The marketing plan in an insurance company business plan is the place to define what the brand is that your firm will try to create. The promotion methods you choose and describe in the plan should flow naturally from this brand. Consider these tips about methods that work for insurance brokerage firms.
Service Is Where You Can Shine
Insurance brokers match up their clients with insurance coverage – products with little difference between each other except for price. Therefore, brokers must differentiate themselves from their competitors based on the service they offer. Creating a reputation for excellent service, or for some aspect of service, can become the marketing you need when you start a systematic referral program.
Making Referrals Work For Your Insurance Brokerage
Making the process of seeking referrals systematic begins with tracking how many referrals you receive and close from your clients and from other sources. Set targets for what you’d like to achieve and think ahead as to how you can improve your numbers. Just being conscious of how referrals are working for you can lead to improved sales.
To go further, consider creating financial incentives, bonuses, or gifts to the referrers for business that closes, or just for providing names of qualified leads. Satisfied customers should be happy to think of more business for you rather than being put out when you ask them for leads.
Deepening Sales Rather Than Broadening Customers
If you broker a wide range of insurance products, you may be able to build revenues just as fast through selling more to each individual, family, or company rather than acquiring new ones. The best time to do this is when customers are initially brought on board, as they may be interested in minimizing their risk in multiple areas while they have insurance on their minds. Periodic check-ins (during the renewal period at the very least) are other times to ask customers about expanding their coverage.