Welcome to Love Bombs, Part Two. Here’s the quick back story:
A couple of years ago Michael sent out a newsletter containing insurance marketing tips—little nuggets of goodness and pearls of wisdom for independent insurance agents in a rapidly changing industry. He was supposed to supply ten, but the exercise quickly results in a waterfall of tips – fifty in fact.
A few weeks ago, we thought we should revisit them, and we did with Love Bombs of Insurance Marketing Vitamins: #1-10.
Here’s Part Two, #11-20.
11. What Do You Mean, Retention Strategy?
If you’re losing clients, you’re losing a very valuable source of income. The U.S. Chamber of Commerce has found that it costs 5-7 times more
money to get new clients than it does to keep existing customers. And existing customers pay. Develop a retention strategy, implement it, and
monitor the results.
12. Look Your Agency in the Eye—and Get Scared
Psychologists know about a phenomenon they call “illusory superiority”—the tendency to overrate one’s performance. Don’t let this be
you. Be your agency’s own worst critic. Most people and businesses, by definition, are average. Your business is probably average. Figure out what
you need to do to make it actually superior.
13. When I Read About You in Inc., or Wired, or Fast Company, or Forbes…
If you were doing something insanely great with your insurance agency, I’d be reading about you in big magazines—not just the industry trade
magazines that have a perpetual hunger for content. Try to identify one thing—just one—that you can do to set a new standard for ALL businesses.
14. The Death of Marketing
Strategy is great, but if your agency culture isn’t one that supports innovative thinking about marketing, then your strategy will wither away and die. As
Richard T. Clark of Merck Pharmaceutical said, “culture eats strategy for lunch.”
15. What is Your Strategy Anyway?
There are about 75,000 insurance agencies in the US. How many do you think have taken the time to develop and implement a Strategy Statement that
unites and energizes every action, task and behavior in the agency? And of those, how many would actually win in the battlefield? Have you?
16. Make Marketing a Habit
Your brain wants you to be efficient. Research shows that it quickly turns repeated actions into habits, freeing up the frontal cortex for more
consuming activities. If you want to master something, keep repeating it, and turn it into a habit. For insurance agents, that means write copy, monitor
metrics, and evaluate strategy. Whatever is important in marketing, do it regularly, and do it often. And keep doing it.
17. The ACOR Principle
Want more revenue? Here are the four places to look:
•Attract more people into your marketing funnel.
•Convert more of them into customers.
•Optimize customer relationships so they’re as rich and deep as possible.
•Retain customers longer.
These are FOUR ways to make more money. Each element of ACOR should be supported by specific campaigns. And each campaign should be planned,
executed, and monitored. And constantly tested.
18. Roll It Out
Do you have a message that works? If you do, it’s a goldmine, and there’s no reason to limit it to one format. If you’ve had success with a message in direct mail, roll it out in every other media you can think of. And measure the results in each one. You’ll find success or you’ll learn something. Both are good. And if you’re rolling out to email, take a look at our Email Action Plan for 2015.
19. The Three Ms
How should you get started? Send out an email? Start tweeting? Nope. The proper marketing sequence is this: Market, Message, Media. Select your market. Craft your message. Choose your media. And do each one carefully.
20. How to Pick a Niche
Brainstorm your niche opportunities. Pick the obvious ones and the stretches. That’s the point of brainstorming. Then put them through this filter:
1. Do you have a passion for the people in this niche?
2. Is this niche one where you have talents and skills?
3. Is the money good?
4. Do you have a product advantage?
5. What are the “X” factors? – like other competitors, market turmoil, etc.
That’s it for Part II of Love Nuggets. Let us know what’s worked for you, and let us know what hasn’t. Be part of the conversatr new post...
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