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5 Alternatives to Expensive Web Leads for Insurance Agents

 

Prospecting can be a tedious game of trial and error, especially when you’re investing in leads that aren’t always the right fit or at the right time. Make sure your time and money are well-spent by generating qualified buyers more efficiently – don’t let them slip through the cracks! Maximize time and resources so they better serve strategic marketing efforts to reach ideal prospects.

We compiled our top five best practices for how you can generate leads without spending a fortune.

 

Current customers

Repeat customers account for a shocking 65% of an organization’s business. 

In the insurance world, building repeat business boils down to pricing and relationship retention. If you have a better offer when their policy with their current insurer is expiring, you’re likely to win their business initially but retaining that business means beating out other better offers to come. This is where having a strong relationship retains the customer and builds brand loyalty. Frequent and personalized contact with current customers communicates they are important throughout the year, not just at renewal time. Consider contacting them annually for birthdays, and anniversaries and adding a personal touch to your communications by remembering other members of the family’s names and birthdates. 

Frequent interactions should add value to the relationship and not necessarily be insurance-related. You can add value to the relationship by reaching out with useful resources featuring home improvement tips, or healthy lifestyle changes for seniors to enjoy their golden years; topics that circle around insurance topics but are helpful and useful to the recipient. A quarterly newsletter or blog is great for passive interest but reaching out directly, and adding a personal touch lets your clients know they aren’t just a number in the ledger. Another valuable point of contact is reaching out to let them know you’ve evaluated ways they can save on their upcoming renewal.

 

Leverage referrals

Current clients are also your best salespeople. It isn’t surprising that people are four times more likely to purchase from referred businesses; it saves them the hassle of having to research on their own and build a relationship. A referral also comes with a level of trust and credibility already established. Referral discounts are a great way to encourage current customers to stay loyal to your brand and refer their friends and family. 

Want to leverage even more referral business? Encourage your customers to write a review of your business online. Online reviews are a great referral source and provide social proof for your business. An online review is a great alternative to a personal referral and works just as well as a referral from a friend or family member.

 

Relationship Marketing

Relationship marketing refers to the methods by which a business acquires and retains strong relationship-based clientele. In business, relationships are everything. A positive relationship will generate new leads and repeat business. 

You may be wondering if all marketing is technically relationship marketing. 

Not exactly. 

Relationship marketing is all about providing an experience beyond the transaction: focused on surprising and delighting the customer in ways that they aren’t expecting; a true above-and-beyond experience. 

Relationship marketing is vital in insurance. The nature of helping clients with important life decisions, major life events, and unforeseen tragedies makes building and retaining relationships essential. Here are some ideas to get you started with relationship marketing as an insurance agent:

 

Use data to segment your clients and analyze your market segments.

  • Your market segments could be by age, time in the home, family size, etc. Each segment will have unique needs and characteristics.

Offer content they find relevant, useful, and informative.

  • Think of this as a way to be part of your customers’ lives every day by offering info and resources that make their life easier or better.
  • For families with small children, offer ideas for fall excursions, spring break getaways, local events, hiking trails, and new kid-friendly activities.

Get personal.

  • Your outreach efforts should be about your client or prospective client, not about you.
  • Send a birthday postcard, remind them of upcoming farmer’s markets, and announcements about advancements in the neighborhood like a new library, food-truck pop-up, or playground.
  • Remind them of upcoming X-Dates and ways you can help them save on their next policy renewal.

Meet your prospective customers where they are and sell the whole neighborhood! 

  • Use your market segments to get to know your customers. Is a large portion of your lead list soon-to-be retired? Deliver information that educates your prospects about retirement or host a seminar in the area.
  • Offer resources adjacent to the insurance industry that can make your clients’ lives easier or get them thinking about their insurance products through case studies or by simply educating them on the insurance products you offer- you’d be surprised how many people couldn’t tell you specifics about their current policy.

 

Warm cold leads

Sometimes our next client is one who previously told us “no.” 

Reengaging cold leads by checking in to see how their current insurance products are serving them or to make them aware of an expiring offer that better meets their need is a great way to warm a previously cold lead. If you’ve followed through with your relationship-marketing strategy, hopefully, your previous leads aren’t ice cold because they have been in your nurture email campaign for some time. If they aren’t, a personalized email or phone call will remind them of your previous conversation and open the door for a new offer.

How not to warm a cold lead:

  • Don’t be a pest. In addition to your email marketing, reach out every few months to check in on a personal level.
  • Don’t talk about yourself. The conversation should be all about them, their needs, their problems, and their goals. 
  • Don’t forget to follow through on any promised deliverables or phone calls. There is nothing worse than making a promise to someone whose business you’re trying to gain and not following through. If you’re prone to forget, set a reminder in your phone or schedule it on your calendar.

 

Cole’s Customizable Lead List subscription

We may be a little biased here, but that’s because we know how powerful Cole’s customizable lead lists are. 

With Cole’s lead lists, you can customize your search attributes around predictable events like upcoming policy expiration dates, and important life-stage events like selling a home or retirement. Reaching your prospective clients first also puts you top-of-mind for unpredictable events. 

Our customization allows you to get in touch with potential clients at the right time. 

Plus, a subscription to Cole gets you access to powerful lead lists.

Are you ready to take your prospecting to the next level? 

Get started with Cole Information and reach the right prospects at the right time.

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Call Cole Information for a free demo or contact us online!

800-800-3271

It only takes a few minutes to see how we can help you maximize your prospecting strategy!

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A man smiling at his computer

Call us to learn more about team pricing.

800-800-3271

It only takes a few minutes to see how we can help you maximize your prospecting strategy!

A man smiling at his computer

Call us to learn more about team pricing.

800-800-3271

It only takes a few minutes to see how we can help you maximize your prospecting strategy!