March 13, 2019
Insurance is a competitive business. Just like many other businesses, there is no shortage of customers or competitors. In order to be successful, you need a way to stand out from the crowd. As larger insurance agencies and well-known brands are calling your customers, what will it take for them to stay with you?
By keeping your business focused rather than broad, you can stay abreast of everything that is happening in that arena. You are more likely to be able to find savings that can be passed on to your client, more likely to understand their business completely and speak the language that they understand.
When starting your agency, or even if your agency needs a reboot, consider offering only one line of insurance or focusing on working with customers from one industry. From there, you can add products that would benefit your customers. For example, offering liability coverage to construction companies would naturally lead to increasing your offerings to provide workers’ compensation insurance as well. This is a logical, but also manageable growth pattern for your insurance agency.
“Know your customers, and they’ll come back,” Katherine Barchetti says. “Ask for loyalty, not for business.”
Big brands have a hard time creating loyalty with their customers because they are not human. Doing business with massive online retailers is fast and efficient, but if you’ve ever needed help at Amazon, you’re probably well aware that the personal touch is missing. Customers are more likely to support a business if the contact they have is truly personal. Remembering birthdays and the names of spouses or children is impressive, but even just remembering the name of your client’s business and listening carefully to their needs can set you apart from competitors.
Community might seem dead in this era where much of our shopping is done online and so many people work from home, but community is more important now than ever before. Should a disaster hit your area, such as a winter storm or hurricane, you are not only sharing the experience as your customers by being in the same area, but you’re more likely to understand the needs of your client than an agency located further away.
Even on a day to day basis, by meeting your clients for lunch, or sending out an invite to a local event, you are sparking a new element to your relationship. Consider keeping a calendar of local events and using it as an excuse to email a client every now and then. Perhaps you’ll get to meet the client’s family or even their employees. This would foster loyalty and help you to gather more insight that could help your business.
Whether you are a big agency or a small start-up, it’s still possible to provide the small business personality to your customers. At Normandy Insurance, our mission is to provide workers’ compensation insurance with ease and convenience. We work with agencies, both large and small, underwriting workers’ compensation insurance in multiple states. We make business easier for agents by providing excellent incentives and rewards to boost motivation and full administrative support for easy quoting. If you’re interested in partnering with us, submit an application today: www.normandyins.com
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