2024 is off to a busy start for insurance agents and their clients. We’ve already seen major weather events, an earthquake in Japan, a surprise abdication, and even Tiger Woods and Nike breaking up. As we are all bombarded with what’s going on in the world and thinking about how it impacts us, how can we expect consumers to think about insurance? That’s where marketing comes in—but marketing has a cost. As agents are looking at their marketing budgets for the rest of what’s sure to be an eventful year, here are a few things to think about to make the most of your marketing spend.
1. Do a self-audit.
Take an honest assessment of how your marketing is working now. What tactics and channels have you been using? Can you quantify your return? Do you feel like your messaging accurately shows the depth and breadth of the services you offer your clients?
Assess your budget with open eyes, too. How much are you spending, and what can you afford to spend? How much will you risk on new tactics? Be upfront with yourself, but don’t forget that marketing requires smart investment.
2. Mix up your channels.
We’ll never say to stop doing something that’s working for you, but you’ll reach more targets if you’re in multiple places. One option might be to consider adding targeted paid social in addition to your SEM. Or, try a few months of out-of-home if that’s available in your area. Send a direct mail piece to a few hundred people in your town. Don’t go too big to start, but expand your reach slowly in new ways.
3. Think beyond execution.
Marketing success isn’t just measured on how many new policies it leads to—though that is extremely important. Part of your return on marketing investment (ROMI) calculations can include what your marketing does for your processes and efficiencies.
For example, think about the cost of your time or the cost of your employee’s time. If a marketing tool could save you X hours a month that would let you sell, service, or even spend time with family and friends, that’s part of your success metric. Don’t forget that your time has a value, and using tools to help you focus your time on active selling is a way to maximize that value.
4. Stack your discounts on solutions.
Create your own sale on your marketing tools! Many service providers, including Agency Revolution, work with certain carriers and networks to offer discounts on their products to make them more accessible to more agents. As you’re exploring new marketing tools and services, ask if there are discounts available based on your relationships, and then ask if the discounts can be combined!
5. Utilize research from experts.
Independent agents aren’t marketing experts—nor should you be expected to be. Read up on what marketers focused on the insurance industry recommend. Look for solutions that are built for your industry, and see if they have a blog with suggestions (like this one). Seek out best practices from marketing experts and solutions leaders. Look for well-cited sources and reputable studies, as well as leading opinions. But remember that you don’t HAVE to take anyone’s advice—you know what’s best for your agency.
With a few key things in mind, you can stretch your marketing dollars this year and create your biggest impact ever. Just don’t forget your basics—a great website and proactive communication, executed flawlessly. If you’re ready to tackle those, Agency Revolution can help—and don’t forget about suggestion #4!
Are you interested in learning more or finding out how Agency Revolution’s products might be a good fit for your agency? Contact us today.