The Key to Growth for the Insurance Broker Channel: Your Digital Strategy
Marketing roadmaps for any company in any sector should revolve around the digital space in 2022.
The above notion holds true even in the highly traditional insurance space. In fact, almost three-quarters of insurance consumers do their research online.
Of course, most customers (B2B and B2C) prefer the traditional approach of speaking to insurance agents on the phone to complete transactions. Given the nature of the industry and its products, that behaviour is not about to change.
Still, a vast amount of the insurance buyer’s journey is digital, calling for cohesiveness with traditional and digital facets within these organizations.
The Pandemic Made Insurance Brokerages Focus on Existing Clients and Customer Service
Throughout the past couple of years theirs been additional pressure to focus on existing customers. And rightfully so. If there was ever a point where clients would leave in droves, it’d be during a pandemic. Who knew what tomorrow would bring?
So, the focus became customer service-oriented. Brokerages needed to be there for their customers, who needed reassurance they were investing their money with the right organization.
The Limits of Focusing Too Much on Your Current Customers
We’re naturally no stranger to the Pareto Principle, the old adage where 80% of your revenue comes from 20% of your clients. There’s obviously truth to that. Thus, the buyer’s journey doesn’t end after a client’s first transaction. It’s ongoing and fluid.
However, there are limits to focusing too much on your current crop of customers. At some point, if you want to grow, you need to attract new business. You can’t keep going to the same well over and over again.
Remember, long standing clients started as new customers themselves. Your company must keep seeking out new versions of those relationships to avoid stagnation.
Insurance Providers Have Varying Levels of Marketing to Drive New Customer Conversations
Insurance brokerages, in general, come in all shapes and sizes, offering a variety of different products and services to different types of clients.
Therefore, no blanket digital marketing roadmap exists for insurance brokerages. From organization to organization, customer acquisition strategies are entirely unique.
For instance, when using marketing tools, knowing where and how to apply them to attract new clients can feel like rocket science. After all, you haven’t spent your career mastering these tools.
A brokerage could be dipping their toe into the marketing waters, or they could have many tools at the ready, and these struggles still exist.
Having the tools is one thing. Knowing how to use them is a different story altogether.
Bringing in a Fresh Pair of Eyes to See Things Clearly
There’s no one-size-fits-all approach to drive your marketing success in insurance. But there’s always value in bringing in a marketing expert–who understands how to use the related digital tools– to either take over or augment your marketing strategies.
Specifically, you need someone who can look at marketing, sales, and operations and then offer insights into making them cohesive. Then, from top to bottom, your brokerage can drive new conversations about new policies as effectively as it nurtures your current clients.
Entering the Digital Revolution
The insurance industry hasn’t necessarily needed to get digital until relatively recently. Typically, it starts with a small project but soon, it grows into something far bigger in scale. Then suddenly, ad hoc approaches won’t do, and a full framework is required. That’s where a company like Goose Digital comes into play.
We’ve helped insurance brokerages create cohesive, precise, and long-term beneficial digital marketing roadmaps that have attracted new clients in droves. So, contact us if you want to extract the most value from your brokerage’s digital marketing opportunities.