You can no longer sit back and wait for business to come to you. That's the sure route to becoming a victim of the changing market. Selling insurance demands more creativity today than ever before. But many agents are still making the same mistakes in marketing.
MARKETING MISTAKE #1:
Failure To Determine And Use Your Unique Business Advantage
Too many insurance agencies simply do not offer their customers or prospects anything unique. They say, 'Buy from me instead of somebody else,' yet they don't give any compelling reason for doing so.
Do you know what makes your agency different from (and better than) the competition? Why should I buy my insurance from you and not another agent? Can you tell me, right now, in one or two sentences, what makes your agency unique?
Do you think 'quality and service' is your 'Unique Business Advantage' (UBA)? Ninety-five percent probably believe that they built their business on this simple idea. As a UBA, however, this is the most abstract, nonspecific, nonqualified basis imaginable for leading a prospect to buy.
Put yourself steps ahead of the competition by developing and using your own UBA. A UBA is the distinguishing factor that separates your agency from the competitors. It is a short, clear, very specific statement that communicates to customers and prospects what you have to offer that is different (and better) from competitors. It compels them to want to buy insurance from you instead of from your competition. Your UBA should be conspicuous and distinctively clear in all marketing: advertising, sales calls, telemarketing, etc. It should be on every piece of printed material in the office: letterhead, statements, invoices, brochures, notepads, etc. Every time the phone is answered, the receptionist should make the UBA a part of the greeting. Every producer should include it in their sales presentations.
HOW TO UNCOVER YOUR UBA
The following questions will help you begin to formulate your UBA. Be sure that whatever you decide truly sets you apart from the competition. Don't just copy competitors. Go them one better.
- Do you sell only the highest quality products from the highest rated companies? Or do you offer the broadest selection of companies in town?
- Are you more convenient to do business with? Do you have multiple locations? Are you open longer hours? Do you have Saturday hours? Do you provide immediate delivery of policies? Are claims handled within 24 hours?
- Do you provide more advice, follow-up consultation, or service after the sale than anyone in the area? Or are you a no-frills lowest-cost agency?
- Do you guarantee customers satisfaction in some way?
- Is your service faster than anyone else's? Have you invested heavily in computer systems to give customers faster service with fewer errors?
And so on. If none of these apply to your agency, then come up with whatever unique characteristics you do have. Formulate your UBA depending on the specific market niche you are selling to, or wish to sell to.
After finding and formulating your UBA, you must articulate it clearly and forcefully in every ad and sales approach you create. Make it the centerpiece of everything you do as an agency.