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5 Marketing Mistakes that Prevent Agencies from Growing

If you want to attract new business and consistently feed your agency new customers, you need to maintain a number of different pipelines. But before you start to beef up your marketing, you need to know what to avoid.
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In an ideal world, your staff would spend exactly 50% of their time and resources focused on attracting new customers, and the remaining 50% on keeping current customers happy and coming back for more.

But snap back to juggling employees, carriers and products on a day-to-day basis—not to mention all the hiring, firing, training, billing, licensing and payroll that needs to be done—and there’s not much time left to focus specifically on ramping up your agency’s marketing efforts.

To make matters worse, there are a million and one ways to get marketing wrong.

But if you want to attract new business and consistently feed your agency new customers, you need to maintain a number of different pipelines. If you want to grow, you have to invest in growth.

Before you start to beef up your marketing, you need to know what to avoid. Here are five deadly marketing mistakes that prevent insurance agencies from growing—and how you can avoid them at yours:

1) Not having a plan. Professionals never just wing it. Pilots have flight plans, doctors follow treatment plans and soldiers execute military plans.

Most agents never bother to create a marketing strategy, so they end up wasting time and money on ineffective tactics. Ultimately, they never see any results.

2) Ignoring the 80/20 rule. A marketing rule of thumb is that 20% of your marketing channels will produce 80% of the results. Still, most insurance agents continue investing precious time and money in what’s not working.

Cut your losses. Invest more in what’s working, and explore new digital channels if you haven’t found your sweet spot.

3) Answering the wrong questions. Your prospects only have one question: “What’s in it for me?” Most insurance agencies’ digital content focuses on what’s in it for the business.

Newsflash: No one cares about your insurance agency. All your marketing materials should have your audience in mind. Before you post, think about why should they care enough to read it.

4) Failing to test. The majority of agents don’t do any marketing testing at all—and that’s a huge mistake. Start with a small sample size. Try A/B testing your e-newsletter. Experiment. Then, take what works, rinse and repeat.

5) Expecting overnight success. The beauty of marketing is that you can do a lot of it for free. The problem is that results don’t happen overnight.

Think of marketing like farming: Everything you do is planting another seed. As long as you tend to your seeds, in few months, you’ll have your harvest.

Cam Bob III is author of “The Digital Insurance Agent” and founder of Infinity Leads, a digital advertising agency exclusively for insurance agents.

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Tuesday, June 2, 2020
Sales & Marketing