Hopefully, you have an established marketing plan set in place. Now that we are more than half way through the year, have you reviewed what has worked or not worked for your insurance agency? Do you need to adjust your marketing plan to incorporate new goals and ideas? Your marketing plan represents your roadmap to growth and success. However, the path changes frequently, and to stay focused on goals, you should make a critical analysis of your current plan and update it as needed.
However, your agency’s plan will become outdated and irrelevant quickly if it is written then tossed into a drawer. The plan represents a dynamic blueprint of your goals and methods to achieve those goals. The economic climate changes frequently and this may affect your objectives. Thus, the blueprint must be adjusted accordingly. Below are five reasons you should revisit your agency’s marketing plan now.
1.) Changing Markets and Affiliations
The market changes and new opportunities arise frequently. You may have new avenues for selling your products, or perhaps you reached your original benchmarks more quickly than originally planned and need new objectives. Perhaps the original goals are no longer viable because of economic conditions. Another change may be the addition of professional alliances, such as joining the American Agents Alliance, which will promote additional growth. Either way, you will keep your agency on track by adjusting the plan.
2.) New Products
A new and exciting product can have a dramatic impact on the success of your agency. The old marketing plan does not recognize the product and its potential, thus an updated plan will take into account the added resources needed to integrate the new product into the lineup.
3.) Your Agency Needs More Cash
If you are planning to approach your investors or bank about taking out a loan, you will need an updated marketing plan in addition to a current business plan. An outdated agency blueprint for success will not convince the lenders to open the purse.
4.) New Management
If you have recently completed a strategic restructuring of your agency’s management, or if you have experienced attrition and hired new staff, the marketing plan needs to reflect the new responsibilities. In addition, updating the plan will help bring the team on board with stated goals. Your agency’s plan is written for the entire team and its key people.
5.) Surpassing Benchmarks and Milestones
The happiest reason to review and adjust your marketing plan is the achievement of your original milestones, such as surpassing $1 million in sales. A major event calls for updating the plan and achieving new heights.