In this article, we are going to cover Insurance agency marketing and will help you in standing out in this noisy marketing environment.
If you are looking to get an answer for below mentioned questions then you are at the right location and we are going to cover the same in this article.
How to market my insurance agency?
How can I grow my insurance agency?
How do I advertise my insurance agency?
How do I market my Independent Insurance agency?
Marketing is defined as the action or business of promoting and selling products or services, including market research and advertising. Most insurance agencies focus on sales, they have defined targets for sales but no clear marketing plan or strategy. Here is what we recommend to boost your insurance agency marketing.
How to market my insurance agency?
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Create a Marketing plan
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Start building a brand
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Update or Create a website
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Start creating content
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Establish a marketing team or hire someone
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Start advertising
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Don’t ignore social media
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Start engaging with prospects and customer
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Ask for referral
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Messaging for conversion
Create a Marketing Plan for Insurance Agency
A marketing plan helps you in staying on track. It contains information related marketing budget, strategy, which marketing channels to target and metrics to measure performance.
As a first step, you should benchmark where you are currently. Some of the questions which you should be asking while benchmarking are
How am I getting my leads/prospects?
How many customers do I get?
How can I improve my marketing process?
Why did I lose some of my prospects?
Who are my ideal customers and what is their persona?
Who are my competitors?
Once you are done benchmarking you should set a growth target for your Insurance agency.
Next step is to brainstorm with the team and come up with a strategy for below-mentioned items.
How do we improve the customer journey?
How much should be spent on marketing?
How to improve customer retention?
Start building a brand
Building a brand goes a long way in the success of any business. Especially for Insurance agencies, building a brand helps in standing out in this crowded environment.
When you hear about Coca Cola or Nike certain things come into your mind. You assign some amount of trust and certain expectation with their product. The same way your insurance brand should evoke certain emotions and help you in differentiating from others.
Some of the components of a brand are your logo, website, and marketing material. But brand goes beyond that and in your message, you should also communicate what you stand for. If you specialize in high net worth individuals then specify that, mention your strategy and approach which you use to help your clients.
For more information on insurance branding please refer below mentioned article.
Update or Create a website
If you have a website make sure it is professional and looks up do date. If you are a captive insurance agency then you may not have a separate website but you should focus on getting one for yourself.
Maintain a cohesive style for your site. The combination of the right visual style, easy-to-read format, and a consistent message helps with branding as well.
It should be focused on your customers need, challenges and aspiration.
If you need help with website creation then please reach out and we can refer some of best folks in the industry.
Start creating content
Content creation is something which most of the insurance agencies are lacking. You should be creating content like articles, videos, social media posts, infographic, etc which helps your customers. This also helps in increasing your authority and making you a thought leader.
When you create content you also start ranking on google, start getting traffic from social and overall visibility of your insurance agency increases. Content should be a key pillar of your insurance agency marketing.
If you don’t have enough time for content creation then you can also outsource this activity and hire a content writer/creator.
You can also use content/articles to answer most of the common question which your customers may have.
Establish a marketing team or hire someone
Having someone responsible for marketing is crucial for the success of your insurance agency. They should be accountable to stick with a marketing plan and help your sales team by generating leads.
You can also hire professionals to do marketing for you. For some of the specialized skills like SEO, Instagram marketing, facebook advertising, etc it makes sense to hire someone.
Many agencies have a team of licensed agents focused on sales but no one to focus on marketing and this is a big mistake.
Start advertising
If you want to accelerate the growth of your agency then advertising is one the lever which you should think about. Without advertising it’s hard for your customers to find your and get introduced to your brand and services.
Most of the startups and big insurance players leverage advertising to grow exponentially.
You can refer below mentioned articles on Instagram and facebook advertising to get started with the same.
https://www.friendlyagentbot.com/2017/12/19/crush-facebook-ads-for-insurance-agency-via-chatbot/
Don’t ignore social media
Social media is where people are spending most of their time currently. It is like a highway where a huge number of prospects are traveling and your social media post is like a billboard. If your post is able to get their attention than it could lead to a prospect/sale.
Posting something on a regular basis targeting your audience is key to success in social media.
Instagram is one of the best social media platforms today to engage with your audience and generate leads. You can refer below-mentioned article to learn more about Instagram marketing for your Insurance Agency.
https://www.friendlyagentbot.com/2019/06/03/instagram-marketing-for-business-a-step-by-step-guide/
Start engaging with prospects and customer
Nowadays you will see many people mentioning/tagging a brand in their post and you will notice that someone from that brand will respond to that post.
Engagement should be proactive as well, where you comment/like on your prospects social media post. You send emails which are targeting the pain points of your customers. You send a direct message offering something of value to your prospects/customers.
You can get partners/ customers and fans by engaging in social media/ email and messaging.
Ask for referral
Once you acquire a customer and provide a product which best suits their need, you should ask them to refer people who may benefit from your service.
Referral Marketing has many advantages
1) There is a social proof involved as the person referring you have either used your product/service or knows you hence this leads to added credibility
2) Leads generated via referral marketing have a higher conversion rate
3) It’s free or very cheap. Many businesses and insurance agencies have some kind of reward system for referrals.
4) Customers coming via referral sticks longer and have a high lifetime value
Check out below mentioned article to learn how you can leverage Referral Marketing to grow your business.
https://www.friendlyagentbot.com/2018/05/21/referral-marketing-for-insurance-via-chatbot/
Messaging for conversion
As per research, people are 50% more likely to purchase from a brand they can message. Messaging is huge nowadays and top 4 messaging platforms are bigger than the top 4 social media platforms.
Messaging/chat can be used for lead generation as well as for customer service 24/7.
Check out below mentioned article to learn more about messenger marketing.
https://www.friendlyagentbot.com/2018/04/24/insurance-email-marketing-to-messenger-marketing/
Conclusion
Insurance agency marketing is critical for sustainable growth. Branding, social media presence coupled with technology can help you in growing exponentially.
Hopefully, this article was useful to you and helped in learning something new. Please share it with anyone who may benefit from it.
Setup your free Success call with our team and figure out how you can take your Insurance Agency to next level.
