The 5 Devastating Marketing Mistakes That Most Insurance Agencies Make [INFOGRAPHIC]

insurance marketing, wasting money

“Because the purpose of business is to create a customer, the business enterprise has two and only two basic functions: marketing and innovation”

Those are the words of the single most important thought leader in the world of management, Peter Drucker.

This quote gives us the raw essence of business, in a nutshell, to attract new customers and deliver a satisfactory offering.

insurance marketing innovation and marketing
“You wave and scream at passerbys, I’ll make the lemonade”

In a perfect world, it would be this cut and dry. There would be only two departments at every business organization, a sales and a customer service department.

From neighborhood lemonade stands operated by the neighbor down the street’s 7-year-old twin daughters, to industry technology titans like Google and Facebook, people only show up to work for two reasons, to bring more customers in the door (or onto their platforms) and to deliver the product the people want.

Your insurance agency’s team would spend exactly 50% of their time and resources focused on attracting new customers and the remaining 50% on keeping customers happy and coming back for more.

Yes, that dream sounds sweet, but unfortunately for you, it’s time to snap back to reality.

Snap back to juggling employees, carriers, products, underwriters and not to mention all of the hiring, firing, training, billing, licensing, payroll, HR, and E&O that needs to be done, you’ve got to focus on keeping the customers you do have happy. Frankly, there’s not much time left to focus specifically on ramping up marketing and getting new business.

And with the bits of time you have left, there are a million and one ways to get marketing wrong. Think about it, time is precious, old pipelines are beginning to rust over, and every day new and improved pipelines are popping up, not to mention your limited budget. Every day it seems like the number of marketing pieces to put in place is never-ending: social media, magazine ads, referral programs, identifying and getting rid of bad customers, authority building, content and so on

To up the ante, the difference between record-breaking and abysmal years comes down to making correct decisions on resource allocation.

Between sorting through the 100+ different ways of getting more new business and deciding how much to invest where; maybe not having time to focus on marketing isn’t so bad after all?

When you finally do look at the marketing that should be done, you get paralyzed because you don’t know where to start. Everything is important so you remain stuck and leave a lot of decisions unmade.

However, if you want to get new business and grow, there’s no getting these decisions. You’re going to need a number of different pipelines, online and off to consistently feed your insurance agency, new customers. If you want to grow, you’re going to have to make the choice to invest in growth. Investing in getting new choices can be full of missteps. Make the right choice and you grow. Make the wrong choice and you’ve lost time, money, and not to mention the opportunity cost.

Before you start to beef up your marketing check out the infographic and learn what to avoid. I’ve identified the five deadly marketing mistakes that keep insurance agencies from growing. Check out the link below to discover the mistakes and how to avoid them.

[INFOGRAPHIC] 5 Devasting Marketing Mistakes That Keep Insurance Agencies From Growing

In insurance, marketing is a huge task, it’s 50% of what makes your business run. This is why it’s important to get it right and get it right the first time. Your insurance agency can’t afford to ignore these warnings. By avoiding these five mistakes, your insurance agency is one step closer to the essence of business, attracting more customers.

Ready to ramp up your marketing strategy? Want to make sure you’re getting the most from your marketing?  Check out the insurance marketing playbook or get The Digital Insurance Agent, a step-by-step guide created exclusively to help insurance agents leverage digital technology. Your pocketbooks will thank you.

 

 

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