Today's Insurance Agents .....Face Of New Competition to Old School Agents ......
Updated: Jan 23, 2020
Over the last 5 years, it has been observed that the ways of carrying out Insurance business has changed drastically. We have lately seen a surge of agents adopt different methods of marketing for their business/agency in order to make their business grow rapidly. Earlier Insurance Agents marketed themselves through various forms of traditional marketing, literal word of mouth being one of the most important methods( reference ), or by advertising themselves in local newspapers , using small banner, paper insertion , leaflets distribution etc . What was noted however in these forms of marketing was that apart from the basic information, the prospects would not get detailed information about the insurance agents and that basic information did not always seem trustworthy. Recently however it was observed, that with advancement in the digital age, people rely a great deal on the internet for information of any kind. Therefore new age minded insurance agents all over have been investing heavily in digital forms of marketing like websites, social media marketing, e-mail/whatsapp marketing etc.
As an Insurance Agent/ Financial Advisor, your focus should be on those activities that will make a profit for you and you should have and follow a business plan to accomplish this. The three primary areas your business plan should focus on is
1. Finding prospects
2. Converting prospects into customers
3. Servicing Customers.
In order to meet your production goals, you need to have prospecting goals and make sure they are part of your business plan. The best way to achieve this is to turn towards new age methods of marketing. Around 20% Insurance Agents/ Financial Advisors ensure that people are aware of their business or their identity through extensive branding.
A simple example of people’s dependency on the internet is; even when people plan to eat outside they first happen to search for options online, and they finally happen to make an informed decision depending on the information available about the establishment, that includes attractive images, and customer reviews. Therefore its interesting to note that no matter how good an agent you may be, but if you’re not visible to your respected prospects regular basis, then they will never come to know your worth. Glamour is essential for all business, for e.g.; given a choice between Kwality Ice Cream and Cream bell Ice Cream, people will in most cases opt for Kwality because of its Brand name and presence even though both ice creams may have a similar taste. Therefore all Insurances Agents must definitely consider creating a unique and Glamorous Identity for themselves in order to stay ahead of their competition.
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