18 Feb Pivot, Adapt, Grow: Expanding Your Business During A Crisis
It has nearly been one year since the COVID-19 global pandemic reshaped many aspects of our personal and professional lives. For many insurance agents, business over the past year has pivoted and transitioned to align with social distancing and other coronavirus-related needs. While the current situation might not be “business as usual,” there are still many consumers that need insurance solutions. Whether you have spent a portion of the year working from home or hosting more video meetings with clients, you have experienced ways in which insurance agents can continue to conduct their business. While we continue to navigate the effects of COVID-19, insurance professionals who want to maintain and increase conversion rates should continue to identify the strategies and tactics that can help them grow during a global crisis.
How COVID-19 Shifted Consumer Behavior
COVID-19 has shaped consumer behaviors in ways that could be beneficial to insurance agents. Since March 2020, consumers in the U.S. have increased the amount of time they spend online, which includes increased use of social media and internet browsing. In fact, many consumers who were once more comfortable with receiving information over the phone or via traditional mail have become open to engaging in business conversations online or digitally. According to data from Q2 2020, 61% of consumers preferred to hear about new products or services via email. Many industries experienced spikes in email open rates, including the financial and insurance sector. As more consumers from all demographics become more comfortable with researching and engaging in insurance solutions online, insurance agents have an incredible opportunity to pivot their strategies to cater to the channels where consumers are spending more time.
Sales & Marketing Strategies That Can Help Insurance Agents Generate Leads During A Crisis
The surge in digital technology use among consumers can be great news for insurance agents comfortable with digital advertising and engagement methods. Even during a global crisis, insurance agents have an opportunity to pivot their marketing and sales strategies to cater to new consumer needs. Here are three strategies that can help insurance agents expand their business and generate fresh leads amidst a pandemic.
#1. Focus on expanding your digital presence
In order to reach new customers and connect regularly with current clients, it is vital that you focus on enhancing and amplifying your digital presence. Make sure your website is current and promotes accurate specials, bundles and other incentives. In addition to maintaining your website, increase your engagement on social media platforms like LinkedIn, Facebook, Twitter and others. Consumers use social media to learn more about products and services, read testimonials and connect with sales professionals. For long-standing clients, leveraging social media is a way to connect more authentically to help in sustaining a positive relationship.
#2. Host & attend virtual events and presentations
Traditionally, in-person events have been a popular and common way for insurance agents to grow their brand recognition, expand their footprint and connect with more prospective clients. While many in-person events remain limited or on hold, virtual events are still an excellent way to reach and connect with potential customers. By using a video conferencing platform or even a social media site, you are able to conduct your own virtual presentations where you can provide helpful and resourceful information to interested consumers seeking insurance solutions. Hosting your own events can help you connect with segments of prospective customers while also differentiating yourself and your services. In addition to hosting your own events, research local virtual events that municipal and nonprofit organizations in your community may be hosting that provide sponsorship benefits.
#3 Invest in digital marketing strategies
If a significant portion of your budget was dedicated to traditional marketing strategies, now is the time to consider shifting to a digital approach. Digital lead generation strategies are incredibly effective, efficient and transparent. By using first-party channels like forms on your website or calls-to-action on your social media pages, you can track high-intent leads with more data. Additionally, paid media strategies from search engine advertising to promoted social media content can help you connect with your target audiences more effectively. Make sure that your COVID-19 new business strategy also heavily focuses on the use of automated and organic email marketing. Combined, all of these digital channels can help you learn more about your customers and reach your target audience segments.
Even during the uncertain events of the global pandemic, many types of businesses have been able to successfully adapt and come out stronger by getting creative. Insurance agents who are able to be flexible and adapt to the current conditions can continue to develop and nurture customer relationships. By implementing some thoughtfully modified strategies and leveraging innovative technologies, insurance agents can transition COVID-19 into a period of business growth that will drive customer loyalty even beyond the pandemic.
As you evaluate your options, you will find that having the right partners by your side during a crisis is essential. If you are looking to connect with more consumers who are actively searching for insurance, ZipQuote can help. When you partner with ZipQuote, you can expect the assistance of a knowledgeable team of professionals who want to see you succeed. Click here to learn more about how ZipQuote can deliver your agency high-intent, quality sourced leads.