Requesting referrals is an obvious way to grow your insurance business, but it doesn’t come naturally for some agents. It may feel uncomfortable, or as if your customers are feeling bothered or if you’re asking too much.
Referrals are also a cost-effective way to create successful business opportunities without breaking the bank. However, a referral program should not be boring so it necessitates strategic thinking. To reap the rewards, you must have a strong marketing referral strategy in place.
How to get referrals and sell more insurance
A typical insurance agent often finds marketing ideas hard to come up with. Most insurance agents are too busy running their business and serving customers to even find time for marketing strategies.
Marketing is one of the things you don’t realize you need until you need it. So the best way to deal with it is to stay ahead of the curve and think about marketing strategies well before you actually require it. Here are our best ways for marketing ideas for insurance agents to get a boost:
1. Make a Referral Reward Program
A referral reward program is a system that you are using to thank clients who are referring your agency to other people. It may include a variety of ideas, but what is important is that it’s an established, repeatable, and easy – to – follow procedure.
You can establish a Referral Reward program by doing things like:
- A credit of X on your Life Cover policy
- X value premium discount
- A gift card to a local merchant
- Monthly and Annual draw to win vouchers, movie tickets, gadgets
- Donation to a charity
There are several benefits to establishing a proper referral reward program because that way it’s less likely than a referral will go “un-thanked” along with your customers knowing exactly what to expect from you when they refer someone.
2. Describe Your Target Customer
One reason customers hesitate to refer your agency is that if they recommend your services and your prices are high, they don’t want to look bad. Eliminate the risk in the eyes of your customers by explaining the types of customers for which you have the most competitive rates.
For example, “For homeowners with good credit and a clean driving record, we have the cheapest rate in town 95% of the time.” Or, “If you’ve known someone with a DWI over the past 2 years, we’re the best agency to help them out.”
Just be careful not to tell customers your target client is the opposite of them. They’ll question whether they’ve got the right agency!
3. Use LinkedIn for Targeted Referrals
LinkedIn has an interesting feature that can help you get referrals for specific prospects you’re trying to market. Looking at someone you are not connected to on LinkedIn and both of you are connected to a third person, LinkedIn will show you who that third person is.
This means that you can send a casual message to the person you are both connected to asking to be introduced. Of course, a lot depends on your third person relationship, but you never know.
4. Customer Reviews
67% of people say they are more likely to purchase a product after it was shared by a friend or family member via social media or email.
If you could get just a few people to post about your insurance services each month or share your content, this could increase the likelihood of getting more people to like your Fb page and learn about what you have to offer and eventually make a purchase from you.
In addition, you should consider activating the Facebook rating tab. To have this feature, you will need to be set up as a local business on Facebook. Ask your clients to give you a review face – to – face, this method has a higher conversion rate than email requests.
If you’ve got the knowledge, why not share it? You may just meet your next customer by doing so.
Host and ask clients to invite their friends and family to a free seminar. Based on whom you are inviting, keep a specific topic in mind. These are a few examples of what topics to cover:
- How to decrease Auto insurance premium
- Financial planning for new home-owners
- How to get the most coverage for your property
If you’re not an expert on a certain topic or it is something you don’t feel totally comfortable talking about, why not tap into your network and invite a specialist or unique character to come to your seminar to attract people.
6. Customer Service
Last but not least, customer service is your most important way to get more business. Whether your business depends on repeat customers or new customers arriving at the door, one of the best ways to sell more is by providing impeccable service that your clients want to experience.
Even if you are not the most personable person on your own or can provide the best customer experience, you can surround yourself with people who are. Your front office staff, your billing people, people doing the servicing at your agency e.t.c. Automation is great but it can’t beat a personal touch.