Become a ‘Brand Behemoth’ by Seizing the Digital Moment
Suppose you walked into a store to look for a new television. If the store only carried one brand, would you shop there? Of course not, but that’s just what today’s insurance behemoths want you to do when you buy insurance.
With an abundance of information just a few key strokes away, today’s consumers demand choice. From automobiles to zucchini, consumers do research online before they make a purchase. Today’s policyholders no longer accept a single company quote. It’s difficult to satisfy this consumer demand if you’re an agent that can only offer one product. It’s why the era of the captive agent is coming to an end. Only independent agencies that meet their customers online by leveraging desire for information and choice will succeed.
The rise of digital media — the web, social media, smartphone and other mobile devices — has leveled the playing field and even tilted it toward independents. Independent agents can now compete against the industry’s brand behemoths by making their brand even more powerful in their area. They can become local brand behemoths.
Digital tools enable independent agents to provide a better service experience to existing clients. Online lead generation allows agents to more efficiently find new clients.
Improving Customer Experience
In a commoditized industry like insurance, the only way to differentiate yourself is to provide excellent customer service. In the digital age, that means providing customers with the opportunity to interact with your agency whenever and however they want. From policy changes to evidence of insurance, customers would rather do things themselves online than have to wait to call your office when it’s open.
One of the most surprising things is how much people love self-service. Surveys show that companies of all types, including insurers, consistently get better service scores when they let consumers manage their account themselves.
Does your website allow customers to make policy changes, track their claim, get a quote or review their policy limits? Consumer tastes also require a website to be mobile-compatible. The smartphone has replaced the computer as the device of choice for consumers. A mobile-compatible site must be clean because smartphone screens are small. Users must be able to navigate and read a site quickly on a smartphone.
A website can’t be static and one-dimensional. People don’t want to read gobs of copy online. A site should give visitors interactive experiences. For instance, display the icons of the companies represented instead of listing them.
Attracting New Customers
Use online resources to expand the reach of marketing efforts.
LinkedIn provides a great example. Start by identifying people on LinkedIn that you are connected to indirectly (i.e. through an existing contact but not directly) or are members of the same business group as you. These are LinkedIn prospects.
Next, go through existing business networks and identify a service provider like an accountant, photographer or other small-business owner. Ask if they would be willing to provide a discount to customers referred to them. If they agree, send an email to prospects identified from LinkedIn letting them know they can receive a discount. This creates a win-win for both.
Digital Giveaways
No one gets excited about a birthday card from an insurance agent. Instead, how about giving away a mobile app so your business can stay top of mind? An app that gets your name on their phone is a proactive way to stay in touch — and provide something of real value.
Facebook, Twitter, Tumblr, and More
You need to be on social media. Although engaging with social media takes time, what you learn online provides you with valuable customer insights. It’s like getting the questions to a test in advance. It gives you a real advantage.
Social media isn’t just about following people. Post or tweet information about how to prepare for catastrophes unique to your area so people can prepare for them. The more you engage digitally, the more relevant you become online.
You’re probably thinking: “I don’t have time for this!” You’re right! Find someone who uses these tools everyday — a student or a young person in your office and put them in charge.
All the pieces have fallen in place for independent agents. Seize the digital moment now and prosper!