How To Build A Successful Insurance Agency A Little At A Time

If you are an independent insurance agent with the hopes of taking your business to a higher plane, you might be feeling overwhelmed with where you are now in relation to where you want to be. However, it is important to note that Rome wasn’t built in a day, and you can work each day to that goal without feeling the weight of the world on your shoulders at every turn. It’s all about making some form of forward progress every single day. While you may want it all overnight, you’ll get to where you’re going faster with an incremental approach.

 

For starters, focus on retention.

You may not have a lot of sales right out of the gate, but that doesn’t matter. Retention, or how long your customers stick around, is ultimately more important (and more profitable) than closing a lot of business that is gone in two or three years. To focus more on retention, you might consider things like selling second and third insurance policies (car, life, and home/renters) to your existing customers or setting the target of one annual policy review per week to show your customers additional discounts and coverages that you can get them. The more that retention is your focus, the more something remarkable will happen: business will start coming to you because you’ll have an army of satisfied customers speaking to their friends and family about you.

 

Be slow and thoughtful in hiring new people.

One of the biggest problems that most business owners face is they get in such a hurry to grow their business that they think scalability will be a breeze provided they are making new hires. But as much as you might need additional sales help, make sure you’re going about it in a measured and secure way. Just like a quality salesperson can help you take your business to the next level, a poor one can set you back months or even years. And unfortunately, the old adage that good help is hard to find, remains true in the 21st Century. So take your time when considering bringing new people on board. It’s okay to have a target date for when you want to hire someone, but make sure you’ve advertised the position in locations that will find the most qualified eyeballs, and take a hard look at what you want from a knowledge and work ethic perspective before bringing someone else into the fold.

 

Source multiple lead channels.

Not to get too cliche-heavy here, but you’ve heard another old adage not to put all your eggs in one basket? Well, this applies doubly to your marketing funnel. Don’t rely strictly on referrals or word-of-mouth to generate insurance leads. Consider using lead services like Hometown Quotes and your local chamber of commerce in conjunction with these other methods. What you’ll find is that your business builds exponentially faster if you have your name visible in a number of different markets. But at the same time, don’t just utilize a mud-at-the-wall-to-see-what-sticks approach. Keep tabs on where your leads are coming from and what percentage of those leads are converting in each channel. Then, make adjustments so that you’re emphasizing your efforts and your marketing dollars from the avenues that yield bigger return on investment.

 

Take your marketing efforts online and hyper-local.

With the insurance market, your competition is regionally based and most of the people that you call competitors are terrible at online marketing. Therefore, you should not discount the value in hyper-local SEO, building a strong social media presence, blogging, podcasting, and providing free marketing materials to the people in need of your insurance products. The Yellow Pages are dying, and most people go online to find the quality sources in their area. If your name is near the top of the search results and if people are sharing your content on social media, you stand a much better chance of being found by the right people (aka customers).

 

In Summary

Don’t let yourself get overwhelmed because you’re not where you want to be. Remember that slow and steady wins the race. If you’re doing something every day that brings you closer to your long-term goals, then you stand a great chance of getting there!

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