Success in Q1 and beyond: It may take a shift in your marketing strategies and budget allocations

By -

BenefitPlace / BP Trade Show

​Albert Einstein defined insanity as doing the same thing over and over again and expecting different results.

With traditional outbound marketing strategies, cold calling, expensive media advertising, call centers, direct mailing, seminars, physical trade shows, etc. were the only methods for branding and reaching out to potential clients. This made reaching potential clients difficult and costly.

John Wanamaker noted in the 1920s how difficult it was to reach potential customers using traditional advertising, "Half the money I spend on advertising is wasted; the trouble is I don't know which half."

The Internet, search engines, SEO, blogs, social media sites such as Linkedin, ProducersWEB, Insurance Campus, Quora, OnTopList, etc., have changed all of the marketing and advertising rules and standards. It is now possible to have your potential Clients knocking at your door.

While it takes time to learn and implement these new strategies, it does not entail the incredible costs related to traditional alternatives. Another major improvement is that the return on time and money is measurable.

These inbound marketing strategies level the playing field, allowing organizations of all sizes to reach out to wider markets. Small- to medium-sized companies can create a unique branded footprint in the insurance and benefits marketplace.

Potential buyers utilize search engines to find the plans, programs and services that meet their needs and price points. Client retention and persistency remains — as does the company's and advisors’ capacity to meet or exceed client expectations.

With the combination of reform, regulations, shrinking commissions and increased administrative costs these new inbound strategies present an opportunity to:
  • Shorten selling cycles
  • Reduce marketing costs
  • Better allocate advertising dollars
  • Increase revenues
The new inbound strategies have some simple guidelines:
  • Build trust first – Don't start by trying to sell.
  • Add value – Share your expertise and capacities.
  • Meet needs – Know your market and focus on it.
  • Make the buying process simple – Utilize technology.