A few weeks ago, I discussed the necessity for benefits brokers to optimize the customer experience in order to stay relevant in today’s landscape. Achieving this requires you to customize your marketing strategy to the preferences of your target audience. For benefits brokers, the challenge lies in the fact that the workforce is evolving and millennials now have a significant influence on B2B purchasing decisions. With that in mind, this week I’ll take an in-depth look into millennial insurance marketing.
Insurance is a very confusing industry. Specific terms, like deductibles and coinsurance, leave consumers unsure of what they’re paying for. In fact, research shows that 96% of Americans can’t correctly define the top 4 health insurance terms (deductibles, co-insurance, co-pay, and out-of-pocket maximum). This leaves many Americans doubtful in their ability to select the right insurance plan to meet their needs. Enter the broker; the specialist who can guide consumers and small businesses through the labyrinth of insurance. The crucial element is convincing prospects that you’re the expert of the industry in comparison to your competitors. The most effective way to accomplish this is by implementing a strong insurance thought leadership strategy.
We’ve talked about the importance of search engine optimization, and organically ranking high (without paying) on search engine results. In a competitive market, agencies may have to also incorporate insurance digital advertising into their business model in order to increase their online presence, and generate leads and increase their revenue as a result.
You know that Broker Tool Belt is all about sharing business and marketing practices to help insurance agencies succeed. Our latest recommendation is insurance agency automation software.
The insurance agency industry is anything but slow. It’s difficult to get your hands on some free time between open enrollment, recruiting new groups, and adding new lines of coverage. Everyday life when running a business is hectic. Scheduling meetings, leading marketing and development, managing employees, and creating a work environment that makes everyone happy, just to name a few things. (If you’re looking for help with digital marketing, check out this guide.) Luckily, there are insurance agency scheduling tools to help increase efficiency and save time.
Successful insurance agency SEO (search engine optimization) is a little bit like choosing to open a restaurant in downtown versus a country road. If you want to be easily accessible and attract new customers, it’s probably a good idea to be located on a main street.