It is no secret that people are becoming more and more interested in having a life insurance plan made for them with everything going on in the modern world. They need to feel safe and covered, and your company should provide exactly that for them.
How do you expand your company so it can reach as many people as possible? There are numerous simple yet important steps you can take.
In this article, we are going to look into the life insurance industry with some ideas on how to grow your agency:
1. Keep up to date on the industry
If you want to find out how you can expand your business to the fullest, you need to learn everything about it. Naturally, if you own a life insurance company you know what the work is about, but like every business, it changes constantly.
You need to research and always be on the lookout for current trends. Which coverage plans are currently the most popular, what do current customers look for when choosing an insurance plan, what tactics do other companies use to get customers, you need to know all of that to be able to offer your clients the best, so always be up-to-date with research regarding your business.
2. Use offline marketing to your advantage
It is common knowledge that the Internet is our go-to source for everything these days. It makes it easier for clients to access companies and businesses and find what they need. But what about some old-fashioned marketing strategies?
Well, they still have a profound effect on customers. Offline marketing methods nowadays are called ”the forgotten market”, but they can still be more than useful.
Remember newspapers, radio, television, billboards, flyers? Hearing about these methods makes you think we are going a step backwards in marketing but don’t fool yourself: they are very much effective.
People still listen to the radio, they still watch TV, they still buy newspapers and look at ad campaigns through their car window as they drive by a billboard. Having a promotion like that can do wonders for your company, as it is available to everybody, anytime.
Offline marketing strategies are still popular; they just need to be given that extra touch in order to be relevant.
3. Use the power of Social Media
And while it is true that offline marketing is still trendy, there is absolutely no denying that this is the Age of Social Media. Companies use their social media platforms to gain a following and bring attention to the services that they offer. That is why digital marketing is the way of the future. It makes it possible for you to focus on a certain customer group, whether it’s by demographics, interests, or just their social media preferences.
What makes digital marketing so popular is the fact that your clients are on the lookout for what you are offering before you offer it. That makes it easier for you to find your target audience, because by focusing on people who research you and your companies’ services you are lowering the cost of drawing in clients and it makes your business and your life a lot easier.
Also, use your social media platforms to your advantage. When you establish a certain following by making yourself accessible to clients on social media, you are more prone to start gaining new clients every day. Social media is a great strategy because it allows you to stay in touch with your existing clients all the while accepting new ones on a daily basis.
4. Show yourself off by being on top of the game
Whether they admit it or not, clients care about what exactly is in your trophy closet. They care about accreditations and certificates because it gives them a sense of validity. You should always make sure to be part of a seminar, win some awards and certificates, do some pro-bono things like offer an insurance plan to a sick individual who cannot afford it.
That kind of exposure can do wonders for your company because it shows the client that you are not just all about the money. It shows them that you are also seriously passionate about your business and that you are always putting the client first and making him/her a priority.
Doing things like that that will earn you good press is never a bad choice, so you should always look out for an opportunity to show the public just how much your company cares. It is guaranteed to put your agency at the top for any prospective client.
5. Use Influencers
As we said before, this is the Age of Social Media. People with large followings on social media make 50% of their living just by promoting various products and businesses online.
So, why shouldn’t your company be one of those? By sacrificing a small fee to and influencer, you are standing to gain much, much more.
People are mesmerized by the influencers that they follow, and usually when an influencer states that they are using a certain product, the next day it will be sold out just because their fans are so loyal and because they believe that someone they look up to wouldn’t lie to them. So why not use that same tactic for your company? You need to find an influencer who has a certain following on social media platforms and make sure that following is parallel to the client group you are looking for.
Once you’ve established that, you can have that influencer promote your company. Even if it doesn’t make a huge change instantly, over time it will prove beneficial.
6. Have your clients spread the word
Of course, you need to have certain strategies up your sleeve to attract clients, but it can also work the other way around. If you have a client base of people who have used your company’s services and they are pleased, have them do a quick interview or a questionnaire explaining what they like about your company, what made them choose you, if they feel looked after, etc.
This can bring you a lot more business because people are sometimes skeptical about what a company says about itself, but they tend to believe positive reviews from someone who already has the experience.
7. Educate your clients
In order to gain more clients and expand your business, you need to make sure that your audience knows exactly what your agency is about and the work that you do. Setting up seminars and educational classes on your business will make more people understand what it is your agency does, and by doing that it will make people more open to look into your product or service.
It also tends to give you good press because it shows clients you are invested in showing them all the benefits of your business.
8. Set up your own website
Now this goes without saying – you must have your own personal website because it is the no. 1 way for clients to reach you nowadays. But having a website is not enough. You need to make sure it is perfectly up-to-date and above all, that it has easy access.
When clients visit your website, they are looking for a number of things: services, company history, reviews, etc.
For example, Seniors Life Insurance Finder has done it perfectly, pay a visit to their website.
You need to make sure that all of those things are available to them when they research your web page. This is essential because it helps an older demographic reach you without difficulty since many of them have trouble using modern technology these days.
9. It can be useful to have a partnership
Of course in every industry there is competition. And naturally, you are doing everything you can to make your agency stand out. But will it harm your business to cooperate with a few other agencies? Absolutely not! Although business is business, solidarity is always a good idea. Establish some partnerships with a couple of companies that can offer your services to their clients and customers. You can also expand to other ventures.
For example, set up a partnership with some of your local and regional hospitals. They can inform people about working with your agency, which is beneficial because healthcare is the number one reason a client looks into having a life insurance plan. Ultimately, it will help you grow.
10. Always bring new ideas to the table
Staying relevant is a key part of growing your business, but introducing your clients to new and improved plans is that much more beneficial. If you have an insurance plan that is new and different from your previous ones or different from the plans of your competitors, you are bound to expose yourself to new clients by making them intrigued.
People are always ready to hear about a different strategy, and that kind of interest alone can make them choose you above another agency.
You need to do a lot of research to find your unique selling proposition to promote your agency within the industry. It’s a business, so, let your business mind play the role wisely.