Marketing can be a tough skill to master as an insurance agent. After all, you’re in the financial protection business, not marketing business! And for many agents there’s a reason for that. They have little experience or knowledge in marketing. Without dedicating a significant amount of time to learning the tricks of the trade, marketing can be a big headache.
It might be tempting to simply put in the bare minimum amount of marketing work necessary to get some leads, but you may be missing out on a lot of business that way.
Here’s why you should think twice about skimping on your marketing campaign as an insurance agent.
- Competition is fierce
With over 1.2 million insurance professionals in the United States, it’s crucial that you make an effort to differentiate yourself from other agents. Even in your community you are likely competing with several agents representing multiple companies.
Some of these agents are putting in a lot of time, effort, and money into marketing while others are doing minimal advertising. If you’re one of the ones slacking on your marketing efforts, you’ll be left behind! Remember, you want at least as much or more exposure than other agents in your area. Don’t miss out on opportunities to get your name and face out there.
- Social media is now a necessity
Sure, ten years ago social media was somewhat in its infancy when it came to businesses building a brand and reputation. It wasn’t a necessity back in the day, but it certainly is now.
In a 2019 survey of young insurance agents between the ages of 18-40, it was found that almost 75% use Facebook and 76.2% use LinkedIn. Building a reputation takes time and effort so if you aren’t utilizing any of these social media channels, it’s a good time to start.
Within the platforms themselves, there are even more opportunities for exposure like business mentorship groups, paid ads, and more. Take advantage of the tools Facebook and Linkedin can offer you as an agent.
- There are marketing channels with lower competition
Despite competition being high in the insurance space, there are always opportunities to stand out and do what others aren’t willing to do. In the same survey by Insurance Journal, they found that only about 15% of young agents wrote a blog, leaving an largely untapped space for potential exposure. Other avenues utilized less are platforms like YouTube and Twitter.
- Agents and insurance companies continue to spend more money on ads
Increased competition in the insurance world has led to an increase in ad spend overall in the past two years. Between 2018 and 2020, ad spend in the insurance agent, broker, and service industry increased over 13%. While you don’t have to spend an exorbitant amount of money for effective marketing, it’s important to note that the industry itself is spending more on advertising.
In short, having a healthy marketing strategy is not something you want to overlook as an insurance agent. Does the company you work for provide resources for marketing?
American Senior Benefits provides a variety of prospecting and marketing tools for agents. Contact us today to learn more!
