The expansion of the internet over the last decade has made it both easier and more difficult to grow a business. For an industry that has been largely stuck in the past, insurance carriers and agencies are now beginning to see these advantages and disadvantages as they engage in the online world.
While access to the web is more simple than ever before, reaching your target market and outperforming the competition is becoming trickier by the day. If your insurance agency has been hitting a lot of roadblocks recently, here are a few tips to try in order to improve your online insurance sales strategy.
Go Back to the Drawing Board: Define Your Target Audience
If you’ve been spending time diving into a variety of online platforms, websites and networking groups to reach a wide range of audiences, chances are you are spreading yourself too thin. One of the most successful techniques you can utilize when it comes to a great online sales strategy is narrowing your target audience.
But first, you should define your ideal market. Who do you sell to the most? Where do you see your agency’s greatest potential? If you’ve saturated one market, is there another specific niche you could dive into? Put these ideas back on the drawing board and discuss them with your agents. By doing so, you’ll have a better foundation in place right from the start and will spend more quality time on the audience who is most likely to buy from you.
Follow (and Create!) Trends
Long gone are the days when customers simply bought into a company’s products or services just because of the brand name behind an ad. While major brands still hold weight with consumers, many people have become so accustomed to seeing branded content everywhere that it doesn’t have the same effect anymore.
One of the smartest ways your agency can work on its sales strategy is by following trends surrounding the insurance industry and related industries. You’ll be able to see how other companies are — or are not — having a real impact on the general public. You can also follow the trends of your consumers and audience, and participate when it seems appropriate. Have an idea no one else has tried? Test it out! Creating trends that catch on isn’t easy, but when it works, profits can grow.
Be Available and Open to Conversation
As the number of millennials begins to increase over those of all other generations, it’s important to realize just how important it is to be available over digital platforms. Insurance may be traditionally an industry based off of phone calls or in-person sales, but the modern audience is one that values quick access to getting questions answered and the ability to purchase anything and everything online.
Whether you offer insurance quotes over the internet or you open up your social media profile to take questions from anyone who needs help, try new ways of showing your customers and potential sales leads that you are a resource they can trust. If one doesn’t seem to gain much traction, try another until you find one that works for your agency and your market.
Learn More About ASI
ASI is one of the largest homeowners insurance carriers in the United States. Through a network of independent agents, the company offers home, condo, renters, dwelling fire and flood insurance in over half the country, with plans to cover the rest by 2017. Find out more at americanstrategic.com.