The Best Ways to Sell Insurance in This Challenging Market; 2 Main Categories Of Insurance Marketing

Insurance Marketing Strategy

As the digital age continues to expand and new technologies continue to rise, marketing has become an essential element in any business. The insurance sector is no different. With the many changes that have taken place in this industry, insurers need to understand what their competitors are doing and what opportunities await them moving forward.

If you are currently working for an insurance company or are looking to break into this space by becoming a broker, you will want to read this article so you know what your options are when it comes to marketing your services. Read on to find out more about the current state of insurance marketing and how you can stand out as a brand if you choose to enter this field of work.

What is insurance marketing?

Insurance marketing is all about selling your policies and promoting your agency to your target audience. If you’re relatively new in the market, there’s a high chance that only a few people know of your existence. This means that no matter how favorable your insurance policies are, you’re not making sales or generating leads because your brand awareness is low. 

Insurance agents are usually excellent salespeople, and they have no difficulties converting leads into customers. They, however, have a hard time marketing insurance products because insurance marketing is not straightforward. For starters, the benchmarks of success vary & are less obvious, and there are tons of marketing ideas to try out. 

How does insurance marketing work?

The insurance marketing process starts with the planning and creation of your marketing strategy. The most important thing to remember when creating your strategy is that it must be targeted toward your audience. This means that you must know who your potential customers are and where they spend their time online. This will help you determine the best ways to reach out to these people and make them aware of your brand.

The next step is to decide which channels you will use to reach your target audience. This can range from social media platforms to email marketing. Where you choose to market your product is up to you, but it’s important to choose a channel that is effective for your customers. Once you’ve chosen a channel, you can create your content. Remember that your content should be helpful and lead people towards your call to action.

Understanding The Different Types Of Insurance Marketing Strategies

There are various effective marketing strategies, but ultimately, you should choose the ones that help you meet your business needs. The two main categories of insurance marketing are;

Online Insurance Marketing Strategies

Online insurance marketing strategies entail promoting your agency and its services on digital platforms. This includes;

  1. Landing pages: Consumers often find insurance topics complex, and they need pages dedicated to the information that they need. For instance, if a prospect needs details on the best homeowners policy, you should have a specific page on your website dedicated to this. Make sure the landing pages also have CTAs (Call to Action) so that you can still generate leads.
  2. Online reviews: This is one of the most affordable yet effective online insurance marketing strategies. Customers trust other customers more than they trust your business. Statistics reveal that more than 90% of customers go through online reviews before making a purchase. So, encourage your loyal clients to leave reviews on your online profiles. 
  3. Social media marketing: almost everyone is on social media nowadays, and if you’re not leveraging your social profiles to market your insurance agency, then you’re missing out on a lot. Run social media ads on various platforms including Facebook, and Instagram, depending on where most of your customers are active. You should also use LinkedIn networking to build professional relationships. 
  4. SEO: search engine optimization helps you increase your online visibility. And, the truth is that if you’re not appearing on the first pages of Google, then your web traffic is likely low. Studies show that only 25% of web users go past the first page, so make sure you work on-page and off-page SEO. 
  5. SEM: search engine marketing involves marketing your insurance agency on search engines such as Google and Bing. This way, when a customer looks up your products online, your advert is among the first listings. 

Offline insurance marketing strategies

Currently, most insurance agencies are focusing on online marketing, but some offline marketing tactics are still as effective. They include;

  1. In-person Events: this is where your insurance agents go to events to interact with potential customers and educate them on insurance and how you can best assist them.
  2. Handing out business cards: they make you more accessible, and if the prospect ever needs insurance, they will likely call you.
  3. Referrals: This entails creating programs where your current customers or partners refer customers to your insurance agency for a discount on their policies. 

Benefits of having a good insurance marketing campaign

You’re probably wondering, why I need insurance marketing. Well, here are the top benefits of implementing a good insurance marketing campaign.

  1. It increases your sales: if more people are aware of your agency and products, they will purchase from you. Some marketing strategies also increase your credibility, making you more trustworthy.
  2. It enhances your brand awareness: before you start pushing sales, first build your brand, as this will enhance your visibility. Marketing also helps you educate your customers about your products, ultimately making you seem reliable.
  3. It helps you identify strategies that work: by trying out various campaigns, you’re able to optimize your marketing strategies and focus on the ones that yield the most results.
  4. It helps you earn your customers’ trust: customer trust is equivalent to gold in the insurance world. You’ll be able to build a solid customer base which will then increase your revenue.
  5. It helps you build your reputation: your agency’s reputation is critical to its profitability. Insurance marketing helps you transparently engage with your customers, shining a positive light on your brand. 

Ways to measure success for your insurance marketing campaign

There are various metrics you can use to determine how successful your insurance marketing campaign is;

  1. Return on investment (ROI): this is the amount of revenue you generate from your campaigns against the amount you used to advertise your services.
  2. Website traffic growth: since you started running your advertisement, how many more website visitors have you generated?
  3. Leads generated: there are two aspects to this KPI. You should look at the marketing qualified leads (prospects that are most likely to turn to customers) and sales qualified leads ( leads that are very close to making a purchase)
  4. Referral traffic: these are the customers that visited your website or offices from other websites or customer recommendations.
  5. Customer Acquisition Cost (CAC): this is the amount you spend trying to convert a lead to a customer. If your marketing strategies are effective, your customer acquisition costs will be low. 
  6. Customer retention rate: your marketing strategies should not end when you acquire a customer. They should also focus on retaining the client so that they remain loyal to your business.

Increase the Profitability of Your Agency Through Insurance Marketing!

Effectively marketing your insurance agency is the key to revenue generation and high profitability. At Shimin Insurance Agency, we make sure we customize our insurance marketing strategies based on our target audience, their needs, and our business goals to ensure our campaigns are successful.

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