Developing an insurance marketing strategy is an important component for any insurance professional. It's vitally important to come up with a strategic marketing plan and marketing messaging that will help set you apart from the competition. Once you have determined what the marketplace looks like, you can begin to market your company and develop different ways to differentiate yourself.
Research the marketplace and determine who your competitors are. Search the Internet and phone books and develop a list of potential competitors. If your competitors have a web page, look for things they're doing to market themselves to their customers. Purchase sales data and market research if available. Determine who the most successful, longest-tenured insurance professionals are in your area and assess what types of marketing programs and materials your competitors are doing. It's not against the law to do the same things your competition is doing; you just want to come up with a way to do it better.
Create a website if you don't have one already. Position yourself as an expert and thought leader in the insurance field by stating your past experiences, successes and case studies. Tell your customers why they should choose you. Always look for ways for market yourself and your business. Talk to friends, family and people you meet and give them your casual, 20-second "elevator pitch." Highlight the benefits of your company's services. If you're known for saving people money then tell people you may be able to save them money.
Word-of-mouth is one of the most effective and efficient forms of marketing because it's free and allows your key messages to spread organically, with no financial investment necessary.
Freebies And Discounts
Give away something for free. Whether it be advice, a 10 percent discount or a webinar on your website, people respond to things that are given away for free. Draw insurance customers in by letting them know of a special promotion or discount. For example, "Did you know that you can save 5 percent of your home insurance bill with Company X if you have had your roof replaced in the last 10 years".
Reinforce to consumers that you offer the best value out of all your competitors and clearly state why.
Develop Right Marketing Mix
The concept of the Marketing Mix has been around since the 1940s but it still stands true today for business professionals. Marketing decisions mainly come down to price, product, place and promotion. Focus of promotion, since your price, product and place have largely been determined already. Choose the right mix of promotional marketing strategies based on your key audiences. Target older audiences who are seeking insurance with more traditional marketing, such as print and younger audiences with more modern marketing techniques like web advertisements.
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