How can you make your insurance marketing more efficient? When you have a limited budget and a limited number of hours in the day, the challenge is to get the most out of those hours and dollars. Instead of constantly trying to reach out to new audiences, add account rounding into the mix: consider how you can improve your connections with existing clients and have them increase their business with your agency.
What is Account Rounding?
According to inTouch Business, Inc., account rounding is your technique to finding the low-hanging fruit on your insurance trees. It’s far easier to pick up new business by talking to your current clients than forging a new relationship with a new client. InTouch states that account rounding is “one of the most effective, but underutilized sales and marketing tactics available to every insurance agency. It takes your accounts, whether personal lines or commercial, and convinces them to use more agency services.”
Account Rounding Draws on Your Relationship with Your Insurance Clients
According to Forbes, “84% of millennials stated that [they] did not like traditional marketing and, what’s more, they didn’t trust it.” While different generations have different attitudes towards insurance marketing, the fact is, many in the younger generations don’t trust traditional advertising approaches. However, they do trust brands with which they feel aligned, and they trust relationships.
This means that as an insurance company that wants to build its business, your existing clients are the ideal marketing focus for you. They already have trust in your business, and it’s easy for them to add more insurance products.
Intentionally connecting with your clients can help you get more business from the same insurance clients.
Implementing Account Rounding
How can you effectively reach this promising audience?
- Examine your current accounts. Segment them.
- What types of insurance do those current clients have? Based on that information, what kinds of insurance might they need to acquire?
- Provide informational blogs and emails that target each potential group. For example, if some of your clients have just purchased larger homes, it could be time to approach them about car insurance.
Keep Your Clients for the Long-term
In addition to selling your clients additional insurance products, you need to retain those clients and maintain their interest in your business. Keeping your clients happy helps them maintain their accounts and expand those accounts over time. To retain clients, consider how you can:
- Ask for feedback and adapt based on that feedback. What do clients need, and how can you offer more of what they need?
- Set expectations and follow through for your clients.
- Thank your clients and add bonuses when possible.
- Provide useful information.
- Be kind, approachable, and thoughtful in your customer service.
- Go out of your way to be excellent.
The American Agents Alliance is here for your business. We offer assistance with some of the fundamentals of insurance marketing, including preferred market access for your insurance agency. Contact us today to learn more.