Diversifying Your Clients

Insurance agents have always had an important job. They help to protect families, individuals and businesses from all of the risks and uncertainties that life has to offer. While this remains true today, the sector continues to change year after year. And the number of licensed agents continues to rise. Even though this can be viewed as a good sign for the industry overall, as an individual agent, it’s your responsibility to make sure that you yourself thrive and prosper in this evolving business. While the day to day of an insurance agent can be hectic with each one looking different than the last, one will never — the necessity for new clients.

New clients are the bread and butter of the industry. And no matter how you look at it, the truth is, the more clients you have, the more money goes into your pocket. Relying on renewals and old school marketing techniques can be somewhat effective. But there comes a time when most agents need to look for ways to reach untapped markets. By focusing on these niche groups and implementing less traditional marketing tactics into your routine. You’ll be able to reach your full potential and find more interested consumers than ever before. How do you do that you might ask? Well, we’re here to help. 

Digital Marketing with a Segmented Approach

In the year 2023 it’s pretty safe to say that just about every insurance agent understands the importance of digital marketing. Truth be told, if you’re an agent today and you still don’t use any digital marketing techniques, you’re putting yourself at a true disadvantage. Keeping this in mind, we aren’t going to tell you to simply use online advertising. But what we are going to tell you is to use digital marketing with a highly segmented approach. 

When you market to consumers online, you should be breaking your target markets into highly distinctive groups based on things like their age, gender, marital status, family status, preferences, likes, dislikes, and anything else that you find relevant. After this is done, you should then create advertising campaigns that are very specific to each group of people. Be as specific as possible, and try to think of unique scenarios that would cause a consumer to look for insurance. For example, the birth of a child is oftentimes a trigger for consumers to look into life policies. So, if you are an agent that sells life insurance, you could make a campaign specifically targeting new parents.

What’s great about modern technology is that whether you use content marketing (videos, blogs, etc.), social media advertising, email marketing or other online tactics, most platforms today include filtering options to target specific demographics. By having a segmented approach to online marketing and thinking outside of the box about new audiences, you will be able to reach consumers that you didn’t even know existed. 

Partnering with Niche Businesses 

Another great way to explore untapped markets is to consider forming business partnerships with organizations in your community. The type of business that you decide to approach should be picked strategically based on the niche customer base that you wish to target. For example, if you are a health insurance agent targeting families with young children, you might think about collaborating with a toy store, or a daycare center. Another example would be if you are an agent offering pet insurance. You could partner with an animal shelter or pet store. Once you’ve successfully formed a partnership, some advertising ideas include joint marketing campaigns or discounts for people who are members of the organization you partner with. When taking this approach, not only will you be able to reach a highly specific audience, but you’ll also be able to establish positive relationships with members of your surrounding area.

Diversify Your Portfolio with Niche Products 

While you might still be selling the same products that you’ve been working with for years. Another way to expand your client list is to diversify your product portfolio. While this may require new licensing and the courses that oftentimes come along. Picking up a new product while helping you to reach a variety of new consumers. If you sell group health insurance, you could expand your business to also provide commercial policies such as workers compensation, or property and casualty coverage. On the flip side, another approach is to explore one of the more niche insurance products. Some examples include travel insurance, pet insurance or event insurance. While your first thought may be that you don’t know the first thing about travel or pet insurance. These niche policy types are becoming increasingly popular, and you could be getting a slice of that pie!

Tap into Non-English Speaking Marketing 

When looking to grow your business and attract new clients, something you may not have considered is investing in multilingual services. The United States is a melting pot of people from a variety of cultural and ethnic backgrounds. Many of these people do not speak English as their first language. In fact, it’s estimated that there are about 42.7 million Americans whose primary speaking language is spanish. The truth is, these people still need insurance policies. But it can be harder for them to find companies or agents that they’re able to communicate with effectively.

With that said, if you yourself speak another language, or can invest in translators, or multilingual staff, it can be a game changer. With the growth of technology, there are even highly sophisticated translation software that are available and are often cost effective. While the majority of your target market may be English speakers, providing services for people who speak other languages gives you great credibility and opens up a brand-new market. 

Hosting Workshops and Seminars

Planning out educational seminars or workshops is a great way to show off your skills as a trusted insurance expert and draw in new groups of customers. When organizing these events, a good practice is to make them cater towards specific audiences and then address the groups unique concerns. For example, if you are a Medicare agent looking for new clients, you could host a seminar for people who are about to turn or just turned 65.

During this session, you’ll be able to address the questions of individuals who are making the switch from under 65 health insurance to Medicare and all that comes along with this change. A great way to entice individuals to attend these events is by partnering with an accessible location such as a community center, or library. This way the message will be seen by more than just the individuals that you already have relationships with. This approach will allow you to diversify your group of future clients while also helping you to make connections and establish trust. 

Offer a Referral Program to Current Clients 

Another thing that is easy to do for every insurance agent is to establish a referral program. This allows you to meet new interested consumers by leveraging your already existing relationships. What a referral program does is encourage and entice your current clients to refer their family, friends and peers to your services. While it’s up to you how creative you want to get, some common incentives for referrals include rewards like discounts, prizes and gift cards.

When creating your referral program, it’s a good idea to use an online platform that is easy to navigate and accessible to all. This way when a client makes a referral, they can submit it online, track their referral points, and in turn the referral will be sent straight to your inbox or phone. Additionally, you can offer clients extra points if they are willing to showcase their experience by writing you a positive review, or by posting about their experience on one of your social media pages. 

Attend Industry-Specific Events and Conferences

Attending niche events or conferences is a great way to get your name out there by networking with other professionals. While attending insurance related conferences is quite useful, another effective tactic is to go to more other industry-specific events. For example, if you are selling group health insurance or commercial insurance, it would be very valuable for you to attend a conference for small business owners. During these events it’s crucial that you bring your marketing materials, such as business cards or promotional items with you. Additionally, make sure to engage in conversation with other attendees. The relationships that you establish, could go a long way later down the road. 

Conclusion

Every insurance agent wants to shake more hands and close more deals, but the harsh reality is that the industry is very competitive. For this reason, sometimes traditional marketing techniques must fall by the wayside, and look instead to more niche groups of individuals. By doing things like segmenting your marketing campaigns, partnering with local businesses, exploring niche products, investing in multilingual services, and hosting seminars, you will be able to make new connections and turn them into more sales. At the end of the day, diversifying your list of clients is an ongoing process that requires persistence and hard work. So, think outside the box, continue to provide exceptional customer service, and in no time, you’ll notice an influx of new clients, who are happy that you came into their lives. 

With all of the wonderful and unique techniques discussed at hand, you may still be looking for a faster way to locate more interested consumers. Luckily for you, the solution is right here! At Benepath, we specialize in providing agents with insurance leads for a variety of different products. Including individual health, group health, Medicare, life, and commercial insurance. All of our leads are 100% exclusive and produced in real-time, so you will have the best chance at success. If you’re interested in purchasing some of our leads, or would simply like to learn more. Fill out a form or give us a call today at 888-684-3121.