Last weekend we had unbelievably good weather for April. My son and daughter were given a bunch of lemons by a neighbor so they approached me with the idea of opening a lemonade stand. Naturally I encouraged the idea because there are so many valuable business and money lessons they can learn from operating a lemonade stand. Here are some of the lessons they learned which reminded me of some of the lessons we all can learn from selling lemonade:
Insurance agencies sometimes forget the most important rule of inbound business: People need to know you exist. If you can't be found, no one is able to buy from you. I have read that somewhere in the range of 80% of insurance consumers start their search online. Do a quick Google search for "insurance brokers" or "insurance agents". What comes up? Does your agency rank?
Defense is important, but you can't win without scoring. Insurance can provide a great career and income to the producers that survive. Our industry is highly competitive and residual income is the name of the game. However, you need to get the customers before you can renew them. I have been selling insurance for fifteen years and can tell you from experience that getting a new customer is probably ten times harder than keeping one. This entry will explore why new business offense is more important that renewal business defense.
We've all have heard the adage, "Do what you love and the money will follow." It's a great saying and I agree in the sense that if you are passionate about something you can usually turn that passion into profit, heck that's why I'm typing right now. However, the same can be said for doing what you HATE. Why? Because there are a lot of necessary job duties in any line of work that most people don't like doing. These things we hate doing can generate some of the most money for us. Here are just a few when it comes to insurance sales:
Digital marketing is not easy. The amount of time required to blog, keep up with social media, network, and brand your agency or program is insane. It takes a dedicated person or team to tackle all or the challenges of digital marketing. Add this to the challenge of running an insurance agency and/or maintaining an existing book of business and you may find yourself out of time...
Search Engine Optimization (SEO) is probably the most important way to create inbound business. SEO is not as complicated as it may sound, but it takes a ton of work. Big insurance brokerages and direct markets have huge budgets and teams to make sure their page(s) rank. They also have bigger budgets for pay per click campaigns if they don't rank. In this post I will break down just what SEO is, why it is so important, and some of the steps you can take to improve your search rank.