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https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/240/Developing-A-Marketing-Plan-In-A-Distressed-Agency/
... in on areas where it can realize some short-term success. Success breeds success, and small, short-term victories can be built upon. First, let's start with markets. Identify a class of business for which you have a market or two with competitive pricing and enhanced Property or Liability coverage forms. This tells you the carrier wants that class of business. Build your initial marketing around that area. For example, let's assume the agency has a good program and market for family-style and fast-food restaurants and is located in a growth area ... however, the agency can become a viable force in its marketing area once again. The problem(s ) that caused the agency to get in trouble in the first place normally fall in one or more of the following areas: Receivables Debt service Lack of planning Poor retention of business Poor use of automation Loss of markets Lack of new business development Poor agency acquisition Once the problems are identified, you can start the problem-resolution process and then begin to develop an agency plan. To develop a marketing plan, examine two broad areas ... the agency: A. Identify Strengths Resources a. Markets b. Competitive pricing c. Demographics d. Staffing e. Expertise f. Use of automation g. Internal processing B. Identify Weaknesses Resources a. Markets b. Competitive pricing c. Demographics d. Staffing e. Expertise f. Use of automation g. Internal processing On the positive side, is there any combination of resources that can be identified and used at little or no expense? A distressed agency generally does not have the financial resources to devote to marketing ...