I should warn you first that you already know what I'm about to tell you.  For that reason, you may not want to read this blog post, I'll leave that up to you.  OK, so here is what you know; relationship = longer client retention, duh right!  Well what most agents don't consider is that nurturing isn't the only retention strategy and many experts would argue not even the most powerful.

 

Nurturing vs. Engagement

Lets start with nurturing since it is the most popular of the two, although still under used.  Retention is a one way tactic, I send you a gift, mail a newsletter, send a birthday card.  In my observation very few agency's do these things.  Even fewer do so on a regular basis (3-6 times a year).  Those that do build a relatively loyal client base that refers business and gives testimonials when asked.  While nurturing is proven to build relationship with your clients it still may not be enough.

Engagement on the other hand has only recently emerged from the shadows.  The good news is even fewer insurance agencies use this so you can be an early adopter and therefore reap the benefits of that position.  Wanna know how it works?  It's really quite simple.  Next time you go to your favorite national fast food chain look at the back or bottom of your receipt.  It is likely you will find something written along these lines "visit us online and fill out a 5 minute survey for your chance to win free cheeseburgers for life".  Here is what restaurants know.  If you engage with them on any level you are more likely to swing by again for dinner.  Most insurance agents/brokers may not relate to this because they are used to being handed repeat business on a silver platter.  In the food service industry there is no such thing as a "free lunch", they need you to make a psychological, sometimes subconscious commitment to their establishment.  In other words they want RAVING FANS and so do you!  

So I bet your asking yourself; how do I put this into practice, what engagement strategies are there?

Here are 3 to start with 

1.Visit www.surveymonkey.com, they have a free basic level account and you can setup a questionnaire that will be hosted online for your clients to fill out.(check out my post tomorrow for tips on what questions to use and how to get clients there.)

2.Schedule open office visits for your clients.  By coming to your office and speaking with you or your team engagement magically happens.  Schedule a Labor Day party for the Friday before in September.  Dress up like Santa Claus and take pictures with the kids, email 'em the digital pictures.  Trust me they won't get this stuff from a GECKO.

3.Perform client account reviews in person, over the phone, go to there house, I don't care just do it.  I know it's not fun and doesn't seem sexy but what is a review?  You got it engagement.  Plus you should be able to cross sell at least 10% of those you meet with.

 I WARNED you, not new stuff but really powerful.  So, do something!  Be it nurturing or engagement you can't go wrong.  Just remember when you engage clients you will end up with RAVING FANS who are foaming at the mouth to tell other people about you.  Engagement builds value outside insurance policy, this is the real stuff that relationships are made of.  I can get insurance anywhere but I only get _______ from my agent.

Let me know how it works.  Respond here.  Stay posted for part 2 of 3 tomorrow.