The client was concerned that their market share in a particular city was not up to the number that the firm’s metrics prescribed.
Hence, the wholesaler thought he would not be able to declare success in that city.
He did know that if he could get to the aforementioned market share he could pick up X additional dollars in production.
The problem with the city that he had identified is that it’s where all the bees (competitor wholesalers) go.
[Also listen to: You Versus 183 Other Wholesalers]
All the bees go to this honeypot because it’s THE honeypot in his region.
We call it the The Honeypot Paradox.
Does he have to go to that city simply because it’s where the honeypot is?
Even though the paradox is that that’s where all the other bees go?
Or, could he pick up the additional dollars in production (that this increase in market share would have yielded) simply by going to other communities, to pick up additional advisors that could provide this increase in production?
A production increase that was a very doable number.
Though, if he was committed to the honeypot, what if he focused intentionally only on certain cells of the hive?
Those cells defined as the selected advisors he chose to laser focus effort on.
Theory being that while all the other bees were trying to congregate around the corner office producers, with the largest practices, and the most assets under management, his strategy would be directed at The Moveable Middle.
Seeing only the advisors that he could influence.
The ones that he could make a meaningful impact on.
And the ones that were not constantly surrounded by other bees.
Ask yourself if you need to go into the honeypot to meet your goals.
If you do, do you have a solid plan in place to avoid the sting of spending a ton of time and effort on advisors that will not yield even an ounce of honey.
At Wholesaler Masterminds we work with clients on the widest possible range of topics to assist them in building their practice. Learn more here.