7 Tips For the Best Insurance Agency Marketing Plan

Having a solid insurance agency marketing plan is the key to success for any insurance agent

Jumping headfirst into any professional situation without a plan is quite daring but not always rewarding. As Benjamin Franklin once said: “By failing to prepare, you are preparing to fail.” Thus, setting aside some time to properly create your insurance agency’s marketing plan is a must.

Carefully considering your insurance agency marketing plan will have several benefits. Your products and services will be better represented and reach more people. You will be able to efficiently meet your business’s needs as well as your customers’ needs. Here are some tips to incorporate for an optimal insurance agency marketing plan.

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Research Your Competitors Before Making an Insurance Agency Marketing Plan

Before starting any great project, it’s important to do your research. One of the key aspects of making a great insurance agency marketing plan is understanding your competitors. Especially your immediate competitors.  

While doing research, compare your work with your competitors. What values do they focus on and promote? How can your agency promote your brand in such a way that it is more appealing to your target market? Regardless of the product you are trying to sell, knowing your agency’s strengths will help you capitalize on them and sell more effectively. 

insurance agency marketing success

Analyze Your Target Audience

After you research your competitors, it’s crucial to research your target audience as well. Your target market consists of the people who are most likely to become your customers. Inc.com suggests that defining your target audience can be tricky. You are likely to go overboard as everyone needs insurance coverage. However, if you cast too wide a net, you may not get as many sales as if you had narrowed your focus. 

When researching your target audience, it’s important to take note of demographics such as age, gender, homeownership, and more. Other things to take note of here can be significant interests, core values, or hobbies. Analyzing all these details about your potential client base can help you make a better marketing plan.   


Setting Goals for Insurance Agency Marketing Plan

As an insurance agent who is trying to make an insurance agency marketing plan, you need to set attainable goals. Setting goals in any business is quite important. When setting goals, it’s advisable to ask yourself questions such as, “Why is this goal important?”, “Is this goal urgent?” and “What’s the outcome of this goal?”  

Setting goals in an insurance context can look something like: growing a social media advertisement fund, hiring graphic designers, hiring content writers, linking with certain insurance carriers, and so on.  

good insurance agency marketing

Relationship Building

When talking about marketing, most people think about paying for advertising. Although paying for ads is quite popular and effective, building personal relationships is an even better form of marketing.  

When you have good relationships with your clients, they are more likely to stay loyal to your agency. Furthermore, they are also more likely to refer your agency and be more satisfied with your services.  

It’s also crucial to maintain good relationships with carriers. By doing so, you can get higher profit margins and faster access to newer policies.  

Compartmentalize Your Budget For an Effective Insurance Agency Marketing Plan

In an effective insurance agency marketing plan, there is a budget. Take account of where your money is going across your entire business, and you will gain a good idea of where to spend more money and where to cut down on spending.  

This will naturally lead to making sure that you have a budget set for every expenditure. By researching how businesses of a similar size and industry budget for certain expenses, you can expertly decide how to direct your funds in the most efficient way.  


Referral Programs

As mentioned above, relationship building can help you get referrals. One of the best insurance agency marketing strategies is to mobilize your customer base. How can you do that? You start an insurance referral program.

When making this sort of a plan, you need to think of an incentive for your customers. For example, you can give out a movie ticket for every three referrals your client makes. Another great incentive would be offering them a discount.

While creating a referral program is important, marketing it is also equally necessary. You can do so by including it in your brochures, ads or even e-mails.

best insurance agency marketing

Online Presence

In the modern world, a strong online presence is a valuable asset. You can amplify your presence by setting up accounts on various social media platforms such as Facebook, Instagram, and LinkedIn. Furthermore, you can register your business on platforms such as Google My Business—which is an excellent tool to get reviews. This is a completely free tool and definitely a handy one.  

Podium‘s recent survey conducted on 2,005 US-based consumers, it was found that 93% of them were influenced by online reviews. Having a relevant online presence will help you amplify your insurance agency marketing plan.  

Summing It Up

Setting aside time to set up an insurance agency marketing plan will make a big difference in the number of leads your agency sees. Once you’ve created one, it’s also equally important to keep revising it. Making changes in the plan as new trends are brought to your attention should be as natural as following it.

One great way to have a solid marketing plan is by getting verified. While that sounds expensive and is in most cases, you can get listed for free with us. Check out our agent directory today!

Got any questions about making an effective insurance agency plan? Leave a comment below and our experts will get back to you!


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