The business landscape is now less about big budgets and more about big brands. Money won’t necessarily buy marketing success these days. Which is just as well because as an agent, you probably don’t have stacks of cash to throw at advertising. Instead of losing sleep over ad spend and performance, it would be better to focus on an insurance agent branding strategy.
Ask a prospective client if, all things being equal, they would prefer to work with a company they recognized or one they have never heard of before, and chances are most will opt for the former. Why? Because there is credibility in brand recognition. People often associate a unique reputation, image, and story with a brand.
In this highly competitive world where the power of choice is firmly in the consumer’s hands, the one thing that will help you break through the noise is proper branding. That is particularly important if you are targeting the millennial generation. Two recent studies, one from Elite Daily and the other from CrowdTwist, showed that millennials are the most brand loyal generation.
If you are not working on brand development, you are missing an opportunity to get in front of the millennial segment. Branding is not as challenging as you may think, either.
Your Unique Story
People crave stories. The concept of storytelling is nothing new. There is evidence to suggest that even our cave-dwelling ancestors were fond of telling stories. In those days they would use cave walls, these days we have a host of mediums at our disposal to tell a story.
It is a powerful way to bring people together and keep them engaged, and it is good for business. As one article written by an expert online marketer, Neil Patel, puts it “good stories give big voices to small ventures.” But storytelling in business is not about fairy tales or yarn spinning. It’s about the why and how your services exist in the world; it’s about what you do, how you do it, and the value you provide to others.
By creating a unique brand story, you give people a way to connect with you on an emotional level. Those that relate to your story will automatically align themselves with your business.
Your brand story should revolve around the following:
- What motivates you and your team to do the work you do
- The reason your agency exists
- The types of people that find value in the services you offer
- A transparent look at the people behind the business
- Insight into your agency
Positioning
Brand positioning happens naturally whether you proactively develop it or not. But, leaving this important aspect of your business to the whims of fate is risky. An intelligent, forward-looking approach is essential to establishing a positive brand position that your target customers can recognize.
Storytelling and brand positioning go hand-in-hand. It is about creating a brand image and identity that has instant meaning in the minds of consumers – differentiating your insurance agency from the competition. The concept was popularized in Reis and Trout’s bestselling book “Positioning: The Battle for Your Mind.” In which they said positioning is “an organized system for finding a window into the mind.”
Through the brand stories you tell, the services you provide, the pricing strategy you adopt, you will develop a unique impression in the minds of those in your target market. They will begin to associate your brand with something specific and desirable, distinct from your competitors. And those are strong components of brand loyalty.
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Client Trust Factors
Without the trust of customers, it is impossible to build brand loyalty. And, with heavy competition and crowded market spaces to contend with, customer loyalty is vital. The story that you tell and the positioning that you adopt will signal to consumers the type of experience they can expect from your agency. However, nothing builds trust and loyalty in a business like great customer service.
The growing millennial segment can be fiercely loyal to a brand that they feel connected with, but they are also well aware that they have many other options at their disposal. They have no problem abandoning one company for a competitor if they do not receive outstanding customer service. Poor customer service can have a devastating and long-lasting negative effect on your brand.
Focus on creating a consistently positive experience across all customer communication channels; be that online, face to face, or on the phone. Be the brand that goes above and beyond to help clients with their insurance queries and issues. With the likes of social media, word of mouth spreads quickly these days and one client talking positively about your brand is a great trust multiplier.
Brand-Enhancing Insurance Agent Marketing
Brand building should be firmly integrated into your marketing efforts. That includes using a combination of paid advertising and “free” marketing such as social media. Content marketing is a powerful tool to use in the digital sphere but, of course, some agents are somewhat restricted in this area.
That should not be cause for despair, however. There are plenty more ways to develop a solid brand for you and your agency. Here are a few of those ways:
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Referral Programs:
Can you develop a referral program for your agency? That is an excellent way to get existing clients to spread the word about your agency. Offer small incentives for each referral a client sends your way.
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Local Partnerships:
Here is a particularly effective strategy for local-oriented businesses. Strike up partnerships with other local businesses to hold joint events and expand your brand’s reach to a new audience. You can also consider sponsoring local sports events and donating to local charities. All of which are great ways to increase interest and awareness.
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Social Media Contests:
Social media contests can generate a tremendous amount of buzz around your brand. Create a contest that encourages people to submit a photograph or video with the ones receiving the highest votes being the winner. Contestants will naturally share the link with their network to get more votes, thus spreading your brand presence.
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PPC Advertising:
SEO is competitive and takes some time and effort to take effect. In the meantime, if you have the budget, you can invest in Pay Per Click advertising. That will mean your website will show up at the top of search results pages immediately. Even if people do not click on the link, which is marked as an ad, the appearance at the top of the page will leave an impression in the minds of searchers and help develop awareness of your brand.
There are many factors that go into building an insurance agent’s brand. It takes time, patience, and ongoing effort. But, it is vital to the success of any business, particularly if you want to attract those all-important millennial clients.
