Editor’s note: This post was originally published on 1/2/17 and has been updated for accuracy and comprehension.
Marketing on the internet promises insurance producers a way to revolutionize the way they interact with clients and help you deliver a lot more value.
If you’re not yet convinced that you need to hang up your old marketing shoes and adopt these new strategies, consider these stats:
- 30% of your prospects and clients are very comfortable researching and purchasing life insurance solely online.
- Millennials check their phones over 40 times every day – creating a prompt, direct avenue into their lives.
- 68% of Baby Boomers use smartphones.
- Nearly 100% of insurance producers are worried that they aren’t keeping up with how consumers want to interact with service providers.
There’s a huge gap here between consumer behavior and agency and producer strategies. You can bridge this gap by using marketing automation to reach out to your clients and prospects and create a strong connection.
Communicating with customers through “emerging technologies” like social media, email, and marketing automation tools, leads to higher customer satisfaction, according to a study performed by JD Power.
Once you have satisfied customers, you build a more loyal customer, which leads to higher customer retention, increased referrals and more policies sold.
In fact, the loyal customer has seven times the value than a customer with low loyalty over their lifetime. Compared to a customer that’s neutral about your agency or you as a producer, the high-loyalty client holds up to three times the lifetime value.
As you build a storehouse of loyal clients, you’ll also have a lot of high-value customers that are bringing revenue into your business on regular basis.
Here’s what Bain & Company’s research revealed about the value of these loyal customers. They will provide you:
- 250 percent more referrals.
- 25 percent more insurance sales.
- 97 percent retention (Wow!).
If this loyalty is so rewarding and rich for your business, just how do you earn it? Easy.
By using the methods of THEIR choice to communicate.
And providing value at all times.
How it works
This all sounds well and good, but you’re probably thinking, How am I going to do all of the tasks required to communicate and provide value AND get my work done?
That’s a great question.
But that’s also where marketing automation comes in.
Once you build the processes, you can automate them.
It’s a set-it-and-forget-it type of approach that will free up your time so you can connect with prospects and customers.
In our upcoming series of blogs on marketing automation for life insurance producers, we’ll show you what kind of return to expect on the investment, how marketing automation will help you grow your business, and what to look for in a tool.
If you want to get caught up in the right emerging technology revolution, marketing automation is where it’s at. It aligns with consumer behaviors, and how they shop for and buy insurance in this decade, and it’ll get you to a point where loyal customers are providing a huge value for your business and keeping a steady stream of revenue coming in for many years to come.
To work with a General Agency that puts your interests first and helps you better connect with prospects, contact LWT today!