How Marketing can support Business Development activities for Insurance Companies
Marketing and Business Development work together to make businesses more profitable.
Business development revolves around pursuing business opportunities, building strategic relationships and identifying new markets.
Marketing is the activity of selling a product or services through communicating with a target market.
When it comes to marketing for insurance companies, we’re talking about a business that’s:
- Predominantly online
- Highly competitive
- (Whisper it…) A bit boring
With a huge number of insurance companies online, many clutching well-thought-out business plans, it’s the marketing strategy that will make the difference as to which companies fulfil their plans and go on to greater profitability.
Create a strong brand identity
It all begins with your brand identity. An insurance company with a strong brand identity:
- Gets noticed
- Creates an impression
- Sticks in the memory
- Wins customer confidence
- Encourages sales
That’s a pretty tall order, but brand identity is a powerful force when it comes to marketing and one of the most powerful tools in your marketing armoury.
Fortunately, when it comes to insurance, there’s plenty of opportunity for creating a stand out brand. Did we whisper earlier that it’s a bit boring? Actually, that’s just boring thinking and just because many brands choose to ‘play safe’ and stick with tired formulas, doesn’t mean that you have to.
Insurance is a serious business and your insurance company needs to come across as a safe pair of hands. But that doesn’t mean that your brand has to be lacklustre and hard to differentiate from your competitors.
The best marketing agencies will create insurance branding that encompasses all your serious qualities – efficiency, reliability, ease of use and so forth – giving the best of human characteristics to an online process. The best insurance company brand is one that stands out from the competition while simultaneously clarifying the superiority of services.
Insurance company brand identity is where marketing can have an immediate and lasting impact on business development.
Know your customers
Marketing for insurance companies is very much about communicating with those customers and clients that your business development plan has identified. When it comes to insurance, customers can be broadly divided into three categories:
- New customers
- Existing customers
- Existing customers who may buy further products (e.g. a car insurance customer who may be encouraged to buy home insurance).
Effective insurance company marketing pays particular attention to building loyalty from existing clients in order to retain their business. Building loyalty is essentially a communications game and it couldn’t be more important. It’s easier now than it’s ever been before for a customer to change insurance companies with every renewal.
Customer loyalty builds business in many ways – you also become a trusted brand for your existing client to buy additional products from, plus you’ll get good reviews and recommendations from those happy customers.
New business is a communications game too – using your brand as a foundation you need to employ a range of communication methods to get the message out. It’s not enough to have a better offer than your competitors – you have to show that you’re better and show it quickly, clearly and comprehensively.
You’ve got your brilliant brand; you’ve identified your target audiences. Now all you have to do is reach out and communicate.
Digital marketing is particularly effective for retaining existing customers and building further business with them. Think texts, blogs, social media – all the things that build relationships, rather than being a hard sell. Show your expertise, your commitment to your customers and that you’re easy to work with.
For new customers digital marketing including social media is also effective – shared information and reviews can really win client confidence. It’s also vital that your website is built in responsive design and that you have great SEO, if you want to show up at the top of searches online. On the other hand you shouldn’t underestimate the continued power of print media such as print advertising and direct mailing.
There are massive marketing opportunities for insurance companies that want to build bottom line. With the right approach to marketing, business development for your insurance company will be easier to achieve and your goals will become clearer.