Transformation in Agency Marketing

transcript

Steve AndersonThe Anderson Network, Inc.

Transformation In Agency Marketing

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Sales Culture = Higher Value

“A sales culture is the most valuable attribute an agency can possess. Since agencies with a true sales culture find a way to grow even in the worst of markets, they consistently command the highest valuation multiples in the marketplace. Investors demand growth – and will do what it takes to acquire firms that can grow regardless of market conditions.”

Kevin Stipe, Regan Consulting (NU 1/2008)

Specialty Business is King

“Savvy agents have capitalized on this trend [toward specialty business] by focusing on a particular industry and then delivering customized knowledge, service and products to customers within that industry. Agents [have] achieved higher hit ratios on new business, had better account retention on renewals, and often generated higher profits in their specialty business than in their general business.

Specialty Business worth more

“What is newsworthy is how much more buyers are willing to pay for specialty business than general business. By our calculations, a block of specialty business is frequently valued at 25%-50% more than a comparably sized block of general business, since it is more profitable and can be projected to grow more quickly.”

“Unleashing employee productivity has been a key driver of agency value growth over the past decade, and will continue to be so. Does your agency have a strategy for increasing productivity?”Kevin Stipe, Reagan Consulting, Inc.,

“In our experience, it all starts with your producers. If you’ve developed a sales culture in which your producers are relentlessly building (not simply maintaining) their portfolio of customers, then employee productivity will inevitably follow. And growth in your agency’s value won’t be far behind.”

Kevin Stipe, Regan Consulting

We are now at the dawn of a profound technology-driven transformation that will make the changes we have experienced over the past 25 years seem small and slow.

We are about to transform how we sell, market, communicate, collaborate, innovate, watch TV, learn and, as you might guess, much more.

Daniel Burrus -- January 2009

Where do you surf?

Online Auto Quotes

32.132.4

Online Auto Quotes

2.32.2

Purchased off-line?

Why Local Agent?

What are people buying online?

• Small Commercial– BOP– Auto– WC– Umbrella

• Personal Lines– Auto– Home– DUI– Motorcycle

• Other Products– Life– Health– Travel– Pet– Event

Steps to Success

• Understand customers wants & needs • Technology = Strategic advantage• Use technology to support marketing &

sales• Don’t let technology overshadow sales• Create marketing “systems”

Successful Internet Marketing

• Niche focus• Provide lots of information• Offer easy quote• Easy payment & policy issue• Allows larger geographic reach

Different Faces of Internet Marketing

• Single Purpose Web sites

• E-mail Marketing

• Traditional Marketing

• Search Engine Optimization (SEO)

The Competition• Online Quote Sites• Lead Aggregators• Direct Writers• Other Agents

Your Agency Web Site(s)

• What is the purpose?

• Multiple sites– Main Customer Service site– Multiple marketing sites

• Different site for each market focus– “Single Purpose Site”– Niche focused

Types of Single Purpose Sites

• Simple Lead Generation

• Provide indication of price

• Bindable quote & Issue

Single Purpose Web Site

• Limited Focus• Limited pages• Focused Information• Limited choices• Specific call to action• Pre-qualify prospects• Automatic follow up• Quoting process

PizzaPA

E-mail follow up

Example Agency Marketing Websites

• InsureNJContractors.com• Boardroomstrategies.com• Condowrap.com• CharterSchoolInsurance.com• NYRestaurantInsurance.com

A Successful Marketing System

• Prospect Management

• Opportunity Management

• Campaign Management

• Submission Management

• Results Management

Agency Marketing Technology

Go to: RoughNotes.com

Search for “Steve Anderson”

6 different columns on this topic

Finding Prospect Information

• InfoUSA.com (ReferenceUSA.com)• Thomas Register

(www.thomasregister.com)• Hoovers.com• www.melissadata.com• RiskMeter.com• Google (www.google.com)

Finding People information

• ZoomInfo.com• FindMeOn.com• PeekYou.com• Spock.com• Google.com

Financial Service Prospecting

• FreeERISA.com

• Norvax.com

Web Lead Aggregators

• NetQuote.com

• InsureMe.com

• iBank.com

• HomeTownQuotes.com

State & Local Government

• License database• Real Estate information

– NetrOnline.com– Zillow.com

Data Lister States

Using Social Media - Overview

• Online community of mutual interest• Not about publishing or broadcasting• All about Interactivity• Multi-media heavy

Social Networking Examples

• FaceBook.com• Linkedin.com• Twitter• CraigsList.com• Eons.com• MySpace.com

Create a Facebook Ad

www.SteveAnderson.com 38

Facebook Ad Results

Using LinkedIn Effectively

• Set up Profile• Connect with others• Join relevant Groups• Answer questions

Using Blogs

• From the Press Box -- property-casualty.com

• From Where I Sit -- michaelhyatt.com/fromwhereisit

• Insurance Scrawl -- insurancescrawl.com

• Insurance Buzzer -- insurancebuzzer.com

How can prospects find you?

• Internet search• Traditional marketing• Other

Web searching

10 Simple Steps to increase “Findability”

• Internal Steps:– Web Design– Create a Site Map– Pay attention to Page Titles– Pay attention to Page Headings– Pictures & other images

10 Easy Steps

• External Steps:– Add to Google Maps– Ads for reviews– Get listed in other directories– Use Insurance company websites– Start doing something today!

Google Local Business

Using video on your web site

• Personalize the site• Create connection• Provide information• It’s easier than you think• Ideas

– Client testimonials– Web site introduction– Key benefits

Create Custom Training

• New Employee Orientation• New Employee Training• Custom Software Training• Visual Procedure Guide• Client Coverage Explanations

YouTube

Crescenta Valley Insurance “TV” Ad

Flip Video

Video Creation Tools

• Screen Shots– Snagit (TechSmith.com) Example

• Web Recording– Camtasia (TechSmith.com)– Captivate (Adobe.com)

• Live Video– Microsoft MovieMaker (Microsoft.com)– Visual Communicator v3 (Adobe.com)

EyeJot

www.eyejot.com

Opportunity Management

Opportunity Management is the process of qualifying a prospect and assessing what it will take for you to close the deal.

Key Questions

• Is this a real opportunity?• Will we be competitive?• Can we win the deal?• Do we really want it?

Opportunity Management

• Track key indicators• Grade prospect quality• Determine what to work & when

Campaign Management

• Build relationships• Define the marketing process• Systematize the process• Managed by internal staff

Leave MessageSend email FU

NoResponse

FU call

3 Days

No Response

Leave MessageSend 2nd Email

Sales PitchReachProspect

2nd FU Call

3 Days

ReachProspect

OvercomeObjections

Noresponse

Yes, Wants CN

Not Interested

Sign upAccountProcess

Email SubscriberAgreement

5 days

AgreementReceived?

Send WelcomeEmailYes

Phone Call/Optional Email

VM/FU Email

NotInterested

Not Now

AgreementReceived?

5 days orprospectfeedback

NotReceived

or no contact

2nd Phone/VMCall

FU Email

NotInterested

Yes, Wants CN

Still NotInterested

Notify CS

GradeProspect

and sent toLong Term

Initial Call toProspect

Still NotNow

Marketing Flow

Long TermWait

Grade B

Long TermWait

Grade C & D

Letter Email

Long TermWait

ContactGrade A

1st MonthEmail

2nd MonthPhone

3rd MonthEmail

4th MonthPhone

6th MonthPhone

5th MonthEmail

7th MonthEmail

8th MonthEmail

9th MonthEmail

10th MonthPhone Call

11th MonthEmail

12th MonthPhone Call

Re-evaluate and/or re-grade to

determine whatto do next

15 days

Go to 2ndYear LongTerm Wait

EmailEmailEmail Email Email

EmailEmailEmailEmailEmailEmail

30 days 30 days 30 days 30 days 30 days

30 days

30 days30 days30 days30 days30 days

Letter

30 days

Long Term Wait

Submission Management

• Creating submissions• Delivering submissions• Track submission status • Track submission results

Delivering Submissions

• Print & Mail

• PDF email attachments

• Web site links

• Delivery services– YouSendIt.com– SendThisFile.com

Results Management

• Agency results– Revenue goals– Expense goals

• Producer results– Producer Goal Setting Worksheet– On track?

• Business Partner results– Submission tracking

Standalone Software Systems

• ACT (no campaign management)• Goldmine (www.frontrange.com)

– Automated Processes• MAPS (www.martechmaps.com)

– Insurance specific campaign management• Microsoft CRM

Web Based Systems

• ASP Sales Source (www.aspsalesource.com)• NOVASalesPro.com• eSemc.com• Leads360.com• Salesforce.com• FreeCRM.com

Payment Methods

• Direct Bill• Credit Cards• E-Checks (drafts)• PayPal

Accepting Credit/Debit Cards

• Charges “convenience fee”

• Online payment processing

• Conditional payment

SimplyEasierPayments.com

Is this legal?

“Nothing in the New York Insurance Law or regulations promulgated there under prohibits an entity that provides a service to insurance policyholders that enables them to pay their insurance premiums electronically by credit card from charging those policyholders a fee to cover credit card and other service expenses.

“[A]n insurer (or anyone acting on the insurer's behalf) may not impose a credit card surcharge on a policyholder. [Simply Easier Payments], by contrast, is not selling insurance and is not acting on any insurer's behalf. Rather, it is providing (and charging for) a distinct service, i.e., the making of secure payments via electronic means. Therefore, your client's activities are prohibited by neither the New York Insurance Law nor N.Y. Gen. Bus. Law § 518.”

New York Department of Insurance

Service after the sale

• Transaction processing• 24/7 customer service access• Certificates• Email

24/7 Customer service options

• CSR24• CertificatesNow• Management system

– InScope– AMS - Service 24/7

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Steve Anderson The Anderson Network, Inc. PO Box 1546Franklin, TN 37065(615) 599-0085Steve@SteveAnderson.com