Business owners are used to doing what they have to. Sometimes we don’t stop to think about “how can I improve” or “how can I make it better”. This article, “5 Reasons to Rethink Your Marketing Strategy”, will help you get out of your rut and be excited about trying new things.
1. The location in the product’s life cycle: We are all familiar with a Product Cycle Chart. You may be asking, “How does this apply to insurance sales?” Great question! Let’s take a moment to think about it. We sell insurance as agents. There are many types of insurance. However, within each market (home, auto and life, health, etc.), we sell different types policies with different coverage levels and types of deductibles. These policies are not all new, some are already established and others are in danger of being pulled from market due to their relevance to current market needs. Our Individual status, and/or the Agency’s position in the Life Cycle Chart, change over time. In both cases, your Marketing Strategy should reflect the location of our product/agency on the Life Cycle Curve. An established agency will market differently to a startup agency. An experienced agent marketing his industry knowledge and experience is helping a new agent build a brand. Your marketing strategy will be influenced by where you are in the Life Cycle curve.
- Underperforming ROI– Measuring results is an essential part of a Marketing Strategy. It is not a good idea to invest financial resources without measuring the return. You can easily track the incoming revenue generated by a marketing campaign in many ways. Setting volume/revenue goals, and measuring the results will provide feedback that can be used to improve or shut down the plan. Stop putting resources into a plan that isn’t generating the required revenue. Do not throw good money after bad. Refocus your time, money and team after looking at the reasons a particular marketing plan did not generate the expected revenue volume.
- Underperforming ROI– Measuring results is an essential part of a Marketing Strategy. It is not a good idea to invest financial resources without measuring the return. You can easily track the incoming revenue generated by a marketing campaign in many ways. Setting volume/revenue goals, and measuring the results will provide feedback that can be used to improve or shut down the plan. Stop putting resources into a plan that isn’t generating the required revenue. Do not throw good money after bad. Refocus your time, money and team after reviewing the reasons a particular marketing plan did not generate the expected revenue volume.
- New Technology– These are new tools that you can use to communicate your message to potential clients or your existing client base. Five years ago, Facebook and Twitter, Instagram, Pintrest and YouTube were still not available. These new media channels allow companies to reach their target markets. These and other media are valuable tools to reach your target market. One last comment… One last comment…I guarantee your competition is!
- Product, Service, or Demographic Change – The business environment we live in is constantly changing and will continue to change. Let people know if you are making a change to your product offerings. Let them know why they are interested, what it will do for their lives and how it will make their lives easier. You are their expert, and if they don’t tell the truth, who will? You can change the hours of your operation, or offer a new service to claim or policy changes. Create a marketing plan to spread the word. This can be used to build brand awareness, differentiate yourself from your competition, and lay the foundation for future sales with account rounding. Marketing strategies that target older clients are a good idea if you have a business with a large client base. If your book is heavily dependent on clients older than you, market to a younger audience. They will be open to different products, and your communication with them will incorporate multiple technologies.
- Don’t get stuck in one rut This is the most important reason we’ve discussed in this report. Failure is guaranteed when you adopt the “if it’s not broke, don’t repair it” mentality. If you have a brilliant strategy that produces amazing results, don’t stop using it. However, strategies must be evaluated for ROI and modified if they are not producing the desired results. You can try different types of marketing during times when your current strategy is achieving superior results. You can start small and tweak as necessary. Then you will see how it turns out. Not all experiments will work but some will. When the old strategies slow down, those that succeed will be your new Super Stars.
Your current marketing strategy may be working well and you don’t see any reason to change it. One request: Stop and consider how consumers have changed their shopping habits over the past ten years. What role has technology played in this change? Amazon, Esurance and other marketing campaigns based around Cavemen, “Mayhem”, and a Gecko Lizard are just a few examples.
