What is insurance cross-marketing, and why does it matter to your business? It's not the latest dance; rather, it's a way that businesses can help other businesses grow. In an effective cross-marketing relationship, you and another business with a similar demographic market for each other, telling your customers about each others' businesses. This can help you reach out to people whom you might otherwise never get to talk with but who nonetheless are in a group that is motivated to engage with your business.
Types of Cross-Marketing
Aside from handing another business your card, what can you do to effectively cross-market your insurance products? Some typical cross-marketing opportunities include:
Creating a joint promotion
Hosting events together
Advertising in tandem with another business
Creating products or promotional materials together
Putting your services together to offer a single product to your clients
According to The Balance, "when you join forces with other credible people who also reach your market you can reach your customers more efficiently, credibly, and memorably with the right offers and services."
For example, you could partner with a moving company to advertise to new homeowners together, or you could coordinate with a cleaning company to offer discounted move-in cleaning and insurance. If you want to reach an audience of parents, you could partner with a carseat company to host an event on travel safety for children and offer up your auto insurance at the same time.
You can also cross-market within your own business. For instance, if you sign up those new parents for auto insurance, it's quite possible that as they grow their family, they might need homeowners' insurance or life insurance as well. By getting to know your clients' needs and changing family situations, you can provide them with information that will help them explore other insurance products that your business offers.
Managing Your Marketing
Managing your leads takes time, and this is time that is better spent reaching out to create new marketing campaigns and partnerships. You don't need to spend all day at the computer entering data and communicating with your leads. You need to have the opportunity to innovate and create new opportunities for your business.
How can you make marketing easier? When you're reaching out into new audiences, you need tools that will help you manage your growing pool of leads. Marketing software can help you keep on top of your lead generation and communication. It can help you:
Find new leads.
Cross-sell to those leads.
Expand your impact, making it look like you have many people working on lead generation and nurturing, when in fact you have a few people aided by some exceptional marketing software.
Brightbox Expand is a powerful insurance cross-marketing program that allows you to generate and nurture leads without spending all day at your computer. For instance, it can:
Help you connect with your leads through optimized emails that bring the right marketing to the right people.
Notify you when leads show interest in your products so that you can follow up with those leads.
Give quotes for insurance products, so that your leads can satisfy their curiosity and see what products could work for them.
Understand the data that your leads provide, creating analytics that help you better understand and market to your various audiences.
At American Agents Alliance, we provide many membership benefits that help you grow your insurance agency. Talk with us about insurance cross-marketing opportunities, and sign up for our special discount on Brightbox Expand. Contact us today to get started!
