Six Steps to Growing Your Insurance Business

If you’re struggling to grow your insurance business, maybe it’s time to get back to basics. Here are six steps any insurance agent can turn to—no matter how long you’ve been running your business—to encourage positive growth.

  1. Know what your goals are

Before you start developing a new marketing strategy, you need to know what you want to get out of it. Ideally, these goals would be specific, measurable, possible, and tied to a deadline: For instance, “I will generate 200 new leads by August 10.”

Once you have a concrete, specific goal, you’ll have a better idea of what you need to do in the weeks and months leading up to it in order to make it happen.

  1. Know what your budget is

How much are you willing to spend on your goal? Whether you’re on a shoestring budget and can only afford a few targeted Facebook ads, or you’re considering hiring a marketing firm to help you with your efforts—you’ll need a budget.

Focus your efforts by taking a clear-eyed look at the past. What marketing efforts have worked well for you, and which haven’t? This time around, focus your budget spend on the most effective channels.

  1. Monitor your progress

It’s crucial to know what’s working and what isn’t. Keep track of your metrics for every part of your marketing strategy.

This could mean asking every single incoming lead where they heard about you, and keeping a record of their answers. It could also mean tracking where all your traffic is coming from and keeping an eye on back-end analytics for online efforts.

The more you know about where new leads are coming from, the more you’ll be empowered to target your marketing efforts in the future.

  1. Give customers a reason to refer you

Develop a referral program where you offer an incentive to those who spread the word to others. This could mean a discount at a partner business, or buying a gift card for clients who refer you new business a lot.

You may have been doing this anyway, informally—but now is a great time to make a formal program of it, and make sure all your customers know how it works and how they can get rewards. Then publicize it on all your marketing channels.

  1. Use social media to best effect

There are lots of ways you can cultivate an effective social media presence. The first step is to know where your ideal customer hangs out online and make sure you have a profile there. If most of your customers are on Facebook but not Instagram, it makes more sense to focus your efforts on Facebook.

Social media can be time-consuming, but it’s mostly free. There are also paid options on most platforms, however, that can be extremely effective in helping you target a specific audience.

  1. Get involved outside of the office

Insurance is often a local business that relies on strong relationships. Getting out of the office and making connections in the local community can be invaluable.

Look for opportunities to help in your community. Sponsor an event or youth sports club, or bring your team to volunteer periodically at a local nonprofit. This creates a great impression and helps people in your local area get to know you.

There are plenty of ways to grow your insurance business—and the options can be overwhelming. You can narrow it down by reverting to these six steps, and hopefully you’ll see outstanding results.

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