Leveraging Exponential Growth Technology

Posted by Michael Jans on 6/14/16 10:00 AM

Point of Difference #8: Leveraging Exponential Growth Technology

Technology does things that people can’t. Or does it cheaper.

An upgrade to your agency management system, for example, might be able to shave 15% of time from various service functions.

That’s a valuable, but incremental change.

Communication, or marketing technology, can cause an exponential change. You could easily go from nurturing, let’s say, 200 customers a month. If ten customers make inbound calls a day and you provide valuable service to them for the 20 workdays in the month, you’ve positively touched 200 customers.

With effective communication technology, you could easily nurture thousand or tens of thousands of customers every month.

For more than 20 years, Agency Revolution has studied one question: "What makes some agents & brokers more successful than others." While some things change - tactics, techniques, even consumer behavior - others remain the same. Leaders must constantly assess the shifting insurance environment and adapt to remain competitive. Agency Revolution has compiled some of its key findings about success in todays insurance world, which will be published in a new eBook, "11 Points of Difference: What Fast Growth Agencies & Brokerages Do That Others Don't (And Why They Will Own The Future." Put yourself on the waiting list for a free copy by clicking here. You'll be notified as soon as it is ready. This blog post is an excerpt.

The technology experts at Express Pigeon said, “Businesses are looking for deeper integration of email with other business functions. The most common barrier to integrating email with overall business strategies is disconnected systems and technologies.” 

Disconnected systems and technologies are the biggest barriers

Efficient and well crafted integration between a communication technology and an agency or broker management system overcomes that common ‘disconnect.’

Ideally, your marketing platform allows you to deliver three different ‘structures’ of communications:

  1. Nurturing Messages. These communications are designed to deepen relationships, add value and enhance loyalty. They position the agency or brokerage as the source of expertise in insurance, safety and risk management. They are not designed not to sell, but to earn the trust that leads to more sales, higher retention and more referrals. Nurturing messages may be delivered as:
    • Client Safety Bulletins. The more advanced marketing automation systems can automatically segment your book into, for example, commercial lines and personal lines, permitting separate bulletins to each group. They can also allow you to sub-segment into more discrete niches, permitting highly specialized messages to go to those classes of business only.
    • Disaster Preparedness Messages. Every region of North America suffers periodic disasters: hurricanes, wildfires, earthquakes, tornadoes and so forth. Advanced marketing automation systems will have appropriate messages for each, which can be released at the appropriate season, or triggered in the event of an impending disaster.
    • Holiday Messages. Agencies may choose to reach out at key times of celebration or observance, to share and honor a common experience with their customers.
    • Thank You Messages. Occasionally, the agency may want to simply express gratitude for the privilege of business.
    • Special Requests. Periodically, an agency or brokerage may want to reach out to its customers - or segments of its customers - to ask for a testimonial, a Google or other online review, or to promote its Referral Program.

Account Rounding is one of the best ways to grow your value

  1. Account Rounding. Account rounding has immediate impact on income and dramatic long-term impact on client retention. Advanced marketing automation systems permit you to ‘slice and dice’ your book of business into an unlimited number of ‘has X but not Y’ sub-segments, and offer them an opportunity to cover insurance gaps or coordinate more of their insurance with you.
  2. Life-cycle Marketing. (Agency Revolution refers to this as Trigger Point Marketing.) These messages are designed to guide each individual customer throughout their life-cycle with your firm, shepherding them from newcomer or stranger to ‘raving fan.’ This is an advanced feature that ‘triggers’ messages based on changes in the agency management system. Messages are delivered at the precise time when consumers are most receptive. For example, messages may be delivered when someone:
    • Becomes a new lead
    • Becomes a new customer
    • Has a birthday
    • Suffers a claim
    • Approaches their renewal anniversary
    • Leaves the agency (yes, statistically, when properly nurtured, lost customers are among the ‘hottest’ prospects, easily added back to the book of business at their next ex-date)

Send the right message at the right time

Topics: Insurance Marketing, Digital Marketing, marketing automation

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One More Thing! What do you think? How will you and your peers use this to grow your agency or brokerage? Share your thoughts in the comment section below and *please share this article if you found it informative.