Marketing strategies in the age of the internet are difficult to develop. Many insurance brokers look for the best ways to find the most potential clients. While the concept sounds great in theory, using a broad strategy without targeting a core group can lead to useless insurance leads.
This strategy is known as the shotgun strategy. You may receive many leads. However, you will waste time weeding through them with few viable results. Instead, brokers should attempt a more targeting approach to receive quality leads.
What Is the Shotgun Approach to Insurance Marketing?
The “shotgun approach” for insurance marketing occurs when insurance brokers attempt to find leads through a broad marketing approach. The approach begins with a large list of potential clients. The demographic is anything but specific.
Insurance brokers may target a large area, such as an entire state or region. However, the campaign does not target any other specifics beyond location. Therefore, the ad is general. It looks for men and women of all ages, with or without children, and driving any vehicle type.
The shotgun approach may produce a lot of leads. However, the leads may generate very few sales. Most leads generated from a shotgun approach are either not serious about the inquiry or are not truly interested in your company’s insurance products based on price or coverage options.
As a result, the shotgun approach to insurance marketing is becoming obsolete. Insurance brokers are wasting time sorting through unusable insurance leads instead of writing policies based on serious inquiries.
How Should Insurance Brokers Sell Insurance?
Today’s consumer wants to be courted. They want to feel as though the company or person selling products is speaking directly to them. They want to feel seen and heard.
A shotgun approach to marketing does not meet this need. Instead, people feel as though they are just another number. Insurance brokers must find new and innovative ways to ensure potential customers feel important.
The best way to accomplish this feat is by creating targeted marketing campaigns. A targeted marketing campaign allows your client base to feel like an individual. They know your company will cater to their needs because you address them specifically.
Depending on your niche, you may find catering to young families, specific niche industries, or specific age groups will work best for your business. Creating this type of campaign or campaigns may take more time and cost a few more dollars in the beginning. However, you will decrease the number of unusable leads, saving you time and money in the long run.
Why Should Insurance Brokers Focus on Targeted Markets?
Of course, appealing to individuals and individual markets will appease potential clients who want to be heard. However, there are other reasons to focus on target markets.
Focusing on target markets allows you to become an expert in your field. When you focus on a market, you stand out from the competition.
The insurance industry is inundated with insurance brokers seeking to help everyone. As a result, they all clamor for the same clients and end up alienating referral sources and potential clients.
By specializing on a targeted market, you stand out from the pack. You begin to look like an expert in your marketplace. As a result, you become the go-to person for any insurance needs and questions relating to that niche.
Soon, people may begin calling you for other questions. Being an expert in a niche does not mean you cannot offer other insurance options. It just means you build a reputation that you can be trusted and will guide clients appropriately. Your book of business will grow because your clients trust you.
Additionally, creating targeted marketing allows you to ensure your leads are rich in quality and low in white noise. People inquiring about your insurance products want answers to their questions. They are not looking for general insurance.
Instead, your marketing efforts demonstrate you have specific products and services they need for their business or personal life. Shotgun marketing cannot accomplish this goal.
As a result of this process, you will save time and money. You will no longer spend countless hours providing quotes and making phone calls to dead-end leads. Instead, you will offer quotes that are more likely to result in live insurance policies.
Shotgun marketing may still have a small place in insurance sales. They help get your name out to people who may not know they need insurance services. However, do not expect much from this type of marketing. Instead, focus on targeted marketing efforts.
To learn more about insurance broker marketing techniques, contact the experts at the NIP Group Content Marketing at 800-446-7647. Our licensed professionals will be happy to answer any questions you have.