Considering all the different types of insurance products, the insurance industry is humongous. Almost every individual is an insurance customer or a potential insurance customer because everyone uses or needs some kind of insurance. However, since the demand of insurance products is high, competition among insurance sellers is brutal.
If you are in the business of selling insurance products, you have to have clear, solid strategy in place for acquiring clients. The various tools and techniques that you can use to expand your client base have been discussed below.
This is old-school but a very effective tool for connecting with people on a personal level. You can have a plan about how to reach out to different groups of your contacts. The basic idea is to work the groups wherever they are gathered, like, social events, religious occasions, summits, conferences and so on. It is the conventional approach of directly interacting with people, take part in group discussions and place yourself at the right moment in front of the right people. You have to be ready to pass out your business cards and information about your product – but in a subtle manner. Your aim should be to leave a positive impression on them so that they can consider your product when they have a need or can recommend you to their contacts.
This is another traditional approach. Instead of meeting directly, you talk directly over the phone with a prospective customer. Depending on the type of your product, it could be individuals or small businesses who have a requirement for the insurance you are selling. Before calling, if possible, you should gather some information about the person or business. This will help to understand the potential client’s need more clearly and offer effective solutions.
A referral system is based on word-of-mouth publicity. Your friends, family members, colleagues should refer you to their contacts or give you their referrals.Going beyond this regular circle, you should have a referral system built into your operations and business process which makes the whole thing more efficient.
Next comes the new-age approach – digital or online marketing.This involves the processes of advertising and marketing your product using various online media. The basic and most important step is to start a web site with all relevant information about your products, post regular blogs on related topics to attract visitors to your site. While on your site, encourage them to share their contact details and requirements. In this way you can have a database of prospective clients. You can send e-mails to these people or even call them.
Your presence on social media platforms is very important and contributes in spreading the word. You can place your ads on various popular social media platforms like, Facebook and Google. You will be able to cultivate a good crop of leads from these online media to follow-up.
An insurance business thrives on leads. As an insurance agent you would prefer to buy real-time leads and that you should – but a valuable source of leads which remains unused is the cache of unsold aged leads. These come at a fraction of the cost of real-time leads and with the right amount of effort they can lead to closed deals. You can add them to your inventory of leads and keep working on them.
If possible, you should offer an array of multiple insurance products. A person has a need for various types of insurance products. Getting all solutions at one place is appealing and convenient to them. You might be preferred over someone who offers only one type of insurance product.
Selling insurance products requires patience and perseverance. The above strategies with good execution will surely yield positive results and ultimately help you to reach your sales targets.