How to Rebrand Your Insurance Agency in Times of Adversity
What's next for your business image?
Rebranding your insurance agency is an exercise in reflection. Who are you as a company? How do you want your clients to see you as an agency? During a time of adversity such as COVID-19, these steps will help you rebrand your insurance agency.
MAKE SURE THAT YOU HAVE TIME AND ENERGY
Before you decide to rebrand your insurance agency, determine whether your employees have the time and energy to engage in this process right now. If you're still in the midst of a transition to new software to enable your employees to work from home or if any of your employees are having a hard time juggling caretaking tasks and work, then it may not yet be time for reflection about your agency's brand. This kind of reflection demands higher-level thinking, in addition to the ability to manage the daily activities of your agency. However, if the business is manageable and your employees have routines in place that enable them to focus on higher-level work-related tasks, then this could be the perfect time to rebrand.
WHAT IS REBRANDING?
According to The Balance, branding is "about getting your prospects to see you as the sole provider of a solution to their problem or need. In its essence, branding is a problem-solver. Branding tells your clients who you are and lets them know that you are credible. It connects and motivates prospective clients, and it gives your existing clients the feeling that they know you and want to return to your business. As an insurance agency, you already have a brand image. You may consider changing that image if:
Existing clients don't relate easily to your brand anymore
You want to target new audiences that don't yet relate to your brand
You feel that your current brand has lost its credibility
You want to distinguish yourself in some way from your competition
Bring your team together to collaborate on the rebranding process.
HOW TO REBRAND YOUR INSURANCE AGENCY
As you rebrand your insurance agency, begin with who you are as a firm. What are your mission, your vision, and your values? Have they changed? Examine how your current branding reflects your mission, vision, and values. Your current branding includes:
The tone of your marketing materials
Also, consider the competition. If their branding is similar to your own, how do you stand out? Thrive Hive suggests that you focus on:
The causes that your business supports
Your distinctive customer service
The way that you communicate and market
Connect with your employees and consider talking with clients to see how they perceive and value your agency.
When you're rebranding, you don't need to change everything about your insurance agency. Some agencies might choose to alter the focus of their marketing messages, while others conduct an overhaul of visual marketing materials such as their logo and website.
REBRANDING DURING A TIME OF CRISIS
The COVID-19 crisis is urgent, but it's also lengthy. If you needed to rebrand prior to the crisis, you may choose to rebrand during the next year even though the world around your business is changing. The crisis itself may also encourage you to rebrand. For instance, if you've always quietly educated or otherwise supported your community, this could be the time to highlight your leadership in the community or in the insurance field. The aspects of your business that once seemed tangential to your brand could come to the forefront as key parts of your new insurance identity. While it's important to ensure that your business has the time to rebrand, a crisis can also provide you with new opportunities for engagement and leadership and the chance to highlight those aspects of your insurance business.
At American Agents Alliance, we've supported independent insurance agencies for many years. If you'd like to have support with insurance education, hiring, and discounts on essential products such as E&O insurance, contact us today to learn more.