Making insurance marketing initiatives profitable is quite the challenge, especially when you are just getting started in your marketing journey.
At first, it seems like you are mostly talking to a wall as you post on Facebook or blog without receiving a single "like," comment, or customer, but the results will come in. IF, you take the right steps to make it happen.
This article will help you identify what will help you see success in your insurance marketing efforts.
Define Your Agency's Marketing Goals
In order to make anything worth happening happen, you have to define your goals and the efforts that will help you meet your goals.
Before you skip over this section I want you to take a serious look at your goals. Being more relevant, or growing your book of business by marketing is NOT a true goal.
A true insurance marketing goal would be something such as increasing new business by 8% by focusing on new commercial markets.
But it does not simply end with that. How will you increase new business by 8%? You also have to define how you intend on meeting the goal. Once you do this, you will be able to keep your marketing team on track while ignoring all the other shiny things to try which may not help you meet your goal.
Create a Plan for how marketing will meet the goals
Having a goal is great, but often people fall short of their goals because their daily actions are not in alignment with what it actually takes to meet the goals.
Posting more on Facebook or trying video marketing until more people buy from you is not a plan.
When planning, you must reverse engineer your vision/goal. If your goal is to increase new business then you must focus your efforts on lead generation or cross selling initiatives. Find and focus on the marketing efforts that will actually bring about an increase in new business.
If you want your marketing to achieve a certain goal, you must have an action plan to get there. (don't have one? Then you can borrow our template).
Have Tools in place to Measure Success
You are on social media, you have invested heavily into a new website, you are putting the time and money into making your marketing plans a reality but do you know how well it is working? You need to make sure you have tools in place that will allow you to measure the success of your insurance marketing.
Here are a few examples to give you an idea of what I mean:
- Basic analytics, at the least, to see a snapshot of your marketing efforts.
- A CRM to gauge your conversions. (visitors to leads, leads to opportunities, opportunities to customers)
- An agency management system to see what is bringing customers in. (I know you have one but are you using it to track customer acquisition effectively?)
Train staff so they are skilled enough to meet your goals
It is tempting to hire an intern because they are young and cheap or require someone in house who is already on the payroll to do the marketing but this hardly results in anything of value.
While someone may be familiar with social media, or they may be a good employee does not necessarily mean that they are a good fit. In order for someone to be successful in your insurance agency's marketing efforts, they must know what they are doing and in most cases this means additional training.
This could look very different for each agency. It could be having them attend webinars or live events. Or something a little more refined like hiring an implementation consultant like inBuzz who can train your staff 1 on 1.
Occasionally an agency will find someone who has a knack for the job within their agency but most will need to hire someone for the specific position. Regardless, there needs to be marketing specific training to help them be successful in the position.
Be Patience with the Process
Insurance marketing takes more than throwing something out for a few months and hoping you make a lot of money from it. If that was the case, then every agent would be doing it and every agent would have a major income stream from marketing. But that is simply not the case.
It will take time to introduce marketing into your agency and for your agency to start seeing results. For every marketing initiative there is a process and that process takes time before it begins working.
You can streamline the process as much as you like, but there is no magic way to skip out on the work that makes marketing marketing.
How to know if your agency is on the right track
Insurance marketing can be a bit overwhelming. Not only do you have to try to figure out all the different strategies you also have to come up with new ideas and how to keep it going. To make things even tougher, you may be on the right track but just have not seen the results yet.
So what do you do?
First off. Go back to your plan. Are your activities lining up with your plan? If not, then start there. You can not expect to see your planned results if you are not doing what you planned to do.
If you are doing what you initially planned then double check and make sure those initiatives are in fact the ones which will lead to your desired results.
And lastly if you are still unsure (or want to skip the first couple of steps and get right down to it) then have an insurance marketing expert (such as inBuzz) take a look at your marketing efforts.
Insurance marketing takes work to make it successful. It takes time and it takes planning but it can bring great value to your agency once established.