What should you be doing to make sure your business is a success?
Whether you’re a new agent or a seasoned veteran, there’s always room for improvement. With changing times, technology, and customer expectations, there’s a lot you need to do to make sure your business is as successful as it can be.
We’ve collected some of the best advice out there from pros who know what it takes. Think of this as a check list for success. Which of these things are you already doing? Which could you implement to take your business to the next level?
John Carroll (Insurance Splash) Tips For Young / Inexperienced Agents
- Dress better and clients will take you more seriously
- Don’t use slang words like “gotcha” or “for sure”
- Find a common ground with your client like growing up in the same county, ask about kids
- Learn from experienced coworkers
- Be enthusiastic
- Sell to other young people
- Listen more
- Be prepared
- Don’t use technical jargon
- Don’t sell on price alone
Michael Mensch (Agency Brokerage Expert) Attributes Needed To Succeed As An Insurance Agency
- You have to have access to products clients want, i.e., popular companies and products.
- Networking and marketing skills are mandatory to succeed in almost any business today
- Product knowledge means you have to know what you sell. Get specimen policies of everything you sell and READ THEM
- Technological capabilities so you understand websites, social media, computers, computer networking, phone systems, printers, smart phones, etc.
- Versatility so you can move with the trends
- Regulatory compliance is complicated and you have to make time to understand insurance laws
- Keep three months of working capital on hand to survive unforeseen events
- Retain your base customers because new customers are expensive to acquire. The most successful agencies have learned how to retain them through good customer service
- Remember what good service is about: accountability, communication, convenience, likeability, responsiveness, and professionalism
- Solicit and act on feedback. Find out if you are meeting client needs. Change your methods if needed.
- Cross sell. Retention is higher when you offer and sell multiple products. Ask about other insurance needs in the initial sale.
- Build a good team. Hire and train people to provide quality service or outsource.
- Develop a formal marketing plan: 65% of agencies have none; 55% do not track where their leads are coming from.
Jeff Yates (Executive Director of Agents Council for Technology for IABA) Sales and Servicing Strategies To Grow Your Agency’s Business
- Communicate pro-actively and regularly with clients. Contact clients monthly or at least several times a year. Consumers are less likely to shop if they hear from their agents regularly.
- Offer the communications options clients want. That means better online portals with servicing capabilities, not just sales info.
- Grow other online communications: Mobile devices (pay bills and text agent), social media (trends, loss control, insurance gaps, etc.)
- Sell convenience: Servicing by phone or online. 62% of agencies do not offer online quoting; 42% have no self-service tools.
- Insurance bundles. People like when they can buy multiple lines (auto, home, life) in a bundle for discounts.
- Sell renters insurance: 27% of consumers rent
- Add-on autos. Make sure you remind customers about multiple driver discounts.
- Pay-As-You-Drive-Insurance: Use of telematic devices like OnStar allow consumers to earn discounts if they drive fewer miles.
- Point out coverage gaps: You will be known as a professional rather than a salesman.
Amanda Cash-Crowley (Forrester Research)
- Maximize Your LOCAL SEO. Google search favors local businesses so focus your online strategy on local and regional website pages and don’t forget Local Registration by signing up with Google, Bing and Yahoo.
Tanya Gazdik (Media Post) Companies Lack Content Marketing Skills
- Improve your online content marketing. Use relevant and interesting content for your newsletter, blog, website, social media, etc.
- Don’t forget video. Respondents for insurance industry surveys responded better to agent videos than plain old social media posts.
Scott Addis (Beyond Insurance) Purple Cow Leadership
- Differentiate yourself to give your agency a competitive advantage
- Smile and laugh
- Make eye contact
- Maintain good posture
- Commit to the task
John Maxwell (Author) 21 Indispensable Qualities of a Leader
- Have passion for what you do…it’s the first step to achievement.