Strategic Partner Recruitment & Management Fits In The
“Attract” Phase of The ACOR Marketing Model
- Thousands of leads. Period. That alone should be enough to get anyone’s attention. Mike, for example, did not buy a huge insurance agency or take over his Dad’s mega-agency. He started with nothing. Zero. The reason that he’s one of the largest – and certainly the fastest growing – personal lines agencies in Colorado is because of this strategy. (NOTE: in case you’re thinking “this must be a personal lines strategy, nothing could be further than from the truth. I have other clients who sell only commercial lines and swarm their funnel with leads from partners.)
- High, high quality leads. (Much higher than you’ll ever buy! These are not high-churn shoppers!) By precisely targeting your strategic partners, you’re simultaneously precisely targeting the kind of business you want for your insurance agency. Clients who are predisposed to multiple insurance policies, appropriate limits and emotional loyalty.
- Super high closing ratio. It’s not uncommon for partner-generated referrals to close around 80%.
- Very, very low cost per lead. In many cases, the only “costs” are soft costs: the expense of creating and managing relationships. In some cases, you may pay commission splits. In most cases, you’re exchanging the solution to a problem in exchange for a lead. There is no hard cost involved.
1. Get crystal clear on your goal for your partnerships
- Who sells to the people I want as customers?
- Who services the people I want as customers (associations, societies, etc.)
- Who has the people I want!
2. Be clear on what problem you can solve for your partner (not just for you!)
3. Be clear on mutual expectations
4. Request back links to your website
5. Be creative in making it worth the effort to the other party
Sometimes insurance codes will restrict you from sharing commissions. Some parties, however, like associations, will promote your service in exchange for advertising, or sponsorship fees.
6. Nurture your Strategic Partners. just like you do (should!) your clients!
Your partners can jam the “A” section of your ACOR insurance marketing model for you.
But you need to treat them like customers.
In other words, engage them throughout their customer lifecycle. Attract them. Convert them. Optimize the relationship. And retain them.
Once your partnership funnel gets big enough, you must treat it like a “business inside your business.”
- If you make this insurance marketing strategy a priority, you should nurture your list of strategic partners, just like you would nurture your clients. When you have enough of them, use insurance marketing automation to deliver a monthly message of gratitude, value and promotion.
- Remember that your Strategic Partners are real people. Be sure to reach out to them, at times, on a one-to-one basis. Discover their birthdays, hobbies, family and interests, and engage them appropriately
- Again, if you make this a major insurance marketing strategy, consider “levels” of participation (e.g., silver, gold, platinum) or some way to recognize your biggest contributors. It’s highly likely that you’ll get 80% of your lead flow from 20% of your Strategic Partners (or, even 95% from your top 5%). Be certain to acknowledge and reward them appropriately. EXAMPLE: I have an insurance client who rewards his top referrers several times a year. They go to ball games together. And, once a year, he’ll host a barbecue with entertainment. It’s such a memorable event (and networking event), some of his partners beg to be invited. (And, he tells me, they’ll make enough last minute referrals to qualify for an invitation!)
Get feedback. Be sure to engage your Strategic Partners. Use insurance marketing automation to drive them to survey and Report Card forms. And ask them what else you could be doing for them.
7. Always be recruiting
Ask existing Strategic Partners for referrals to other potential partners. After making contact, continue to nurture them with your monthly nurturing message.
As your Strategic Partner Program grows, consider creating a useful page on your insurance agency website for partners.
You can periodically use email to drive them there to get updates, hear success stories, download valuable information and fill out surveys and forms.