In 2020, the total insurance premiums written in the US amounted to $1.28 trillion. For centuries, insurance has been one of the biggest industries in the country. Every American needs insurance of some type at some point in life.
But selling insurance can be a tough affair, especially in an increasingly crowded industry. As of 2021, there are roughly 982,800 finance and insurance businesses. The competition for clients can thus be cutthroat.
If your insurance sales team has been struggling to meet your targets in the recent past, you may be wondering how to turn things around. The good news is that you can do so without having to spend too much time and money.
In today’s post, we outline eight easy strategies to help you sell more insurance. Read on to learn more.
1. Set Clear Goals
Before embarking on an insurance marketing strategy, you need to take the time to identify your marketing goals. What exactly do you want to accomplish, and how do you intend to do it? When do you want to accomplish it?
Make sure your goals are specific, measurable, achievable, results-focused, and time-bound (SMART). You may want to set specific goals for producing, sales production, retention areas, and so on.
Once your goals are clear, it becomes easy to drive new insurance marketing ideas.
2. Create a Budget for Your Marketing Campaign
Now that your insurance sales team knows what your goals are, it’s time to draft your marketing budget. Determine what resources you need to sell insurance, and allocate enough money for them.
Take the time to look back on your expenditures for the previous year. This way, you can make your budget estimates more accurate.
Find out which marketing channels performed well and which didn’t. This way, you can allocate more money on profitable channels and cut the budget on poor-performing ones.
3. Develop a Working Referral System
One of the most productive insurance marketing tips is to invest in a robust referral system. Few marketing strategies can rival word of mouth. 92 percent of consumers place the highest level of trust on recommendations from people they know.
Be deliberate in designing refer and rewards programs that encourage your current clients to bring in more clients. It’s the best way to ensure you have a never-ending pipeline of potential clients ready to be converted by your sales team.
4. Ensure Your Website Has More Pages
Having a business website is a necessity in today’s increasingly digitized world. But that’s just the first step.
To make sure that your website is an effective lead generation tool, you need to have as many pages on it as possible. Websites that have hundreds of educational pages generate a lot more leads than those with just a handful of pages.
But how do you create all that content? Well, you can decide to have special pages for each of your insurance policies and make these pages easy to find. Write highly engaging content on other topics related to the insurance industry, too.
Consider hiring a competent content marketing team to develop well-designed content that can generate leads.
5. Have a Strategy for Nurturing Leads
The vast majority of leads don’t become permanent clients. Often, this is caused by poor lead nurturing.
A well-designed lead nurturing strategy involves marketing that is targeted towards a well-defined audience. For instance, it makes little sense to target auto insurance ads at college students.
When you get the buyer persona right, following up becomes easy.
Remember to make lead-nurturing part of your email marketing campaign. That means sending newsletters to your acquired leads that contain high-quality content.
6. Try Cross-Selling to Your Current Clients
If you offer different types of insurance in your firm, then you can consider cross-selling to boost sales. For instance, if a client has just bought a home insurance policy, it’s likely that they’ll be interested in a life insurance or auto insurance policy, too. It’s thus a good idea to let them know of these other offerings you have.
Try to make your other policies more enticing by providing discounts to clients who have already subscribed to insurance policies from you.
7. Personalize Communication
For many consumers, insurance is a highly intimate affair. Always remember that you’re selling a product that customers only get to use when things go wrong. To encourage your clients to purchase a policy, it always helps to add a personal touch to your communication.
There are many ways to do so. For instance, you can consider sending handwritten promotional literature, thank you notes, and even holiday cards. There are ways to automate this process when you don’t have the time to handwrite cards to all your clients.
Come up with a strategy for cold calling that adds a personal flair to your calls too. When you personalize your communication, you create an authentic feeling that both your clients and prospects will appreciate.
8. Establish Strategic Partnerships
Find relevant partners you can create a business bond with to create more insurance sales. For instance, you can sign contracts with car dealerships in your area to sell your insurance policies to car buyers.
Such partnerships are mutually beneficial. For the car dealerships, partnering with you affords them a unique selling proposition. For you, the partnership is an effective way to expand your offline reach and grow your customer base.
Don’t Let Selling Insurance Be a Huge Hassle
For many insurance companies, meeting insurance sales targets is a challenging affair, but this doesn’t need to be the case. All you need is to adopt a few simple but practical strategies, and selling insurance becomes an easy and enjoyable experience. Begin with the suggestions in this post, and soon you’ll have clients lining up to buy your policies.
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