5 Essential Marketing Activities Every Insurance Agency, Broker and Wholesaler NeedsJacob
Insurance marketing is becoming the norm today as agencies, brokers and wholesalers seek to gain a competitive advantage and improve their economy of scale. It’s rare for an agency owner to say they don’t care about their website, or are unaware of digital marketing opportunities like insurance email marketing or insurance social media marketing. When it comes to producers, there are five essential marketing activities that should be used to extend the reach and build pipelines.
Content marketing – Content marketing can be an efficient and powerful way to grow an audience and an agency. For content marketing to work, agents and brokers must invest, prioritize, and execute. To achieve impactful results, content marketing must be taken seriously and executed consistently.
Social media marketing – Fifty-five percent of insurance consumers say they would use one or more insurance services offered through social media. Internet and social media reviews play an integral role in credibility. Potential customers, especially millennials, trust the advice they find on social media about the best insurance products, agencies, and brokers. At a minimum, brokers and agencies must have a professional company page and executive profiles on all major social media platforms.
Insurance Email Marketing – For many agents, brokers, and wholesalers, creating a successful email marketing initiative can seem like a daunting task. But insurance email marketing should be a critical component of your overall marketing plans. Use the “Five Ws” to think about insurance email marketing:
- WHO: Specific perspectives: generation of email lists
- Than: Relevant educational content
- When: Time and frequency campaign
- Where: Call to action: where the prospect should go
- Why: Lead Conversion – Close the Cycle for ROI
Appointment setting – Calling up prospects in profile is a traditional approach to filling the pipeline, and in certain insurance niches, it still has a place within an overall insurance lead generation initiative. That said, it is recommended that Producers with aggressive sales targets not make these calls in person, calls should be delegated to an internal or external appointment planner. Producers should spend their time talking to prospects, not identifying them. Producers must create an effective calling script, determine key differentiators and train appointment developers, or outsource this effort.
Closed-loop analysis – Closed-circuit marketing is a simple concept, but few brokers, agents, or wholesalers do it. Closed-cycle marketing analysis can be done based on a campaign, or a monthly or quarterly comprehensive approach. This objective is simple, which campaign activities are giving the best results, both for the activity and for the new commercial results. Closing the loop helps determine the ROI of an agency’s marketing budget.
Insurance brokers, agents and wholesalers can and should invest in these five essential insurance marketing initiatives to broaden the reach and increase sales activity. A healthy top of the sales funnel is likely to generate higher incomes and more successful Producers. Producers should spend more time selling and less time identifying prospects. Agencies, brokers, and wholesalers who do not have sufficient staff or experience to carry out the five marketing activities reviewed above, may consider upgrading this initiative to a competent insurance marketing agency.