All business owners’ get comfortable doing the things that we have to and sometimes we don’t stop and think “what can I do better” or “what can I do differently”. This article “5 Reasons to Change Your Marketing Strategy” will help you break out of your rutt and get excited about trying new things!
1. Location in the product life cycle: Most of us are familiar with a Product Life Cycle Chart. Some of you are probably asking “how does this apply to Insurance sales?” Great question! Stretch with me a little and let’s look at two ways this applies. First, as Agents, we sell a product called insurance. There are different types of insurance, but inside each of those markets (home, auto, life, health etc..) we sell different types of policies, with different coverage levels, types of coverages, different deductibles, etc… Some of these policy products are new offerings, others are well established, and some that are on the verge of being pulled from the market because of relevance to today’s market demands. Second, our Individual status and/or our Agency’s status in the Life Cycle Chart changes over time. In both instances, our Marketing Strategy should reflect where our product or Agency is on the Life Cycle Curve. A startup agency will market completely different from a well-established agency. A new agent is attempting to build a brand image and an experienced agent is marketing his years of experience and knowledge of the industry. Being aware of where you are on the Life Cycle curve is vital to your marketing strategy.
Underperforming ROI – One essential component to a Marketing Strategy is measuring results. It makes no sense to spend financial resources without have a way to measure the return on that investment. There are numerous ways to easily track incoming revenue from a marketing effort. Establishing volume/revenue goals and measuring those results provide the feedback required to either tweak the plan or in some instances, shut it down. If the plan under review is not capable of generating the necessary revenue, stop putting resources into it! Don’t throw good money after bad… Refocus your team, time and money in a different direction after reviewing why a specific marketing plan failed to return the anticipated revenue volume.
Underperforming ROI – One essential component to a Marketing Strategy is measuring results. It makes no sense to spend financial resources without have a way to measure the return on that investment. There are numerous ways to easily track incoming revenue from a marketing effort. Establishing volume/revenue goals and measuring those results provide the feedback required to either tweak the plan or in some instances, shut it down. If the plan under review is not capable of generating the necessary revenue, stop putting resources into it! Don’t throw good money after bad… Refocus your team, time and money in a different direction after reviewing why a specific marketing plan failed to return the anticipated revenue volume.
New Technology – We’re referring to new tools you can use to get your message to your potential or existing client base. Five years ago, Facebook, Twitter, Instagram, Pintrest, YouTube and numerous other forms of communication either didn’t exist or if they did, they were not used for business applications. Today, very few companies DON’T have access to their target markets through these new forms of media. If you aren’t using these and other types of media to communicate with your market, you’re missing out on valuable opportunities. One last comment… I guarantee your competition is!
Change in Product, Service or Demographic – Our business environment is constantly changing, and that will never change. When you have a change in your product offering, let people know! Tell them why they need it, how it will help fulfill a need they have and make their lives easier or safer. YOU are their expert and if you don’t share the news, who will? If you change your hours of operation or provide a new service for claims or policy changes, create a new marketing plan to get the message out. You can use this as an opportunity to increase brand awareness, separate yourself from the competition and also lay the ground work for future sales, with account rounding. If you have a book of business that is dominated by older clients, create marketing strategies aimed directly to that audience’s needs. If you are concerned that your book is largely dependent on older clients that are slowly fading away, then market to a younger demographic. They will be interested in different products and the way you communicate with them will include multiple forms of new technology channels.
Experiment (don’t get stuck in a rut) – Of all the reasons we’ve covered in this report, this is the MOST IMPORTANT! The “if it isn’t broke, don’t fix it” attitude is a guarantee for failure. Yes, if you have a great strategy that is bringing in fantastic results, keep using it! But be aware, all strategies need to be reviewed for ROI and eventually changed when the returns start to fall. Use the time when your current strategy is experiencing superior results to try other types of marketing. Start off small, perform the necessary tweeks, and see what happens… Not all of these experiments will work, but some will. Those that do, will be your new Super Stars when the old strategies begin to slow down.
You may be very satisfied with your current marketing strategies and see no reason to change what has been successful for the last 10 years. I have one request… Stop and think about how consumers have changed their shopping habits in the past 10 years. How has technology contributed to that change? Think of Amazon, Esurance, and marketing campaigns built around Cavemen, “Mayhem” and a Gecko lizard…
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