Open enrollment season is winding down. What should your focus be next? In today’s competitive marketplace, retaining your clients is key to ensure long-term profits. The average customer retention rate in the insurance industry is 84%, while the top five companies have a 93%-95% customer retention rate. This difference can represent a potential loss for you. Furthermore, it costs seven to nine times more for an insurance agency to attract a new customer than to retain one. Since replacing lost clients will cost you more, it makes economic sense to focus your efforts on keeping the clients that already trust you. In this week’s Broker Tool Belt, we share 4 programs to increase insurance agency client retention and help you succeed in 2020.
When you sell insurance, competition can be a serious drawback. You are up against others who are looking to attract the same prospects with a very similar offer. What can you do to stand out? Most likely, employers in need of a group insurance broker will conduct online research before making a final decision. For this reason, building a strong online presence will ensure you are among the final choices. One of the fastest ways to increase your online visibility is through a PPC campaign. In this week’s Broker Tool Belt, we share how to implement PPC for insurance agents.
A basic challenge you can encounter when selling insurance is that not every lead will answer your phone calls or emails on the first try. However, if you want to succeed in the insurance industry, you can’t give up on these valuable prospects. It’s important to set expectations for how many times you should engage with a lead before moving on to the next one. Have you reflected on the strategy you have in place to interest your leads? There are a wide variety of techniques you can start implementing today, but in this week’s post, we focus on how to engage insurance leads with a powerful email newsletter.
Conversations are always happening, but the way we communicate has changed over the years. Your grandparents used to send handwritten letters, today we have email and instant messages. Society has continually strived to decrease response time. Now, it’s easier to stay in touch with high school friends, make plans with your family, and get an answer from a Fortune 500 company. Customers are able to have conversations with businesses when and where they want. In this week’s Broker Tool Belt, we share conversational marketing for insurance agents to increase engagement and build long-term relationships.
Imagine this scenario: you want to hire a marketing professional to help you share your agency with the world, but you don’t know any. What would you do to solve the issue? You could ask people around you, but most likely you would type “best insurance marketing professionals” or something similar into Google. If a group administrator is in need of a health insurance broker, what do you think they would do to find one? Knowing that 46% of all Google searches have a local intent, getting your business online is a must. And one of the best tools to help you grow your presence online is Google My Business. In this week’s post, we share the benefits of setting up Google My Business for insurance agencies.
Open enrollment season has arrived. This Fall, employees will be enrolling in a health insurance plan. At the same time, employers will be working hard to present them with the best options in the most comprehensive way. HR professionals live under high stress during this period since they are responsible for managing heavy administrative processes. Here is where you come in: the expert broker ready to help. The open enrollment season is also a stressful time for you, but it offers the opportunity to drive more revenue than any other time of the year. In this week’s post, open enrollment ideas for insurance agents.
While asking for referrals is a commonly used marketing practice, blasting an email to all your current customers won’t be an effective strategy. Establishing a formal referral program is key to consistently engage clients and generate leads. When building your referral marketing strategy, always keep in mind that your insurance agency is unique and your referral program should be too. If you want your referral program to resonate with your customers, it needs to be designed for them. In this week’s post, we share the 3 tips you can implement in your marketing strategy to boost insurance agency referrals.
Let’s imagine this situation. You meet with a prospective client and you collect all the necessary information to put together a quote. When the quote is ready, you try to get together with the prospect to review it, but you keep missing each other. Does this sound familiar? Every health insurance broker dreads this situation. While prospects take time to consider all their options, it’s crucial for you to stand out. Sales calls and emails are overly used methods, but there is a format to present quotes that is starting to break through. In this week’s post, we share why presenting insurance quotes on video should be part of your strategy to sell insurance.
The interest in buying small to medium-sized benefits agencies is greater than ever before, making this a great time to exit the industry. However, gearing up before selling is key if you want to maximize the value you’ll get from the transaction. Selling your agency or book of business takes time. When you make the decision, you won’t immediately find a buyer. You will deal with buyers that most likely have done more than one acquisition and, on the contrary, this will be the first and only time you are selling. In this week’s post, we share the key strategies to implement when getting ready to sell your book of business.
When you customize your marketing strategy to the preferences of your target audience, you ensure delivering timely and relevant messaging to your prospects. There is a wide range of parameters to personalize your messaging, but generational marketing is one of the most relevant in the insurance industry. By applying generational marketing, you’ll segment your audience by the generation they belong to. Nowadays, baby boomers, Gen X, and millennials control the workforce, but there is a new generation entering the space: Generation Z. In this week’s post, we share why Gen Z is the future of insurance marketing to equip you with the insights to succeed in the years to come.