How to Market an Insurance Policy
- 1). Build a contact list. Record the address, phone numbers and email address of everyone you know, and include family, friends, past and current clients and even casual acquaintances. This list is your company's most valuable asset; start the list now and handle it with care. Expand and update your list with each meeting you attend and each policy presentation you make.
Manage your growing list using a CRM, or customer relationship management program. A simple Rolodex may be attractive, but is a nightmare for large-scale marketing. Popular CRM programs include GoldMine, ACT!, SmartOffice and Chaos Intellect. Chose a program based on its ease of use and ability to grow with your insurance agency. A good CRM is flexible and intuitive, and allows you to update your contact list using a smart phone or mobile computing device. It also lets you categorize, import and export contacts and create mail-merged documents. - 2). Market to your contacts. Send a postcard to your list announcing your new insurance policy. Then, make individual phone calls to follow up. After that, send a series of emails extolling your insurance policy's best features. Jeff Garrison of Sales Habitudes says that "you can count on it taking at least six contacts on average to get anywhere with a prospect." Short attention spans are epidemic, so do whatever it takes to stay memorable.
Leverage your CRM to launch mass mailings when appropriate. Send personalized birthday or holiday cards on special dates. Drop a handwritten note to thank a long-time client for her business. Take every opportunity to contact your list. Regular contact keeps you at the front of your prospect's mind. - 3). Ask for referrals. Your insurance policy is great, but its not for everyone. When a potential client says "no," ask her for the name of somebody else she knows who may say "yes." Insurance is about making people feel secure, and a prospect feels better about you if you come from a trusted friend. A survey conducted by Entrepreneur.com showed that over half of respondents received more than 70 percent of their business from referrals. Smart business owners know that referrals, or relationship marketing, are the most effective and inexpensive method of advertising.
- 4). Make a list of media outlets available in your area. Target one or two outlets at time for adverting. Pay for a slot on a university radio station to offer health insurance to students dropped from their parents' coverage. Take out a display ad in the church or town bulletin announcing your business or new insurance policy. Write an article on the benefits of life insurance for a periodical targeting middle-aged fathers. Differentiate yourself from your competition by offering special rates and discounts. Keep a budget and track results to make sure that your advertising dollars are paying off.
- 5). Promote related products. The Bureau of Labor Statistics reports that more insurance agents are branching into retirement and estate planning. Insurance is a flag to let you know what other needs a client has. A father asking about life insurance likely needs to save more for retirement. An elderly couple increasing their health insurance might need a will or trust. Cross-selling is easy and lucrative. Be sensitive to clients' needs and offer these extra products to increase your earning power. If you do not provide estate planning or retirement savings, find another agent who does and ask for a referral fee for sending your clients to him for additional services.
Source...