Is your insurance business truly ready to begin Marketing?
You may have the budget set aside, but are you really ready to begin marketing your insurance business? Too many agents are wasting time and money by making a crucial mistake before even spending a dime. And it’s all in their minds.
We Only Succeed When You Do
We spend 40 hours per week working with insurance agents. We talk to the most successful insurance businesses in the country and also new agents who are just getting started.
The big dogs in the industry spend roughly $100,000 per month on marketing. The lower-tier clients will spend around $1,500 per month. We can work with both budgets and everything in between.
Wasting time and money on marketing will only cause you to become frustrated. But, as we’ll explain later in this post, the only time we’re able to be successful is when you’re successful. We’re all after the same thing.
The Marketing Mindset
Marketing is the pillar of what you’ll build your success upon. So, what’s the difference between a successful campaign and an unsuccessful one?
You’ve got to have the right mindset going into marketing, and a big part of this is having the right expectations. Once you start creating marketing funnels, you should be geting water through the pipes. You need to get things moving so you can later fix the leaks, improve, and optimize.
If you put too much emphasis on being successful in the first month of your campaign, it will likely cause disappointment. We’ve seen it before. A client of ours has based her relationship with us on whether she hits a homerun right away.
A better approach would be to use time to learn. For instance, if you’re getting a CPL that’s low but you’re having trouble closing, you can use that equity to increase the CPL and buyer intent with qualifying questions and different methods. You have to trust your marketer that they’ll bring you along the right path.
Again — the only way this works is if the marketer and the insurance agent are successful together!
Trust Is Everything
As a marketing agency, we want to create an environment where you trust us to look at the numbers together and make the active decisions that are always in your best interest. We’re all sitting on the same side of the table.
Q: What separates the insurance killers from the people that are only working off of referrals?
A: They have the confidence in their marketer or their system (or they are their own marketer), and they’re able to create a sustainable situation.
If you don’t trust your marketer, that’s a big problem. Figure out why that is, and just buy leads until you’re ready to market.
Q: Why is there often animosity between the insurance agent and the lead vendor?
A: Because the broker doesn’t trust the lead vendor. The only focus is on trying to sell more premium than what they spent on the ads.
Pay to Play
To illustrate our point, we work with some Medicare call centers. One client recently spent $8,000 per day to try a new platform (a YouTube beta) to see if they could implement this method into their overall marketing. We ended up getting a return on investment (it wasn’t as big as what we were getting in other places). So they cut the entire budget.
But what if they were the first Medicare call center to use YouTube in a unique way and able to print money because of that?
Because they were willing to enter those waters, test the budgets, and trust the process (rather than only caring about the results), they found an opportunity. Putting $8,000 per day on the line just to see if it will work? That takes some guts. But this is what people are doing. This is the mindset you must have to be a big dog in the insurance industry.
If you take any other approach, you’re not really giving marketing a chance to be successful.
Do’s and Don’ts
To recap, here’s a list of do’s and don’ts to improve your marketing mindset:
- Think BIG!
- Be willing to invest in marketing dollars early on
- Establish trust with your marketer
- Optimize and refine the campaign
- Build an ongoing relationship
- Understand what you’re getting for your marketing dollar
You’ll get to a point where what you’ve optimized and refined is sustainable, and you’re getting a return on investment. Then, that’s when you scale.
- Only think short-term
- Stay in your comfort zone
- Continue with a marketer you don’t trust
- Expect to knock it out of the park in month 1
Our co-founders, Landon and Cody, spend upwards of $75,000 a month on content marketing to gain attention. Even if it’s just an idea, we’re willing to invest thousands of dollars, knowing it will pay off down the road.
The Bottom Line
There’s success to be had in insurance sales. You just have to go out and grab it. But you must take risks. That’s what the people at the top do!
Are you willing to take some risks with your marketing budget this year?