3 Things an Established Agency Can Do to Bring In New Business

3 Things an Established Agency Can Do to Bring In New Business

Overview: Even well-established agencies need to focus on growth. In this article,  we discuss three ways to do that:

  1. Build a specialty
  2. Get involved in your community
  3. Solicit feedback from current clients and “the ones that got away”

Premium Revenue from Existing Clients Is Not Enough 

When you have an established insurance agency and existing clients, a lot of your revenue is going to come from regular premium renewals. But you’re not really thriving if you’re not also adding to your client base and bringing in new business. Your insurance agency needs to grow and thrive, so take a look at some of the methods you should be using to build your agency and your client base.

1. Build a Specialty

Consumers need all kinds of protection in all kinds of ways, but that doesn’t mean that every agency needs to try to meet all of those needs. In fact, becoming known as a specialist in a particular niche can actually attract more customers because those that fit that niche know that you understand their needs better than a more general insurer.

That doesn’t mean that you can’t also work outside of your specialty. For example, if you insure homes, you could continue to insure all types of homes, but also advertise your expertise in a particular type of home, like ranches or farms.

In order to build a specialty, you will need to:

  • Grow knowledge of that particular industry niche that is both broad and deep. Customers want to trust that you won’t steer them wrong.
  • Advertise your specialty. People won’t know that you’ve got the specialty knowledge to help them if you don’t tell them. Make your niche known and find ways to advertise it in the communities that will need you most.
  • Get referrals. All insurance companies need these, but especially those who work in specific niches. Potential customers will trust referrals from those in their own community over outsiders. Remember, 92% of customers trust recommendations from friends and family.

2. Get Involved in Your Community

Sponsoring a youth sports team is a great way to increase visibility in your community.

Everyone needs insurance, but that doesn’t mean that insurance agencies are inherently visible. Agencies do not usually hold grand openings or events, and insurance offices aren’t the most high-profile of businesses.

But there are ways to get your name out into the community and into the minds of your potential client base. Sponsor a youth sports team. Get involved in community fundraising. Provide a presence at local career fairs and business expos. In short, get your company out there in the community making a mark.

3. Solicit Feedback

If you want to know what consumers want, ask them. Feedback from prospective and existing clients is an excellent way to find out what your customer base is looking for and figure out how to offer that.

Importantly, while you do want to get feedback from your existing customers who are happy, it’s at least as important — if not more important — to get input from customers who declined a product or passed on your agency entirely. This can help you see patterns that might be keeping clients away.

And as you’re asking for feedback, keep in mind the reasons why some consumers refuse to give it. You’ll have more success if you adjust for these factors by asking personalized questions in real-time, being transparent about why you want the information, showing your customers that their input is appreciated, and making sure that the survey or other feedback method and design are user-friendly.

If you want to know more about how to grow your client base and build your insurance agency to be the best that it can be, the American Agents Alliance can help. Contact us for more information about how we can help you reach your goals.

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