Is TikTok A Good Idea For Insurance Agents?

Growing your business requires a solid marketing strategy, and nowadays that means heading online: you’ll need great content, a professional-looking website, and a strong presence on social media. But when it comes to social media, you have to keep up with the trends and know which demographic you should be speaking to on each platform; for example, Facebook tends to appeal to older users. So where should you go if you want to connect with a younger market? TikTok!

This platform, started in 2016, has taken the social media world by storm, with 5.5 million daily users, and over 800 million monthly active users – it’s so popular that some believe it will simply replace other social media networks someday. But before you jump on the TikTok bandwagon, you should know the ins and outs of using it to market your business: if you use it incorrectly, you could harm your brand, but if you use it correctly, you could significantly increase your revenue. So, where do you start?

Why Get on TikTok?illustratio an of a man in a suit walking up a green arrow going upwards

Multiple companies have reported how beneficial TikTok has been for their business: they’ve been able to reach thousands of followers, get millions of views, and achieve a higher conversion rate as compared to other social media platforms, simply because it is so wildly popular. For example, Rooster Insurance, which is a car insurance company, went viral on TikTok for how much they can save users on car insurance. Their app was downloaded more than 6,500 times, in just 48 hours due to the exposure! Insurance expert Robin Kiera worked with a German insurer, and tested TikTok for insurance sales. They found that focusing on business and relationship topics helped them reach almost 70,000 views a day. If this is not reason enough for you, here are some other reasons why you should consider using it:

Your Audience Is There

The breakdown of TikTok users by age is as follows:

  • 25% of users are aged 10-19
  • 22.4% of users are aged 20-29
  • 21.7% of users are aged 30-39
  • 20.3% of users are aged 40-49

We don’t have to tell you that these are the prime ages to target for health insurance leads! In fact, if you scroll through TikTok or type #healthinsurance in the search bar, you will find people posting content about their issues regarding health insurance, what they are looking for/need, and more. This is the perfect opportunity for you to learn what people on the app are looking for, and create content or ads that work towards a solution for them.

1k written with hearts above it
People are more likely to watch your short videos and react to them on TikTok than any other social media network.

You Can Get More Views and Go Viral More Quickly

Because the videos you post to TikTok are short (usually 15-60 seconds), people are more likely to watch them in their entirety than they are to watch a full YouTube video – remember, people have short attention spans! Users on this platform are also highly engaged and very likely to comment on and “like” videos they see. Because of all this, TikTok has an algorithm that makes it easier for videos to quickly go viral than do other social media platforms.

Tips For Using TikTok

TikTok can seem intimidating, but you have to be willing to get out of your comfort zone if you want to use it to help grow your business. When making videos, you have to know what is trending, be tactical and create content that is engaging, funny, and helpful.

Be Authentic

The videos that do the best on TikTok are the ones in which the creator is doing something that feels authentic, and is showing their real side. This includes being fun, showing your true personality, and not only talking about your business and what you can do for customers. You first need to catch people’s eye by creating content that is engaging and trendy, and then throw in some information about your business and how you can help people save. Show some short clips explaining how insurance works or fun facts about insurance, or take part in hashtag challenges, which will surely get you noticed!

Connect With Influencers

illustration of a woman on a screen with speech bubble and hearts all around
Connecting with influencers is a great way to spread your content more.

As with all social media platforms, TikTok has its own influencers who have thousands of followers, and to whom other users look to for the latest trends. To get yourself noticed, you should try to connect with these influencers so they can spread your content to their followers. Make sure to find one who is willing to market your brand, has a few thousand followers, and will talk about the importance of health insurance or how they saved so much money by working with your business. Everyone loves saving money!

TikTok is the latest social media trend, with clips from the app being shared all over Instagram and Facebook – so you should get on board, create some meaningful yet fun content, take part in some of the challenges, and get in touch with influencers. If you use TikTok correctly, you can reach thousands of people with only a little effort and grow your brand and sales!

What To Share On Social Media

Social media is an extremely powerful tool. In fact, consumers are 43% more likely to purchase a product when they learn about it through social media. But there is an art to social media, and if you want your business to benefit from using it, then you have to post great content. Providing the right kind of content on social media can win you customers, and get you referrals from people who like or share your content. The key to using social media effectively is to find every possible community online to promote your brand, and to know what kind of content to share (and when).

How To Do Itdifferent social media apps on a cell phone screen

Having a very visible online presence will allow people to see you as the go-to person to solve their insurance problems. Post content at least once a week, keep your posts short, and keep your tone consistent and from the heart. Check your phone when you can, and reply to comments, which will show customers that you are present and ready to help.

In order to make targeted content, start by identifying your ideal customers. The best way to do this is by considering some of your current favorite customers. Focus on their age, location, income, career, and interests, and use these attributes as your guide for creating your content. Consider their worries and questions about insurance, and focus on how your content can help them, or how it will make them see you as an authority in your field.

Give The People What They Wantwhite cell phone with a heart icon and comment icon

Once you have established your “ideal customer,” post about anything that is relevant to them. It could be anything from changes in the health insurance world to Medicare for All and what it would mean for them. Don’t just focus on insurance though; if you only talk about insurance, then you will end up boring people! Focus on things that are important to them, such as their home and family (if your ideal customer is a mom or dad in their 40s) or travel and making the most of your retirement (if your ideal customer is a Medicare beneficiary). Share things like healthy recipes (who doesn’t love food?!), fun activities to do with a family, or cool gadgets that make life simpler. Create content that is valuable, light, and witty.

Focus On Customers’ Emotional Needs

Ever heard of the reptilian brain? This is the more compulsive part of our brain, and the part that focuses on instinct and survival. Some people swear by tapping into this part of the brain as a way to sell their products. You can do this by speaking to your audience’s pain points as opposed to just listing the benefits of your product. Think about what is problematic or painful for them and then offer them a solution to their worries.picture of a white head with brain parts drawn on

This type of marketing technique works particularly well with selling insurance. You can use a prospective customer’s desire to protect their family and their possessions as a way to connect with them. An example of a post would be, “Worrying about a sports injury at your kid’s soccer game should be the last thing on your mind. Having the best insurance plan will put your mind at ease so you can just enjoy the game. To find a plan to meet your needs and budget, we’ve got you covered.” Don’t stoop to using fear as a tactic, instead try to make your posts compassionate and understanding.

Living in 2020 presents great opportunities to grow your business online, especially through the use of social media. Social media allows you to get your name out there and to show that you are the best at what you do. It helps you to quickly connect with people and encourages them to come to you for their insurance needs. As long as you promote the right kind of content, you will grow your customer base and increase your sales.

Selling to seniors via video conferencing

The unaddressed truth behind Covid-19 is that until we get a vaccine, those of us who have an increased risk of serious health problems are going to need to remain socially distant even after the spike subsides. While a therapy for the virus could be found as early as June, a vaccine is much further away, with most experts looking at the end of 2020.

Adjusting to the times

For a variety of reasons, many of you prefer to sell face to face, and right now you can’t, for the safety of yourself and your clients.

You are left with one of three choices:

  • Stop selling
  • Sell over the phone
  • Sell over video

Why Video Conferencing

Seniors are not as tech-illiterate as many people think. In a study done by Amwell Health Solutions, data showed that 45% of American seniors have participated in video calls using FaceTime, Skype, and/or Google Hangout. Some seniors are even catching up to the new Zoom movement, using it to talk to their family and friends.

73% of seniors claim that faster health related services, such as insurance consultation, are the driving reason for their willingness to use video conferencing. Seniors have the will to participate, you just have to add this to your toolkit.

While calling could get the job done, you are missing an important layer – the visual cues. With phone calls we miss 50% of the conversation because you can’t see how the person you are talking to is responding. Video conferencing eliminates that limitation.

How do you do it?

So, how do you get seniors on the screen, not just on the phone? The first secret is that you have to make it easy. Best practice is to just have them click on a link you emailed them. You’ll probably need to include instructions on how to find the link, but the more simple you make the process, the more success you will have.

Ask the senior if they have used to using Hangouts, FaceTime or Skype. These popular systems are the most common, and you should adapt to their preferences. By adapting to their preference, the success rate of your calls will be significantly higher. While this may involve more flexibility on your end, it will undoubtedly benefit you in the long run.

The question “why you are taking meetings this way?” will come up, and be honest with them. Tell them it is to keep them safe in today’s environment. This expresses that you care about them as a person, not just a client, helping your overall rapport.

In conclusion

By incorporating live video into your sales process you’ll be able to:

  • See your customer’s visual cues
  • Share and go over your quality presentation materials
  • Build a deeper relationship with your customer
  • Make more sales!

And if you need help matching with Medicare insurance prospects, don’t hesitate to give us a call at 866-368-0377.

What the Payroll Protection Program means for insurance agents

 

Congress recently signed the CARES Act to help relieve Americans of the economic impact COVID-19 has had in the US. As part of this stimulus package, there has been a Small Business package included. This $350 billion dollar program is called the Payroll Protection Program (PPP), and independent contractors can begin applying on Friday April 10th!

We put together this video and article to help guide you understand what this program is.

Are you qualified?

Most insurance agents in the US are paid as independent contractors. You’ll know if you are one if you are given a 1099 each year or a W-2. If you were receiving 1099’s, you are an independent contractor and are eligible under this program.

If you are paid by a W-2, your employer, if they have less than 500 employees, can apply and pay you an average of what you earned in commissions over the last 12 months.

Here are the important details of the PPP:

  1. The maximum amount of the loan is 8 weeks of your average previous 12 months earnings (up to 100k), plus expenses for rent, mortgage interest and utility costs – which are no more than 25% of your 8 weeks earnings.
  2. You have to certify that you need the loan due to the impact of the Coronavirus.
  3. The interest rate is 1% and payments are deferred for 6 months.
  4. The loan can be forgiven based on how much you pay yourself plus your actual expenses
  5. There are no personal guarantees or collateral requirements
  6. Whatever isn’t forgiven has to be paid within 2 years

To apply for a PPP loan, you need to contact your bank. Make sure they are a Small Business Association lender, or a SBA lender for short. The SBA is the only association that will be writing the approval for these loans through member banks. The total amount of these loans are limited to $350B, and while that sounds like a lot, it is expected to run out quickly. This means you will want to take advantage of the Payroll Protection Program quickly.

How to Stay on Top of the Market

Commerce (and the market system) is like hunting. You need to stay sharp: know the right places, have the right mindset, and keep your skills up to date. If you want to be top dog, you must bring the right amount of effort. Nobody got to the top by playing it safe.

That being said, you can work smarter instead of harder if you know what to improve. We’ve gathered the best, and trimmed them down to be easily understood.

Research

A newsfeed stocked with helpful articles will keep you up to date. This involves your email list too. Sign up for newsletters and follow top industry professionals to stay sharp and learn new tricks. It may take a bit to curate this list, but that’s one of the beauties of research, you can choose what helps and what doesn’t.

market researcher looking at a full desk with computer
Climbing to the top will take hard work and the ability to learn from your mistakes. Failure is a teacher.

If a blog or website isn’t helping you, cut it loose. Be ruthless in your search for accurate, helpful information. You only have so much attention span in a day, so don’t waste it on fluff when you can spend it improving yourself.

Keywords and search tags are your friends. Think long and hard about relevant topics to your business. For example, a small business owner selling skincare would need to search for skincare trends, best skincare, and weird skincare routines. Use Google trends to find upcoming rivals and hashtags on social media for more information.

If all else fails, go back to school if you have to! A solid understanding of the market is essential to dominating it.

Teamwork/Networking

Together, we make up more than the sum of our parts. This means that we can achieve more working as a team than we could alone. Great marketing is not excluded from this tactic.

If you’re already part of a team, talk with your coworkers and involve them with your tasks. If your business does well, it reflects well on the entire team. Use this as a way to involve everyone.

Collaborating with others is the quickest way to refine ideas. This means doing your part and listening for what works and what doesn’t. If you’ve assigned tasks to others in your team, prioritize the feedback they give. This will help your business grow when you understand what works and what doesn’t.

We live in an interdependent society, which means at some point, we have to deal with other people to survive. Learning to do this well can only help your business. Join a volunteer group, you never know who you’ll meet, or the lesson you could learn.

Engagement

Studies show that people make more purchases with their emotional mind than their rational one. For sales to increase, you must appeal to this “reptile mind.”. So many companies are available selling similar products. With market oversaturation, it makes sense that people will choose to buy from companies that align with their own ideals.

employee using a computer to engage the market
Use the tools we have! Social media is a great way to engage with your community.

Engagements like these come on different fronts. On the lightest level, it’s how you present yourself and your business. This can be your logo, slogan, and the language on your website. Think of your target audience and what they would want to see.

On the other hand, this also means engaging with your rivals. This doesn’t mean to start an altercation with them, simply know who they are and what they’re doing. By studying your rival businesses, you can see what works for them and appropriate their own tactics to increase your marketability.

Social Media

Without a doubt, not using social media is your biggest mistake.

Facebook, Twitter, Instagram, Youtube, and all the other giants out there are capturing people’s attention on a monumental scale. Customers use social media every day, if not all day, and most of them are looking for products to buy. If your business seems like a friendly neighbor, then you have already won a major battle. People trust others in their community.

This pairs with engagement. From your laptop, tablet, or mobile device, several platforms exist to help with online outreach. You can post updates about your business, sales, news, and relevant content to display an ideal that attracts customers.

People love stories, and social media brings that love to the forefront. Your company’s story can unfold in front of your prospective customers, and they can engage, merging their story with yours.

These tactics must be tailored to fit each organization. One may work better than the other, and some may not work at all. You must try each one to understand how it works with your business and the market. However, once you get them streamlined, these strategies will take your sales to the next level.

Be Scientific in Your Approach to Insurance Marketing

This isn’t as difficult as it may sound. It just involves a bit of thinking outside the box.

The first thing to consider is to avoid overly prominent branding – the in your face, repetitive, loud and pushy kind of branding that tries to persuade people to buy insurance. People do not like that. People also do not like huge logos, or logos in the middle of the screen. Instead, tuck brand images throughout the ad – referred to as brand pulsing. Viewership actually goes up by as much as 20 percent. For mobile use, keep the brand to the sidelines and focus on what value you offer to those wanting and needing insurance.

Sure, it takes a while to switch marketing gears to social media platforms, but once you have the idea, it gets a whole lot more fun and even easier.

How Many Social Media Platforms Should You Invest In?

Moving on to add in another social platform to help you sell insurance is a strictly personal choice. If you choose and learn and use one particular social media platform that you like and it converts for you, you want to replicate that success with another platform. The difficulty is choosing what you like and to do that, you need to experiment with various other forms of social media to find out what you like.

Let’s say you really like Facebook but want to also use Instagram. Those are two different platforms that typically have vastly different audience demographics. Let’s also say you want to reach older people who are about to turn 65 because your insurance niche is Medicare and Medigap.

Facebook does tend to have a fair number of older users, while Instagram may have older users, but their biggest demographic group is made up from males between the ages of 18-24. In fact, 60.4 percent of all users are between 18 and 24 and 90 percent of Instagram users are younger than 35. Based on those statistics you would likely not have much success reaching and selling to your Medicare target group on Instagram. If one platform turns out to not be the best place for your business, there are many more to choose from. You may also consider a different platform that is popular with the older population of Americans.

The most important thing for you to do with your marketing dollars is to do solid demographic and social media platform research. Know where your target audience is. Only then, you will be able to choose what works best for you and your business.

How You Use Your Social Media Will Make or Break Your Insurance Sales

Social media can be fun to use, a good place to meet new people, find and share new ideas and even sell a thing or two. The thing is though it is not just a place to hang out if you have serious intentions of finding customers online who are interested in buying insurance. Social media is, also, not the place to lurk and pounce, immediately offering to sell someone an insurance policy. Nothing puts people off insurance agents like being asked to consider buying a policy when they do not know what you sell or who you are.

The best approach to selling insurance online can best be summed up as educating others. When selling insurance you have to first educate your audience about insurance and its benefits. This does not have to be a marathon novel relating to the intricacies of Medicare or other forms of insurance. It can instead be a short “5 Things You Did Not Know About Medicare.” At the end add in your name and contact information and offer to send further information or answer any questions people may have about your post.

A little goes a long way on social media. A little education mixed with a more personable approach of you offering to answer questions will help gain you leads. After all, a little bit of information that makes people want to know more catches people’s attention. A graph, chart or gif offers people an inside look at how Medicare works. The choices you make on what to post are up to you, but remember above all else, to market you as well.

Do Not Be in a Rush When You Join a Social Media Platform

When you first join any social media platform you may be feeling excited and eager to begin posting nonstop. While that sounds appealing, do not jump right in to posting on your social media platform(s). Give yourself time to familiarize yourself with the social media platform. Read what others say, how they say it and study what posts get the most attention.

Taking your time to get a good sense of how the social media platform works saves you the possible later anguish of running afoul of the group rules. For instance, if the platform has certain rules about posting videos or making sales pitches, it is imperative those rules are followed. Taking your time to decide what to do is the smartest thing possible when you are marketing your business online. Selling insurance online is different than knocking on doors, cold calling leads or even buying good leads.

Remember, you are not just selling insurance. You are also selling you. So take the time to be approachable, teach people about insurance, answer questions, be helpful and be personable. The more people read your posts, the better they feel they know you. If you build an online rapport, chances are they are more likely to buy a policy from you later when they need one. In other words, do not just market a policy. Market yourself as well.

Know Thy Social Media to Make Sales

This cannot be emphasized enough. Knowing the platform you choose to work is key. Having extensive knowledge on what it does and does not do, whom it attracts, what subjects are discussed and how other people market on it is important to anyone marketing online. While it may be fun, you are also there to sell insurance, meet new people, talk to others about insurance and educate others online about what you sell and showcase your expertise.

The reason you want to spend time learning the platform you want to use is because each platform has its own protocol and if you do not follow it or walk outside the lines of what it considered to be acceptable, you may be booted off. Spend time researching, reading what others post, how they word things, what pictures they use, do they use short or longer videos or gifs, and what other kinds of information do they share.

This cannot be said enough, study posts made by others to see what makes them popular. Imitate the best practices. But, do not forget to experiment a little with what you publish online. Remember that every business has a unique audience and that audience will prefer different content.

The time you spend learning how to use and interact with your chosen social media platform will yield success to you gaining new leads and making sales. Trial and error and patience is the key to success in selling insurance on social media.

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