With trends and the technologies of tomorrow catching on, the best time for insurance agents to reinvent their retention marketing strategy is today. With many marketing strategies already in place, the insurance business is beset with challenges. The insurance business is still about creating and maintaining customer relationships and providing value to policyholders. But as the trends show, targets may remain the same, but new tools need to be in place to galvanize the business and cash in on new opportunities. With key retention marketing strategy choices on the anvil, insurance agents have to take the right decision when it comes to building the client base and evolving customer loyalty programs.
#1 To Build or Not to Build a Database?
The most important retention marketing strategy choice insurance companies face is whether to build a database, or not. Inaccurate data can stop a marketing campaign in its tracks and derail efforts to reach out and retain customers. Inaccurate data is a waste of time, money and effort and it further raises bounce rates, unsubscribe requests and spam reports. Pathwwway Gambling will suggest that these are the very things an email from an insurance agent should seek to avoid.
Additionally, more spam complaints and unsubscribe requests can cause a real problem with your service provider and result in email account suspension. Clean and accurate data offers not only mailing precision, it also plays a critical role in list segmentation affecting marketing efforts on social media. If the reach has to be expanded in a targeted fashion, data needs to remain clean. Taking the time to update the list on a regular basis, you can remove wrong data and avert unsubscribe requests.
#2 To Go Social or Not?
Facebook and Twitter are the new medium of interaction for any business. This includes insurance agencies. Consider social networking site Facebook, for instance. The numbers are amazing in themselves. With 1.49 bn active users on a monthly basis and 968 m daily active users, the extent of success by logging on to this social media site is phenomenal for the insurance agent.
Sharing the content you post could reach not just present but potential policyholders and expand your reach. Facebook ads are another safe bet to target the ad as per location, interests, behaviors, connections and demographics. With clear data at their disposal, insurance agents can run ad campaigns that expand reach on a phenomenal basis. Boosting Facebook posts is also a surefire means of increasing interaction and gaining a clear winning position in the client’s news feeds.
#3 To Use Referrals Or Not?
For targeting the millennial customer, nothing beats social media and referral networks. Over 70 percent of insurance agents use social media as well as referral networks to drum up new business and keep their existing clients loyal. While buying an insurance policy, half of the millennial customers comprising a 92 million segment are the fastest expanding generation of consumers who turn to family and friends for referral.
Most of these conversations take place through social media. Pathwwway Gambling estimates that around 93% of B2C marketers use social media content for referrals. Insurance agents can work to create a deep connection with existing clients and build their base through referrals. But they need to remember that policyholders don’t require salesmen, they need trusted companions excelling in the field of insurance.
Much like the insurance business, social media and networking are the key to developing relationships. Joining the conversation or starting a new one is the way to engage with policyholders. So is generating a referral network. Providing crucial content that solves problems, reveals important lessons or encourages constructive conversation is the way to be remembered and become a leading choice for a referral.
#4 To Choose Online Networks or Not?
Around 79% of people ask friends and family for referrals when purchasing insurance. As many as 65% of these turn to colleagues and social networks. Word of mouth is evolving as online reviews are trusted equally when it comes to insurance policies. Personal recommendations matter as much as customer testimonials online. Word of mouth publicity is critical, but so as online review sites. When it comes to retention marketing strategy or online lead generation, online reviews can be the differentiator.
Online reviews affect reach of insurance agents, with over 50% of insurance agents receiving 40-60 percent of new businesses from referrals on the web.
#5 To Opt for Videos or Not?
Around 74% of B2C marketers and 76% of B2B marketers producing video content, and 68% of the B2B marketers as well as 73% of the B2C marketers saying video is effective as content, why should insurance agents stay behind in the marketing revolution online? Some of the fastest growing insurance agencies use video websites for marketing and providing educational value.
With 52% of the insurance agencies using video customer testimonials and 48% seeking video to explain levels and types of coverages, there are many other ways to use videos in the insurance agency as well. Use videos to introduce new agent, explain insurance products and services, release an FAQ series, provide agency mission statements or welcome new clients abroad. Running promos and alerting clients to special offers are other ways to make video work for you.
#6 To Automate or Not?
Creating quality marketing messages and keep up with monthly newsletters, social media, blogging and random communications can be quite challenging. Automating content can work well. Designing email templates, handling databases and sending out emails on a persistent schedule would be easier with automation to help you out. Email is an effective channel for staying ahead of policyholders and automation provides a valuable and continuous email presence.
#7 To Be Mobile or Not?
Mobile is huge, moving into 2018. If you are an insurance agent looking to retain and acquire new customers, consider that 66 percent of emails are opened on phones or tablets. Smartphone enabled users are on the rise. New customers and existing ones can only to marketed to efficiently through mobile-first marketing messages. Leading search engines like Google even rank mobile optimized results. The outcome of going mobile, whether it is through the website as a marketing medium or emails to promote marketing messages, is positive in entirety. Upgrade the current insurance agency site to responsive, smartphone friendly versions for a wider audience reach.
Identifying target markets and goals is critical. Marketing plans should include the promos to target specific audiences. For successful marketing, companies need to use web, email and social media. Insurance agents are no exception to this rule. Once the marketing media has been identified, metrics to gauge success are important. To get the ideal client, you need to be the best insurance agent. Reinvent your marketing message, if you want to attract and retain policyholders.