Building Your Insurance Agency with Referrals During a Time of Crisis
Encourage your clients to share positive stories about your business by giving them extra care during a crisis.
If your business has stalled or you're looking for new ways to expand during the COVID-19 crisis, how can you build your insurance agency up again? Even if your marketing budget has decreased, you can still get the word out about your business. Your current clients are one of your best marketing assets, and by asking for referrals, you can continue to build your business.
YOUR CLIENTS ARE YOUR BEST MARKETING
No matter how much you extol the virtues of your insurance business, prospective clients believe other clients. If one of your existing clients raves about your service and your rates, new clients will come to your agency. Unfortunately, clients are more likely to talk about a business when they're very dissatisfied or very satisfied. By proactively seeking out referrals from your clients, you harness the power of all of those clients who are very satisfied with your business but who don't think about promoting it until prompted.
REFERRALS ARE VALUABLE
Referrals are also more valuable than clients who simply stumble upon your agency. According to AnnexCloud , referred clients are valuable in two ways:
They are four times more likely to refer more customers to your brand.
They have a 37% higher customer retention rate.
With referrals, your business will grow and maintain that growth.
SHOW COMPASSION AND FLEXIBILITY DURING THE COVID-19 CRISIS
How can you navigate the business of referrals during the COVID-19 crisis? Many businesses are feeling a financial pinch due to COVID-19. So are many individuals. If you can keep a client by extending a discount, a payment plan, or another kind of opportunity for your client to lower costs but remain a client, do so. Not only does this help you maintain your client base, but it also gives them the sense that you're a compassionate insurance agency that cares about your clients as individuals. This also encourages your clients to mention your business in a positive light.
Encourage your clients to share your content by showing educational leadership.
SHOW LEADERSHIP DURING THE COVID-19 CRISIS
Right now, people are looking for compassion, and they are also seeking authority and leadership. If they're looking for ways to reduce their insurance rates due to tighter budgets, it's helpful for them to understand how to accomplish this. That's where your agency comes in. By creating content that educates your clients and others in the community, you establish a reputation as an authority. Your clients will be relieved to find this information, and they will be more likely to share your content with others. According to Forbes , "to get customers talking about you to others – telling stories of how you went “above and beyond” to give them what they needed - you need to routinely do things that are attention-worthy."
ASK FOR REFERRALS
When you show compassion and leadership, you will make your insurance clients feel more secure. However, they may not think of telling others about your agency. Right now, many other tasks are top of mind. If you know that a client is particularly happy with your agency, ask for a referral. Asking for referrals isn't offensive. The reason that people don't refer others to your business is usually because they simply don't think about doing so.
FOLLOW UP WITH THANKS
Appreciation is particularly valuable at times when bad news is the new normal. If you notice that one of your clients has referred business to you, thank them with a note, a small gift, or a discount. This gives them an incentive to continue to refer people to your insurance agency, and it keeps your business top of mind.