Transformation in Agency Marketing


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There is a transformation going on with insurance agency marketing. The internet and the social web are requiring agents to think a new about how to attract and retain clients. This presentation is a basic introduction to the concepts an agency needs to know.

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Transformation in Agency Marketing

  1. Transformation In Agency Marketing<br />Steve AndersonThe Anderson Network, Inc.<br />
  2. The phaonmneelpweor of the hmuanmnid: I cdnuoltblveieetaht I cluodaulacityuesdnatnrdwaht I was rdgnieg. Aoccdrnig to a rscheearcr at CmagbrideUinervtisy, it deosn’tmttaer in wahtoredr the ltteers of a wrod are, the olnyiprmoatnttihng is taht the frist and lsatltteer be in the rghitpclae.<br />The rset can be a taotlmses and you can sitllraed it wouthit a probelm. Tihs is bcuseae the huamnmniddeos not raederveylteter by istlef, but the wrod as a wlohe. Amzanig, huh? <br />
  3. Sales Culture = Higher Value<br />“A sales culture is the most valuable attribute an agency can possess. Since agencies with a true sales culture find a way to grow even in the worst of markets, they consistently command the highest valuation multiples in the marketplace. Investors demand growth – and will do what it takes to acquire firms that can grow regardless of market conditions.”<br />Kevin Stipe, Regan Consulting (NU 1/2008)<br />
  4. Specialty Business is King<br />“Savvy agents have capitalized on this trend [toward specialty business] by focusing on a particular industry and then delivering customized knowledge, service and products to customers within that industry. Agents [have] achieved higher hit ratios on new business, had better account retention on renewals, and often generated higher profits in their specialty business than in their general business.<br />Kevin Stipe, Regan Consulting (NU 1/2008)<br />
  5. Specialty Business worth more<br />“What is newsworthy is how much more buyers are willing to pay for specialty business than general business. By our calculations, a block of specialty business is frequently valued at 25%-50% more than a comparably sized block of general business, since it is more profitable and can be projected to grow more quickly.”<br />Kevin Stipe, Regan Consulting (NU 1/2008)<br />
  6. “Unleashing employee productivity has been a key driver of agency value growth over the past decade, and will continue to be so. Does your agency have a strategy for increasing productivity?”<br />Kevin Stipe, Reagan Consulting, Inc.,<br />
  7. “In our experience, it all starts with your producers. If you’ve developed a sales culture in which your producers are relentlessly building (not simply maintaining) their portfolio of customers, then employee productivity will inevitably follow. And growth in your agency’s value won’t be far behind.”<br />Kevin Stipe, Regan Consulting<br />
  8. We are now at the dawn of a profound technology-driven transformation that will make the changes we have experienced over the past 25 years seem small and slow. <br />We are about to transform how we sell, market, communicate, collaborate, innovate, watch TV, learn and, as you might guess, much more. <br />Daniel Burrus -- January 2009 <br />
  9. Where do you surf?<br />
  10. Online Auto Quotes<br />32.1<br />32.4<br />
  11. Online Auto Quotes<br />2.3<br />2.2<br />
  12. 12<br />
  13. 13<br />Purchased off-line?<br />
  14. Why Local Agent?<br />
  15. What are people buying online?<br />Small Commercial<br />BOP<br />Auto<br />WC<br />Umbrella<br />Personal Lines<br />Auto<br />Home<br />DUI<br />Motorcycle<br />Other Products<br />Life<br />Health<br />Travel<br />Pet<br />Event<br />
  16. Steps to Success<br />Understand customers wants & needs <br />Technology = Strategic advantage<br />Use technology to support marketing & sales<br />Don’t let technology overshadow sales<br />Create marketing “systems”<br />
  17. Successful Internet Marketing<br />Niche focus<br />Provide lots of information<br />Offer easy quote<br />Easy payment & policy issue<br />Allows larger geographic reach<br />
  18. Different Faces of Internet Marketing<br />Single Purpose Web sites<br />E-mail Marketing<br />Traditional Marketing<br />Search Engine Optimization (SEO)<br />
  19. The Competition<br />Online Quote Sites<br />Lead Aggregators<br />Direct Writers<br />Other Agents<br />
  20. Your Agency Web Site(s)<br />What is the purpose?<br />Multiple sites<br />Main Customer Service site<br />Multiple marketing sites<br />Different site for each market focus<br />“Single Purpose Site”<br />Niche focused<br />
  21. Types of Single Purpose Sites<br />Simple Lead Generation<br />Provide indication of price<br />Bindable quote & Issue<br />
  22. Single Purpose Web Site<br />Limited Focus<br />Limited pages<br />Focused Information<br />Limited choices<br />Specific call to action<br />Pre-qualify prospects<br />Automatic follow up<br />Quoting process<br />
  23. PizzaPA<br />
  24. E-mail follow up<br />
  25. Example Agency Marketing Websites<br /><br /><br /><br /><br /><br />
  26. A Successful Marketing System<br />Prospect Management<br />Opportunity Management<br />Campaign Management<br />Submission Management<br />Results Management<br />
  27. Agency Marketing Technology<br />Go to:<br />Search for “Steve Anderson”<br />6 different columns on this topic<br />
  28. Finding Prospect Information<br /> (<br />Thomas Register (<br /><br /><br /><br />Google (<br />
  29. Finding People information<br /><br /><br /><br /><br /><br />
  30. Financial Service Prospecting<br /><br /><br />
  31. Web Lead Aggregators<br /><br /><br /><br /><br />
  32. State & Local Government<br />License database<br />Real Estate information<br /><br /><br />
  33. Data Lister States<br />
  34. Using Social Media - Overview<br />Online community of mutual interest<br />Not about publishing or broadcasting<br />All about Interactivity<br />Multi-media heavy<br />
  35. Social Networking Examples<br /><br /><br />Twitter<br /><br /><br /><br />
  36. Create a Facebook Ad<br /><br />38<br />
  37. Facebook Ad Results<br />39<br />
  38. Using LinkedIn Effectively<br />Set up Profile<br />Connect with others<br />Join relevant Groups<br />Answer questions<br />
  39. Using Blogs<br />From the Press Box --<br />From Where I Sit --<br />Insurance Scrawl --<br />Insurance Buzzer --<br />
  40. How can prospects find you?<br />Internet search<br />Traditional marketing<br />Other<br />
  41. Web searching<br />
  42. 10 Simple Steps to increase “Findability”<br />Internal Steps:<br />Web Design<br />Create a Site Map<br />Pay attention to Page Titles<br />Pay attention to Page Headings<br />Pictures & other images<br />
  43. 10 Easy Steps <br />External Steps:<br />Add to Google Maps<br />Ads for reviews<br />Get listed in other directories<br />Use Insurance company websites<br />Start doing something today!<br />
  44. Google Local Business<br />
  45. Using video on your web site<br />Personalize the site<br />Create connection<br />Provide information<br />It’s easier than you think<br />Ideas<br />Client testimonials<br />Web site introduction<br />Key benefits<br />
  46. Create Custom Training<br />New Employee Orientation<br />New Employee Training<br />Custom Software Training<br />Visual Procedure Guide<br />Client Coverage Explanations<br />
  47. YouTube<br />Crescenta Valley Insurance “TV” Ad<br />
  48. Flip Video<br />
  49. Video Creation Tools<br />Screen Shots<br />Snagit ( Example<br />Web Recording<br />Camtasia (<br />Captivate (<br />Live Video<br />Microsoft MovieMaker (<br />Visual Communicator v3 (<br />
  50. EyeJot<br /><br />
  51. Opportunity Management<br />Opportunity Management is the process of qualifying a prospect and assessing what it will take for you to close the deal. <br />
  52. Key Questions<br />Is this a real opportunity?<br />Will we be competitive?<br />Can we win the deal?<br />Do we really want it?<br />
  53. Opportunity Management<br />Track key indicators<br />Grade prospect quality<br />Determine what to work & when<br />
  54. Campaign Management<br />Build relationships<br />Define the marketing process<br />Systematize the process<br />Managed by internal staff<br />
  55. Marketing Flow<br />
  56. Long Term Wait<br />
  57. Submission Management<br />Creating submissions<br />Delivering submissions<br />Track submission status <br />Track submission results<br />
  58. Delivering Submissions<br />Print & Mail<br />PDF email attachments<br />Web site links<br />Delivery services<br /><br /><br />
  59. Results Management<br />Agency results<br />Revenue goals<br />Expense goals<br />Producer results<br />Producer Goal Setting Worksheet<br />On track?<br />Business Partner results<br />Submission tracking<br />
  60. Standalone Software Systems<br />ACT (no campaign management)<br />Goldmine (<br />Automated Processes<br />MAPS (<br />Insurance specific campaign management<br />Microsoft CRM<br />
  61. Web Based Systems<br />ASP Sales Source (<br /><br /><br /><br /><br /><br />
  62. Payment Methods<br />Direct Bill<br />Credit Cards<br />E-Checks (drafts)<br />PayPal<br />
  63. Accepting Credit/Debit Cards<br />Charges “convenience fee”<br />Online payment processing<br />Conditional payment<br /><br />
  64. Is this legal?<br />“Nothing in the New York Insurance Law or regulations promulgated there under prohibits an entity that provides a service to insurance policyholders that enables them to pay their insurance premiums electronically by credit card from charging those policyholders a fee to cover credit card and other service expenses.<br />“[A]n insurer (or anyone acting on the insurer's behalf) may not impose a credit card surcharge on a policyholder. [Simply Easier Payments], by contrast, is not selling insurance and is not acting on any insurer's behalf. Rather, it is providing (and charging for) a distinct service, i.e., the making of secure payments via electronic means. Therefore, your client's activities are prohibited by neither the New York Insurance Law nor N.Y. Gen. Bus. Law § 518.”<br />New York Department of Insurance<br />
  65. Service after the sale<br />Transaction processing<br />24/7 customer service access<br />Certificates<br />Email<br />
  66. 24/7 Customer service options<br />CSR24<br />CertificatesNow<br />Management system<br />InScope<br />AMS - Service 24/7<br />
  67. Subscribe to Steve Anderson’s TechTips and receive one short, to the point tip per week on little known websites, software and hardware tools, and any other resources that will help agencies increase revenue or reduce expenses.<br />Sign up<br />
  68.<br />70<br />The AndersonAgency Report<br />Providing Independent Agents with the insurance technology information they need to more effectively manage and grow their agencies.<br />Subscribe today and get up-to-the-minute agency technology news, research, expert opinion, and specific recommendations, all written from, and for, the perspective of the independent agent. <br />TAAReport.com303.404.0457<br />
  69.<br />71<br />Steve Anderson<br />The Anderson Network, Inc. <br />PO Box 1546<br />Franklin, TN 37065<br />(615) 599-0085<br /><br />