information: Name: Occupation: Telephone No: Date: Ask the following questions and write the replies in the space provided. Financial Experience Notes: 1. What has been your experience with the insurance, investment, and financial planning industry? 2. Who do you primarily rely on for financial advice? How did you choose that person? 3. What are the chief financial planning issues facing successful professionals in your industry? 4. Have you created a personal financial plan? If so, how often do you review it? 9 Identify and Research Your Markets 5. How would you personally like to be introduced to a financial services professional? 6. If you were in my shoes and decided to join the financial services industry, how would you get introduced to professionals like you? 7. If I choose to go into the financial services industry, what advice or cautions would you give me? 8. If I do decide to join Northwestern Mutual, would you allow me to meet with you, along with an experienced Northwestern Mutual financial representative or advisor, to discuss your personal financial plan to see if we could add value? 10 Identify and Research Your Markets Obtain the names of additional people in this market (and get a little prospecting practice) by saying: “As I continue to evaluate this opportunity, it is important for me to meet and get feedback from other professionals outside my current network of contacts. Who can you suggest for me to connect with to broaden my perspective on a financial services career?” Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information It can be helpful to prompt people’s thinking by “feeding” them possible categories/professions, such as: • Accountants • Attorneys • Medical Professionals • Dentists • Business Owners • Salespeople • Investment Bankers Thank the person for their time and conclude the meeting. 11 Identify and Research Your Markets Personal Reflection Now that you’ve had an opportunity to meet with someone and complete the survey, take some time to reflect on your experience and be prepared to discuss with the leadership team. Personal Reactions Notes 1. How could the person I just surveyed best be approached if I become a financial services professional? 2. Based on the names I gathered from completing this survey, how will I plan on approaching these individuals? 3. What new insights did I gain about this market? 4. How easy or difficult was it to conduct this survey? How did it feel? 5. Other observations? 12 Identify and Research Your Markets Market Surveys—Interview #3 Write down the following information: Name: Occupation: Telephone No: Date: Ask the following questions and write the replies in the space provided. Financial Experience Notes: 1. What has been your experience with the insurance, investment, and financial planning industry? 2. Who do you primarily rely on for financial advice? How did you choose that person? 3. What are the chief financial planning issues facing successful professionals in your industry? 4. Have you created a personal financial plan? If so, how often do you review it? 13 Identify and Research Your Markets 5. How would you personally like to be introduced to a financial services professional? 6. If you were in my shoes and decided to join the financial services industry, how would you get introduced to professionals like you? 7. If I choose to go into the financial services industry, what advice or cautions would you give me? 8. If I do decide to join Northwestern Mutual, would you allow me to meet with you, along with an experienced Northwestern Mutual financial representative or advisor, to discuss your personal financial plan to see if we could add value? 14 Identify and Research Your Markets Obtain the names of additional people in this market (and get a little prospecting practice) by saying: “As I continue to evaluate this opportunity, it is important for me to meet and get feedback from other professionals outside my current network of contacts. Who can you suggest for me to connect with to broaden my perspective on a financial services career?” Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information It can be helpful to prompt people’s thinking by “feeding” them possible categories/professions, such as: • Accountants • Attorneys • Medical Professionals • Dentists • Business Owners • Salespeople • Investment Bankers Thank the person for their time and conclude the meeting. 15 Identify and Research Your Markets Personal Reflection Now that you’ve had an opportunity to meet with someone and complete the survey, take some time to reflect on your experience and be prepared to discuss with the leadership team. Personal Reactions Notes 1. How could the person I just surveyed best be approached if I become a financial services professional? 2. Based on the names I gathered from completing this survey, how will I plan on approaching these individuals? 3. What new insights did I gain about this market? 4. How easy or difficult was it to conduct this survey? How did it feel? 5. Other observations? 16 Identify and Research Your Markets Market Surveys—Interview #4 Write down the following information: Name: Occupation: Telephone No: Date: Ask the following questions and write the replies in the space provided. Financial Experience Notes: 1. What has been your experience with the insurance, investment, and financial planning industry? 2. Who do you primarily rely on for financial advice? How did you choose that person? 3. What are the chief financial planning issues facing successful professionals in your industry? 4. Have you created a personal financial plan? If so, how often do you review it? 17 Identify and Research Your Markets 5. How would you personally like to be introduced to a financial services professional? 6. If you were in my shoes and decided to join the financial services industry, how would you get introduced to professionals like you? 7. If I choose to go into the financial services industry, what advice or cautions would you give me? 8. If I do decide to join Northwestern Mutual, would you allow me to meet with you, along with an experienced Northwestern Mutual financial representative or advisor, to discuss your personal financial plan to see if we could add value? 18 Identify and Research Your Markets Obtain the names of additional people in this market (and get a little prospecting practice) by saying: “As I continue to evaluate this opportunity, it is important for me to meet and get feedback from other professionals outside my current network of contacts. Who can you suggest for me to connect with to broaden my perspective on a financial services career?” Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information It can be helpful to prompt people’s thinking by “feeding” them possible categories/professions, such as: • Accountants • Attorneys • Medical Professionals • Dentists • Business Owners • Salespeople • Investment Bankers Thank the person for their time and conclude the meeting. 19 Identify and Research Your Markets Personal Reflection Now that you’ve had an opportunity to meet with someone and complete the survey, take some time to reflect on your experience and be prepared to discuss with the leadership team. Personal Reactions Notes 1. How could the person I just surveyed best be approached if I become a financial services professional? 2. Based on the names I gathered from completing this survey, how will I plan on approaching these individuals? 3. What new insights did I gain about this market? 4. How easy or difficult was it to conduct this survey? How did it feel? 5. Other observations? 20 Identify and Research Your Markets Market Surveys—Interview #5 Write down the following information: Name: Occupation: Telephone No: Date: Ask the following questions and write the replies in the space provided. Financial Experience Notes: 1. What has been your experience with the insurance, investment, and financial planning industry? 2. Who do you primarily rely on for financial advice? How did you choose that person? 3. What are the chief financial planning issues facing successful professionals in your industry? 4. Have you created a personal financial plan? If so, how often do you review it? 21 Identify and Research Your Markets 5. How would you personally like to be introduced to a financial services professional? 6. If you were in my shoes and decided to join the financial services industry, how would you get introduced to professionals like you? 7. If I choose to go into the financial services industry, what advice or cautions would you give me? 8. If I do decide to join Northwestern Mutual, would you allow me to meet with you, along with an experienced Northwestern Mutual financial representative or advisor, to discuss your personal financial plan to see if we could add value? 22 Identify and Research Your Markets Obtain the names of additional people in this market (and get a little prospecting practice) by saying: “As I continue to evaluate this opportunity, it is important for me to meet and get feedback from other professionals outside my current network of contacts. Who can you suggest for me to connect with to broaden my perspective on a financial services career?” Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information It can be helpful to prompt people’s thinking by “feeding” them possible categories/professions, such as: • Accountants • Attorneys • Medical Professionals • Dentists • Business Owners • Salespeople • Investment Bankers Thank the person for their time and conclude the meeting. 23 Identify and Research Your Markets Personal Reflection Now that you’ve had an opportunity to meet with someone and complete the survey, take some time to reflect on your experience and be prepared to discuss with the leadership team. Personal Reactions Notes 1. How could the person I just surveyed best be approached if I become a financial services professional? 2. Based on the names I gathered from completing this survey, how will I plan on approaching these individuals? 3. What new insights did I gain about this market? 4. How easy or difficult was it to conduct this survey? How did it feel? 5. Other observations? 24 Identify and Research Your Markets Market Surveys—Interview #6 Write down the following information: Name: Occupation: Telephone No: Date: Ask the following questions and write the replies in the space provided. Financial Experience Notes: 1. What has been your experience with the insurance, investment, and financial planning industry? 2. Who do you primarily rely on for financial advice? How did you choose that person? 3. What are the chief financial planning issues facing successful professionals in your industry? 4. Have you created a personal financial plan? If so, how often do you review it? 25 Identify and Research Your Markets 5. How would you personally like to be introduced to a financial services professional? 6. If you were in my shoes and decided to join the financial services industry, how would you get introduced to professionals like you? 7. If I choose to go into the financial services industry, what advice or cautions would you give me? 8. If I do decide to join Northwestern Mutual, would you allow me to meet with you, along with an experienced Northwestern Mutual financial representative or advisor, to discuss your personal financial plan to see if we could add value? 26 Identify and Research Your Markets Obtain the names of additional people in this market (and get a little prospecting practice) by saying: “As I continue to evaluate this opportunity, it is important for me to meet and get feedback from other professionals outside my current network of contacts. Who can you suggest for me to connect with to broaden my perspective on a financial services career?” Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information It can be helpful to prompt people’s thinking by “feeding” them possible categories/professions, such as: • Accountants • Attorneys • Medical Professionals • Dentists • Business Owners • Salespeople • Investment Bankers Thank the person for their time and conclude the meeting. 27 Identify and Research Your Markets Personal Reflection Now that you’ve had an opportunity to meet with someone and complete the survey, take some time to reflect on your experience and be prepared to discuss with the leadership team. Personal Reactions Notes 1. How could the person I just surveyed best be approached if I become a financial services professional? 2. Based on the names I gathered from completing this survey, how will I plan on approaching these individuals? 3. What new insights did I gain about this market? 4. How easy or difficult was it to conduct this survey? How did it feel? 5. Other observations? 28 Identify and Research Your Markets Market Surveys—Interview #7 Write down the following information: Name: Occupation: Telephone No: Date: Ask the following questions and write the replies in the space provided. Financial Experience Notes: 1. What has been your experience with the insurance, investment, and financial planning industry? 2. Who do you primarily rely on for financial advice? How did you choose that person? 3. What are the chief financial planning issues facing successful professionals in your industry? 4. Have you created a personal financial plan? If so, how often do you review it? 29 Identify and Research Your Markets 5. How would you personally like to be introduced to a financial services professional? 6. If you were in my shoes and decided to join the financial services industry, how would you get introduced to professionals like you? 7. If I choose to go into the financial services industry, what advice or cautions would you give me? 8. If I do decide to join Northwestern Mutual, would you allow me to meet with you, along with an experienced Northwestern Mutual financial representative or advisor, to discuss your personal financial plan to see if we could add value? 30 Identify and Research Your Markets Obtain the names of additional people in this market (and get a little prospecting practice) by saying: “As I continue to evaluate this opportunity, it is important for me to meet and get feedback from other professionals outside my current network of contacts. Who can you suggest for me to connect with to broaden my perspective on a financial services career?” Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information It can be helpful to prompt people’s thinking by “feeding” them possible categories/professions, such as: • Accountants • Attorneys • Medical Professionals • Dentists • Business Owners • Salespeople • Investment Bankers Thank the person for their time and conclude the meeting. 31 Identify and Research Your Markets Personal Reflection Now that you’ve had an opportunity to meet with someone and complete the survey, take some time to reflect on your experience and be prepared to discuss with the leadership team. Personal Reactions Notes 1. How could the person I just surveyed best be approached if I become a financial services professional? 2. Based on the names I gathered from completing this survey, how will I plan on approaching these individuals? 3. What new insights did I gain about this market? 4. How easy or difficult was it to conduct this survey? How did it feel? 5. Other observations? 32 Identify and Research Your Markets Market Surveys—Interview #8 Write down the following information: Name: Occupation: Telephone No: Date: Ask the following questions and write the replies in the space provided. Financial Experience Notes: 1. What has been your experience with the insurance, investment, and financial planning industry? 2. Who do you primarily rely on for financial advice? How did you choose that person? 3. What are the chief financial planning issues facing successful professionals in your industry? 4. Have you created a personal financial plan? If so, how often do you review it? 33 Identify and Research Your Markets 5. How would you personally like to be introduced to a financial services professional? 6. If you were in my shoes and decided to join the financial services industry, how would you get introduced to professionals like you? 7. If I choose to go into the financial services industry, what advice or cautions would you give me? 8. If I do decide to join Northwestern Mutual, would you allow me to meet with you, along with an experienced Northwestern Mutual financial representative or advisor, to discuss your personal financial plan to see if we could add value? 34 Identify and Research Your Markets Obtain the names of additional people in this market (and get a little prospecting practice) by saying: “As I continue to evaluate this opportunity, it is important for me to meet and get feedback from other professionals outside my current network of contacts. Who can you suggest for me to connect with to broaden my perspective on a financial services career?” Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information It can be helpful to prompt people’s thinking by “feeding” them possible categories/professions, such as: • Accountants • Attorneys • Medical Professionals • Dentists • Business Owners • Salespeople • Investment Bankers Thank the person for their time and conclude the meeting. 35 Identify and Research Your Markets Personal Reflection Now that you’ve had an opportunity to meet with someone and complete the survey, take some time to reflect on your experience and be prepared to discuss with the leadership team. Personal Reactions Notes 1. How could the person I just surveyed best be approached if I become a financial services professional? 2. Based on the names I gathered from completing this survey, how will I plan on approaching these individuals? 3. What new insights did I gain about this market? 4. How easy or difficult was it to conduct this survey? How did it feel? 5. Other observations? 36 Identify and Research Your Markets Market Surveys—Interview #9 Write down the following information: Name: Occupation: Telephone No: Date: Ask the following questions and write the replies in the space provided. Financial Experience Notes: 1. What has been your experience with the insurance, investment, and financial planning industry? 2. Who do you primarily rely on for financial advice? How did you choose that person? 3. What are the chief financial planning issues facing successful professionals in your industry? 4. Have you created a personal financial plan? If so, how often do you review it? 37 Identify and Research Your Markets 5. How would you personally like to be introduced to a financial services professional? 6. If you were in my shoes and decided to join the financial services industry, how would you get introduced to professionals like you? 7. If I choose to go into the financial services industry, what advice or cautions would you give me? 8. If I do decide to join Northwestern Mutual, would you allow me to meet with you, along with an experienced Northwestern Mutual financial representative or advisor, to discuss your personal financial plan to see if we could add value? 38 Identify and Research Your Markets Obtain the names of additional people in this market (and get a little prospecting practice) by saying: “As I continue to evaluate this opportunity, it is important for me to meet and get feedback from other professionals outside my current network of contacts. Who can you suggest for me to connect with to broaden my perspective on a financial services career?” Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information It can be helpful to prompt people’s thinking by “feeding” them possible categories/professions, such as: • Accountants • Attorneys • Medical Professionals • Dentists • Business Owners • Salespeople • Investment Bankers Thank the person for their time and conclude the meeting. 39 Identify and Research Your Markets Personal Reflection Now that you’ve had an opportunity to meet with someone and complete the survey, take some time to reflect on your experience and be prepared to discuss with the leadership team. Personal Reactions Notes 1. How could the person I just surveyed best be approached if I become a financial services professional? 2. Based on the names I gathered from completing this survey, how will I plan on approaching these individuals? 3. What new insights did I gain about this market? 4. How easy or difficult was it to conduct this survey? How did it feel? 5. Other observations? 40 Identify and Research Your Markets Market Surveys—Interview #10 Write down the following information: Name: Occupation: Telephone No: Date: Ask the following questions and write the replies in the space provided. Financial Experience Notes: 1. What has been your experience with the insurance, investment, and financial planning industry? 2. Who do you primarily rely on for financial advice? How did you choose that person? 3. What are the chief financial planning issues facing successful professionals in your industry? 4. Have you created a personal financial plan? If so, how often do you review it? 41 Identify and Research Your Markets 5. How would you personally like to be introduced to a financial services professional? 6. If you were in my shoes and decided to join the financial services industry, how would you get introduced to professionals like you? 7. If I choose to go into the financial services industry, what advice or cautions would you give me? 8. If I do decide to join Northwestern Mutual, would you allow me to meet with you, along with an experienced Northwestern Mutual financial representative or advisor, to discuss your personal financial plan to see if we could add value? 42 Identify and Research Your Markets Obtain the names of additional people in this market (and get a little prospecting practice) by saying: “As I continue to evaluate this opportunity, it is important for me to meet and get feedback from other professionals outside my current network of contacts. Who can you suggest for me to connect with to broaden my perspective on a financial services career?” Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information It can be helpful to prompt people’s thinking by “feeding” them possible categories/professions, such as: • Accountants • Attorneys • Medical Professionals • Dentists • Business Owners • Salespeople • Investment Bankers Thank the person for their time and conclude the meeting. 43 Identify and Research Your Markets Personal Reflection Now that you’ve had an opportunity to meet with someone and complete the survey, take some time to reflect on your experience and be prepared to discuss with the leadership team. Personal Reactions Notes 1. How could the person I just surveyed best be approached if I become a financial services professional? 2. Based on the names I gathered from completing this survey, how will I plan on approaching these individuals? 3. What new insights did I gain about this market? 4. How easy or difficult was it to conduct this survey? How did it feel? 5. Other observations? 44 Identify and Research Your Markets Market Surveys—Interview #11 Write down the following information: Name: Occupation: Telephone No: Date: Ask the following questions and write the replies in the space provided. Financial Experience Notes: 1. What has been your experience with the insurance, investment, and financial planning industry? 2. Who do you primarily rely on for financial advice? How did you choose that person? 3. What are the chief financial planning issues facing successful professionals in your industry? 4. Have you created a personal financial plan? If so, how often do you review it? 45 Identify and Research Your Markets 5. How would you personally like to be introduced to a financial services professional? 6. If you were in my shoes and decided to join the financial services industry, how would you get introduced to professionals like you? 7. If I choose to go into the financial services industry, what advice or cautions would you give me? 8. If I do decide to join Northwestern Mutual, would you allow me to meet with you, along with an experienced Northwestern Mutual financial representative or advisor, to discuss your personal financial plan to see if we could add value? 46 Identify and Research Your Markets Obtain the names of additional people in this market (and get a little prospecting practice) by saying: “As I continue to evaluate this opportunity, it is important for me to meet and get feedback from other professionals outside my current network of contacts. Who can you suggest for me to connect with to broaden my perspective on a financial services career?” Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information It can be helpful to prompt people’s thinking by “feeding” them possible categories/professions, such as: • Accountants • Attorneys • Medical Professionals • Dentists • Business Owners • Salespeople • Investment Bankers Thank the person for their time and conclude the meeting. 47 Identify and Research Your Markets Personal Reflection Now that you’ve had an opportunity to meet with someone and complete the survey, take some time to reflect on your experience and be prepared to discuss with the leadership team. Personal Reactions Notes 1. How could the person I just surveyed best be approached if I become a financial services professional? 2. Based on the names I gathered from completing this survey, how will I plan on approaching these individuals? 3. What new insights did I gain about this market? 4. How easy or difficult was it to conduct this survey? How did it feel? 5. Other observations? 48 Identify and Research Your Markets Market Surveys—Interview #12 Write down the following information: Name: Occupation: Telephone No: Date: Ask the following questions and write the replies in the space provided. Financial Experience Notes: 1. What has been your experience with the insurance, investment, and financial planning industry? 2. Who do you primarily rely on for financial advice? How did you choose that person? 3. What are the chief financial planning issues facing successful professionals in your industry? 4. Have you created a personal financial plan? If so, how often do you review it? 49 Identify and Research Your Markets 5. How would you personally like to be introduced to a financial services professional? 6. If you were in my shoes and decided to join the financial services industry, how would you get introduced to professionals like you? 7. If I choose to go into the financial services industry, what advice or cautions would you give me? 8. If I do decide to join Northwestern Mutual, would you allow me to meet with you, along with an experienced Northwestern Mutual financial representative or advisor, to discuss your personal financial plan to see if we could add value? 50 Identify and Research Your Markets Obtain the names of additional people in this market (and get a little prospecting practice) by saying: “As I continue to evaluate this opportunity, it is important for me to meet and get feedback from other professionals outside my current network of contacts. Who can you suggest for me to connect with to broaden my perspective on a financial services career?” Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information It can be helpful to prompt people’s thinking by “feeding” them possible categories/professions, such as: • Accountants • Attorneys • Medical Professionals • Dentists • Business Owners • Salespeople • Investment Bankers Thank the person for their time and conclude the meeting. 51 Identify and Research Your Markets Personal Reflection Now that you’ve had an opportunity to meet with someone and complete the survey, take some time to reflect on your experience and be prepared to discuss with the leadership team. Personal Reactions Notes 1. How could the person I just surveyed best be approached if I become a financial services professional? 2. Based on the names I gathered from completing this survey, how will I plan on approaching these individuals? 3. What new insights did I gain about this market? 4. How easy or difficult was it to conduct this survey? How did it feel? 5. Other observations? 52 Identify and Research Your Markets Market Surveys—Interview #13 Write down the following information: Name: Occupation: Telephone No: Date: Ask the following questions and write the replies in the space provided. Financial Experience Notes: 1. What has been your experience with the insurance, investment, and financial planning industry? 2. Who do you primarily rely on for financial advice? How did you choose that person? 3. What are the chief financial planning issues facing successful professionals in your industry? 4. Have you created a personal financial plan? If so, how often do you review it? 53 Identify and Research Your Markets 5. How would you personally like to be introduced to a financial services professional? 6. If you were in my shoes and decided to join the financial services industry, how would you get introduced to professionals like you? 7. If I choose to go into the financial services industry, what advice or cautions would you give me? 8. If I do decide to join Northwestern Mutual, would you allow me to meet with you, along with an experienced Northwestern Mutual financial representative or advisor, to discuss your personal financial plan to see if we could add value? 54 Identify and Research Your Markets Obtain the names of additional people in this market (and get a little prospecting practice) by saying: “As I continue to evaluate this opportunity, it is important for me to meet and get feedback from other professionals outside my current network of contacts. Who can you suggest for me to connect with to broaden my perspective on a financial services career?” Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information It can be helpful to prompt people’s thinking by “feeding” them possible categories/professions, such as: • Accountants • Attorneys • Medical Professionals • Dentists • Business Owners • Salespeople • Investment Bankers Thank the person for their time and conclude the meeting. 55 Identify and Research Your Markets Personal Reflection Now that you’ve had an opportunity to meet with someone and complete the survey, take some time to reflect on your experience and be prepared to discuss with the leadership team. Personal Reactions Notes 1. How could the person I just surveyed best be approached if I become a financial services professional? 2. Based on the names I gathered from completing this survey, how will I plan on approaching these individuals? 3. What new insights did I gain about this market? 4. How easy or difficult was it to conduct this survey? How did it feel? 5. Other observations? 56 Identify and Research Your Markets Market Surveys—Interview #14 Write down the following information: Name: Occupation: Telephone No: Date: Ask the following questions and write the replies in the space provided. Financial Experience Notes: 1. What has been your experience with the insurance, investment, and financial planning industry? 2. Who do you primarily rely on for financial advice? How did you choose that person? 3. What are the chief financial planning issues facing successful professionals in your industry? 4. Have you created a personal financial plan? If so, how often do you review it? 57 Identify and Research Your Markets 5. How would you personally like to be introduced to a financial services professional? 6. If you were in my shoes and decided to join the financial services industry, how would you get introduced to professionals like you? 7. If I choose to go into the financial services industry, what advice or cautions would you give me? 8. If I do decide to join Northwestern Mutual, would you allow me to meet with you, along with an experienced Northwestern Mutual financial representative or advisor, to discuss your personal financial plan to see if we could add value? 58 Identify and Research Your Markets Obtain the names of additional people in this market (and get a little prospecting practice) by saying: “As I continue to evaluate this opportunity, it is important for me to meet and get feedback from other professionals outside my current network of contacts. Who can you suggest for me to connect with to broaden my perspective on a financial services career?” Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information It can be helpful to prompt people’s thinking by “feeding” them possible categories/professions, such as: • Accountants • Attorneys • Medical Professionals • Dentists • Business Owners • Salespeople • Investment Bankers Thank the person for their time and conclude the meeting. 59 Identify and Research Your Markets Personal Reflection Now that you’ve had an opportunity to meet with someone and complete the survey, take some time to reflect on your experience and be prepared to discuss with the leadership team. Personal Reactions Notes 1. How could the person I just surveyed best be approached if I become a financial services professional? 2. Based on the names I gathered from completing this survey, how will I plan on approaching these individuals? 3. What new insights did I gain about this market? 4. How easy or difficult was it to conduct this survey? How did it feel? 5. Other observations? 60 Identify and Research Your Markets Market Surveys—Interview #15 Write down the following information: Name: Occupation: Telephone No: Date: Ask the following questions and write the replies in the space provided. Financial Experience Notes: 1. What has been your experience with the insurance, investment, and financial planning industry? 2. Who do you primarily rely on for financial advice? How did you choose that person? 3. What are the chief financial planning issues facing successful professionals in your industry? 4. Have you created a personal financial plan? If so, how often do you review it? 61 Identify and Research Your Markets 5. How would you personally like to be introduced to a financial services professional? 6. If you were in my shoes and decided to join the financial services industry, how would you get introduced to professionals like you? 7. If I choose to go into the financial services industry, what advice or cautions would you give me? 8. If I do decide to join Northwestern Mutual, would you allow me to meet with you, along with an experienced Northwestern Mutual financial representative or advisor, to discuss your personal financial plan to see if we could add value? 62 Identify and Research Your Markets Obtain the names of additional people in this market (and get a little prospecting practice) by saying: “As I continue to evaluate this opportunity, it is important for me to meet and get feedback from other professionals outside my current network of contacts. Who can you suggest for me to connect with to broaden my perspective on a financial services career?” Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information Name Occupation Married/Children Contact Information It can be helpful to prompt people’s thinking by “feeding” them possible categories/professions, such as: • Accountants • Attorneys • Medical Professionals • Dentists • Business Owners • Salespeople • Investment Bankers Thank the person for their time and conclude the meeting. 63 Identify and Research Your Markets Personal Reflection Now that you’ve had an opportunity to meet with someone and complete the survey, take some time to reflect on your experience and be prepared to discuss with the leadership team. Personal Reactions Notes 1. How could the person I just surveyed best be approached if I become a financial services professional? 2. Based on the names I gathered from completing this survey, how will I plan on approaching these individuals? 3. What new insights did I gain about this market? 4. How easy or difficult was it to conduct this survey? How did it feel? 5. Other observations? 64 northwesternmutual.com Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries.
