Dishonest companies have never been popular, but with the rise of social media it has become even more important to be honest. Otherwise, you're apt to be called out online about any inconsistencies at your business. When you're developing a customer reputation, building trust is the most important thing that you can do. How do you build trust in your insurance agency?
Honesty is Trending
Millennials have grown up suspicious of business marketing. After all, they have been steeped in it; everywhere from the television to the internet has ads. They don't want to see those ads. They want to see the proof that you're an honest business.
According to Forbes, honesty is trending. "Marketers can take advantage by clearly stating what their products and services are good at and where they need improvement." Yes, you heard that right. By talking not only about how good you are but also about the areas where you are working to improve, you increase the transparency of your business.
While it's tempting to be ambitious and to try to be everything to everyone in the insurance realm, you can't do this. You need to pick and choose what focus areas are appropriate for your business. While it might seem boring, according to Forbes, "selling only what you can deliver effectively and always living up to your word," is the key to developing a business that people trust. Customers and employees know who you are and know that you will do what you say you will do, every single time.
Be Honest in Your Storytelling
What story do you tell others about your business? The road to business success is usually paved with a lot of failures, screw-ups, and generally miserable times in addition to wild or modest successes. While it's tempting to only tell the story of how your insurance company has succeeded, being honest about your past faults and problems shows people how you've grown and responded to their needs.
In fact, NBC News states that "94 percent of consumers would be more loyal to brands that practice transparency." No, you don't need to air all of your dirty laundry in public, but if you can make your growth, change, and reponsiveness visible to your business clients, they'll have a more trusting relationship with you.
Get E&O Insurance
While you hope that it never comes to this, sometimes you will make mistakes, and it's possible that those mistakes will lead to lawsuits from your clients. For instance, if you omit information that leads to reduced insurance coverage for your client and that client then needs the insurance coverage, that has a financial impact on your client's wellbeing. Getting E&O insurance allows you to pay for expenses related to lawsuits, including payouts to clients. This coverage ensures that you are able to be a sound, honest business that takes mistakes to heart and compensates those who have been hurt by those mistakes.
At American Agents Alliance, we support your ongoing business development. Talk with us about our Alliance Convention and about our many membership benefits, such as marketing support and job posting. We also offer discounts on E&O insurance. Connect with us today to learn more.