Your agency's products are excellent. But, without a marketing plan, they may as well not exist. The problem with marketing is that it is as nebulous as it is essential. With rampant misinformation on the subject, your agency must tread carefully or risk hurting your business in the long run.
Here are some of the most common marketing myths to look out for and what you should do instead.
Small Businesses Don't Need Marketing
The first lie you might hear is that your business is too small to worry about marketing, which makes sense on the surface. After all, your agency won't have nearly as much money, time, or staffing as giant insurance companies like Geico or Liberty, so why try?
However, there are better stances for your agency regarding marketing than apathy. Instead, focusing on a more targeted, smarter marketing plan would be best. You are smaller than the big guys, but you aren't trying for their market either. Put together a comprehensive marketing plan to avoid wasting resources and make careful decisions about where and how you reach out to customers. Focus on local spaces with more personal ads, keep your customers in mind, and tailor your campaigns around your audiences.
Advertising Is All You Need
When most people think of marketing, the first thing that comes to mind is advertising. The billboard along the freeway, the commercial on TV or at your local theater, or an ad on Google are the flashy things people think of when they envision marketing. So when it comes time for an agency to create a marketing plan, most will instinctively want to sink their budget into advertising.
The truth is that while all advertising is marketing, not all marketing is advertising. Search Engine Optimization, targeted content, or in-person events are just some ways you can leverage marketing to promote your agency. As much as ads are essential to your business, getting new leads requires multiple touchpoints to be consistent.
Marketing Is Just For New Customers
Customer retention may seem like a different part of your agency, but it has more to do with marketing than anything else. Most agencies see marketing as a way to collect new customers, and while they aren't wrong, marketing can be used for much more than that. Customer loyalty requires constant communication. How you do that is up to you. Loyalty programs, emails, or events can all help you retain old customers and reach out to new ones. Remember to provide consistent value to your existing customers, or they will leave you for someone who does.
Expect Quick Results
Often there is an expectation that marketing will have immediate payoffs. This can happen, but when there are no apparent successes right away, it is natural to feel discouraged. But it is important to remember that marketing is a long game. And more organic methods like content marketing or SEO will take time to see actual results. Online marketing has some of the quickest results, but you should remember that they can be deceiving and are not indicators of long-term marketing success without upkeep. Even paid marketing can take time to show proper growth. So keep at it, and don't get discouraged.
Your Products Sell Themselves
Your agency is excellent. And so are its policies and agents. It can be easy to rely on them as your marketing. The problem is that insurance is a crowded market. With just under half a million different agencies in the US alone, it is easy for your excellent coverage and agents to get lost in the cacophony of your competitors. Creative and consistent marketing will cut through the noise and help you stand out from the crowd.
There are lots of ways to do marketing wrong. After all, it is a tricky subject to master, and not everything you do will be successful. But that doesn't mean it is not an invaluable tool for your agency. The truth is that there are no quick fixes. Marketing is work, and it may take time to pay off. But once it does, there is nothing that can beat it.