Do you know which marketing efforts bring your agency or brokerage the highest ROI?
If you think paid ads, inbound marketing, and email campaigns give you the best return, you may miss out on one of the most lucrative sources for growing your business: referrals.
A study about customer loyalty in Property & Casualty insurance by Bain & Company shows that referrals are predisposed to becoming highly loyal customers – and that highly loyal customers deliver three times the lifetime value of a neutral loyalty customer while giving 250% more referrals.
So how do you get these valuable referrals? You use a tool that is already in almost every agency and brokerage marketing toolbox: email marketing.
4 Tips for Getting More Referrals with Email Marketing
Insurance email marketing has been an industry sales staple for decades. Most agents and brokers know firsthand how email campaigns can drive business, but they might not know how to use email to ask for referrals. Follow these four tips to create an effective referral program that gets results.
1. Don’t wait too long to ask for referrals
Giving clients time to appreciate the great products and superior service you offer before asking for referrals may seem logical, but you’re costing yourself a chance at growing your audience sooner.
The best time to reach out for referrals is right after they’ve become your new client. This is when they are the most excited about your services or products. They’ve just made the decision that what you’re offering is worth their hard-earned money, so they obviously value your services.
It’s easy to include referral emails with your automated marketing strategy to send the right message at the right time. However, even if you get everything right, your new client may be hesitant to give you a referral. If you don’t receive a response in a couple of weeks, send another email.
2. Don’t be afraid to ask twice
Whether it’s in person or online, having a client decline your request can be frustrating. When this happens, you have two choices:
- Moving on. Hearing clients say “let me get back to you” then not receiving a response (or just not hearing back at all) is something you’ll inevitably encounter. You’ve achieved your primary goal already (gaining another client), so letting them be may be the right choice.
- Ask again. If you follow-up tactfully, with a genuine interest in your client’s satisfaction, you may be surprised at how effective it is.
Here’s an example of what you could say:
I’m checking in to make sure you’re happy and to see if you have questions about your policy. Contact us via phone, text, or email if you need any help or information. Also, I appreciate you giving the referral request some thought. Did anyone come to mind that could use our services?
Clients may tell you “no” again. Because you’ve asked politely and professionally, it’s unlikely that many clients would be offended. Make this a part of your automated insurance email marketing strategy, and you’ll have an excellent chance of getting referrals.
3. Make the referral process easy for your clients
When your clients provide referrals, they’re doing you a favor. Why not make the process as easy as possible with an email referral template? Just like you count on insurance marketing email templates to make your email campaigns more efficient, a referral template makes everything easier.
Consider using something along these lines:
Hello [Referral’s name],
I wanted to connect you with [Agent’s Name] — his agency, [Your Agency’s Name], came up with some great, affordable options to help cover my home and business. If you’re interested, just get in touch with [Agent’s Name] to discuss your needs.
Send the email template to your client and thank them in advance for helping you out with a referral. Your client doesn’t have to figure out what to say and that may make them more inclined to find referrals for you.
4. Show your appreciation and offer to return the favor
If you really want to keep your referral program in top gear, always offer a referral when you ask for one. Help your clients, contacts, and acquaintances grow their businesses or expand their networks by connecting them with people in your network, and they’ll feel inclined to return the favor.
Are you ready to get more referrals with email marketing for insurance agents? Contact us today to find out how you can turn happy clients into a powerful tool for growing your business.