We know marketing can feel overwhelming! From choosing how to connect with new clients to the latest marketing trends to follow, there’s a lot to take into account if you want to grow your insurance business.
So where do you start?
Well, one of the best business investments you will ever make is in a marketing strategy. If this sounds like we are getting too cool with our statements, hold on a sec and check out the stats.
Businesses that have a documented marketing strategy in place are 538% more likely to achieve success. Yep, that’s how powerful a marketing strategy is. Why? We have the answers.
Read along to understand why insurance brokers need a marketing strategy.
1. A marketing strategy helps your insurance business define your objectives
In marketing you must have defined objectives and be clear on what you want to achieve. If you undertake marketing activities without clear goals, you will have no way to measure your results. You will get stuck in a cycle of “I think it worked” or “maybe it’s a good idea”. This can be typical when marketing isn’t planned or strategic, and generally results in frustration and businesses giving up on marketing.
A marketing strategy will clearly define business objectives, so you and your team members can be focused on what to action and achieve. It also ensures you work together towards clear targets.
Your objectives need to be specific, measurable, and time-bound. So when you define them, be realistic so you can motivate yourself and your team to act.
Measurable objectives also help you track progress and adapt if needed. For instance, an objective may sound something like “to increase your client referrals by 20% in Q3”.
2. A marketing strategy will help you target sectors efficiently
It’s tough out there. The insurance sector is highly competitive and if you want to market your service efficiently you need to:
1. Understand which sectors you are targeting.
2. Create a framework for how to communicate with people in your target markets.
A marketing strategy will help you define just that. It defines who are the group of people that are most likely to be interested in your services, and understand their pain points and desires.
Starting from that, you can define how and where to connect and engage with them. You can target your audience with the right messages on the right channels at the right times, ensuring your marketing is effective and your investment is efficient.
3. Invest resources in the right marketing activities
Without a marketing strategy, it can be tempting to spend money on one-off activities without thinking about the long-term effects. This might seem like a harmless “let’s give it a go and see what happens’ marketing approach, but more often it’s a waste of time and money.
Successful insurance marketing is about repetition and building up a recognisable, trusted brand. It’s about consistent, regular communications where your messages are seen and heard.
So create a marketing strategy to allocate your budget effectively, against your objectives. Plan activities and campaigns to align with your overall objectives, audiences and areas of focus so you achieve results in both the short and the long term.
4. A marketing strategy will help you build a strong brand
In the insurance sector achieving a consistent brand identity and tone of voice across all channels is important to engage prospects and customers. This can be done easily with a marketing strategy because for each campaign or area of focus, you will have a consistent framework on how to engage your audience across all your platforms. Your brand message will be consistent and aligned with audiences’ interests so you connect with your target market effectively.
For example, If you’re targeting the professional services, trades or hospitality sectors with your blog posts, your strategy will tell you which pain points and benefits to focus on for each audience. This ensures that the subject line, headings, copy, images, and call to action buttons are all relevant, which in turn keeps your activity consistent, and helps it be easily found by your audience.
If you want to know more about why you need a marketing strategy in your insurance business and how to successfully stand out from your competitors, get in touch via hello@wearesavvy.com.au to see how we can help.