A Guide to Staying Competitive in the Insurance Industry

COVID-19 took a heavy toll on the insurance industry. Following the sharp fall in stock prices early in 2020, along with fluctuating economies, there was a fall in demand for some life insurance products.

The Organisation for Economic Co-operation and Development (OECD) also mentions that life insurance companies experienced a slowdown in writing gross premiums and an increase in processing claims payments throughout 2020. The insurance industry is slowly getting back on its feet, though.

If you want to boost brand visibility and remain competitive in the recovering industry, you have to pay attention to your insurance marketing strategy. Take a look at the different ways you can boost profitability.

Website Optimization

There are so many aspects of insurance marketing that you might not know where to start. Before jumping into your email marketing strategy or social media management plan, however, check out whether your website is updated.

If you’re an established insurance agent with an existing website, make sure the site is responsive on any browsing device. Check whether the on-page content and contact details are up-to-date, too.

On the other hand, if you’re just getting started in the insurance industry, make sure you have a business website. It serves as a treasure trove of information for prospective clients who want to explore your insurance products. It also helps to design a professional logo to represent your brand in any digital and traditional marketing efforts that you plan moving forward.

Creative Online Content

Once your website is optimized and ready for seamless browsing, the next thing you have to focus on is the content. Are your insurance product descriptions updated? Does your on-page blog page offer solutions to the most pressing concerns of your target audience? Is your content engaging?

In addition to making sure your content speaks naturally with your audience, it has to be search engine optimized. Insert organic keywords into your content so your website can be easier to find on Google.

Additionally, you want your content to be conversion-centric. You’re not just telling the readers about your insurance products or what gives you an edge among the competition. You want to give them that gentle push they need to call you for inquiries.

Social Media Presence

Once your website and on-page content are optimized, get started on your wider internet presence. Unsurprisingly, social media is the fastest way to get on the radar of your target audience.

With almost 2.5 billion monthly users, Facebook remains the most popular social media platform today. So if you don’t already have a Facebook page for your insurance agency, open one today. You might also consider opening an account on other platforms such as Twitter, Instagram, YouTube, and LinkedIn.

Upload your professional logo and add your business contact information to boost your online credibility.

Your social media presence should make a consistent effort of interacting with your audience and addressing the concerns they share online. This means regularly posting engaging and shareable content, inserting a call to action and landing page to your posts, and responding to the people who interact with your page and make inquiries on the comments.

You might also want to share insurance news once in a while to let your audience know you’re always updated. Additionally, social media posts are a great way to show your audience the causes you support.

Email Marketing Efforts

Despite digital marketing and social media marketing taking center stage in recent years, email marketing is still very much alive. You can actually establish a deeper relationship with your target audience and outperform other marketing channels if you know how to communicate well through email.

First, of course, you have to get creative with the subject line. It has to be compelling enough for the recipients to want to click on it. On a related note, you might want to personalize the email with your recipient’s name in your greeting. It makes them feel like you’re reaching out to them specifically.

You can also revive dead leads through email retargeting. It might just be the nudge your audience needs to revisit their insurance plan. Have strategically placed calls to action on your email just to be sure.

Old-School Strategies

Finally, don’t hesitate to go local with old-school insurance marketing strategies.

Insurance agents typically focus on a specific location. Therefore, the best way to find prospective clients is to be more visible in your local community. Online and traditional marketing aside, take the time to participate in community events and volunteer activities that your target audience participates in.

Of course, if there are local trade shows in your area, don’t hesitate to sign up for them.

Finally, to give customers the nudge they need to become loyal clients, make an effort to nurture those relationships. You could send out hand-written thank you notes for supporting your business, message them or send them a treat on special occasions like birthdays and holidays, and regularly conduct customer surveys to let them know their opinion is valuable to you.

Through proper marketing, your insurance agency will undoubtedly rise to the top.

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