Businesses depend on profits to survive and flourish. Insurance agencies in particular rely on selling policies in order to make enough profits to keep the company running. And while loyal customers who keep coming back each year help fuel an agency long-term, the best way to excel in the industry is to continue building clientele.
Reaching new audiences and boosting sales leads is so important. But what if you’ve tried a few things and they haven’t seemed to work? If you are looking for some new and unique ways to build your agency’s clientele, take a look at these three ideas you should try.
Find and Choose a Niche Market
Although trying to reach a wide range of customers isn’t a bad idea, it can also slow you down from becoming known as an expert agency in a particular field. Whether you decide to focus on a particular state or region, personal lines versus commercial lines or you want to reach out more to millennials than other generations, it can be extremely helpful to narrow your agency’s expertise and work in a niche market.
By doing so, you can position yourself as the go-to agency for specific types of situations and policies. The people in those markets you are targeting will also be more likely to refer you to someone else they know who may need the same type of insurance you assisted them with. Already have one strong market you’ve excelled at selling to? Try expanding into another one and double your portfolio with two strong areas of experience and knowledge. The key is to be the absolute best at what you do, rather than being average in a variety of markets.
Check in with Current Policyholders
Your book of business holds great potential for referral opportunities and additional policy bundles. The more useful and educational you present yourself to those you currently do business with, the more they will see you as the agent they depend on for trustworthy guidance and information.
By checking in with policyholders who have purchased insurance already through your agency, you might find they are in the process of purchasing a new home or car, investing in a vacation home, or know someone who needs help shopping around for insurance quotes. You can even ask some of your loyal customers for testimonials or reviews you can share online with others.
It’s All About the Network
The agencies who fall most behind are the ones who slack on the networking front. There are a variety of ways you can grow your network of contacts, including social networking websites or apps, networking events, conferences, community involvement and philanthropy — just to name a few. Each method provides its own distinct opportunities, so it’s best to take a look at some of your options and try one or two out in the beginning before trying to do them all at once.
For instance, if you’re a B2B agency, LinkedIn is one of the best online social networks for professionals to interact, endorse you for skills and share information. If you are an agency focused on a particular area in your state, try getting more involved in community events and connect with local organizations on Facebook or Twitter. The key is to engage with others you don’t already know in a setting that is comfortable, fun and doesn’t feel too constructed or forced.