Marketing Tips to Advertise Your Insurance Agency:
Which Mediums are Best for You? The marketing of your insurance agency is a time consuming and expensive process and it takes an extraordinary amount of effort to coordinate this function. In order to accomplish and gain recognition in this fast and competitive world we live in, you will find more companies trying to find ways to increase their brand to gain that competitive edge. You know the old saying, “you have to spend money to make money.” So don’t fall by the wayside. To try and help you determine the best advertising medium for your insurance business we will help show you the most common types of marketing and give you an explanation of each. Most importantly, before we go into showing you the ways to market your insurance agency you need to think about what your budget is and start from there. As you know, different mediums of advertising all come with a price.
Your Target Market: What types of vehicles of insurance do you offer? Do you offer health insurance, auto insurance, life insurance, homeowners insurance, etc? What is the age group of your target market and who exactly are you looking to offer insurance to? These questions and more you need to determine before opening up your wallet. Below are some effective marketing tips for your insurance agency.
1. Online advertising: Companies offer zip code exclusivity rights such as InsureMyHouse.com and InsureMyLife.org, which gives you unique exposure on the web. As more and more people are using the internet and searching for insurance, it has become increasingly important in today’s society to be advertising on the internet. 75 percent of households have access to the internet. This is a cost effective way to gain exposure on a national and local level.
2. Block line advertising in industry publications or trade journals: Many companies like to advertise in the same areas, so you need to be there. Since insurance companies are always looking to find new agents to join their company, they know that many “insurance agents to be” are reading these particular journals and periodicals. As with television and print ads, you’ll most likely want to consult with or hire an outside advertising agency to help you build a campaign that best suits your agency and the insurance products you sell. The cost can vary depending on the kind of style of ad you want to create. A great way to be found is by having “reverse type” in your ads. Meaning you would have a black background with white writing, which gives you ad some pop. If you prefer and have the money to do your ad in color, that is even better. Typically the cost of block line advertising is very cost effective and you have the freedom to dress up the ad as you wish.
3. Business opportunity advertising: Think of local newspapers such as the Wall Street Journal, New York Times, Chicago Tribune, etc. This is a very effective way to advertise and market your agency, since your company needs to build brand name recognition. The online version of the Wall Street Journal has over 4.5 million visitors. Now that’s a big audience.
4. Television Ads: The most obvious and expensive forms of advertising is the television. Americans are glued to the television and you can find plenty of statistics that will show evidence of that. The average cost of a 30 second commercial is roughly $350,000. You can find local TV ad spots for much less, so shop around.
5. Local Movie Theatres: A local audience and a family type atmosphere is a great way for marketing your insurance business. Many types of insurance come into play here when you and the family are out watching the movie. Think insure your life, insure your auto, insure your health, etc. All these things come into play when parents are out with their kids. Make your ad suited for this audience. Typically these ads come up when you are sitting in your seat waiting for the movie to start. The ads you see are effective as people are constantly seeing your name out there. In 2007 Hollywood drew in over 1.44 billion admissions.
6. Direct Mail Advertising: There are companies out there that will do direct mail pieces to parts of your geographical area. A 10,000 piece mailing to your target audience could cost anywhere from $3,000-$10,000, depending on what company you use.
7. Advertising outdoors: Transit systems, bus benches, neon and electronic signs are becoming a great way for the agent to advertise. This is affordable, unlike television ads. And this targets the exact audience as most insurers provide insurance services to their local area.
8. Stationary advertising: A very great way of advertising is right through your business stationary and supplies. A nice way of showing good faith is to give your customers a pen with your office name and contact information. Another way of creating some repeat business is through magnet advertising. They can stick to your refrigerator. This goes a long way especially when people have gatherings for family and friends. You need to constantly be in the spotlight no matter the situation. The cost of stationary and supplies is a fraction of the price you will receive down the road from your potential customers. Other items that may apply to you could be, coffee cups, calendars, and golf balls, just to name a few.
9. Website Advertising: Let’s face it, if you do not have a web-site for your business you really need to think about getting one and fast. With today’s fast paced society coupled with advanced technologies, a website tells customer about you and it a quick and easy reference for customers looking for quotes of any type of insurance such as, homeowners insurance, auto insurance, life insurance and many others. You can easily create a one page webs-site simply with your contact information and maybe a short story about yourself within your community. If are willing to take that extra step and create additional pages, you may want to hire a professional, but for now if you don’t have a website, create one. Even if you have to write it down on paper, at least you have it for a reference.
Start Building a Game Plan — Once you see the benefits of each advertising medium, stick with what works. Stay within your budget and find the best approach. Finding the best option for you is going to be trial and error, but it will be the difference in building your agency.
Article provided by InsureMyHouse.com which offer an online directory of homeowners insurance agents. The site is organized by state and then zip code.
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