Industry Specific Marketing Advice
Marketing a Group Insurance Business
The value and earning capacity of a group insurance business largely depends on the quality of its marketing efforts. But great marketing takes a lot more than hanging a shingle and hoping for the best.
There are no shortcuts to success in marketing a group insurance business. In this industry, the application of fundamental marketing tactics is more valuable than promotional fads and gimmicks.
A lack of marketing experience can sometimes be overcome through persistence and innovation, two key features of group insurance business profitability.
Leveraging Print Ads
Print advertising has been a marketing staple for group insurance businesses. From glossy spreads to simple classified ads, business owners have traditionally used print advertising to reach a broad base of customers. But although businesses have more promotional options than ever before, there are many attractive venues for featuring your group insurance business in printed media. These days, the key to effective print advertising is to align the publication with your business goals and ROI requirements.
Why Branding Matters
A good brand has value for both your balance sheet and earnings statement. It's a fact: A group insurance business possesses brand value. Some brands struggle to achieve recognition with consumers while others seem to be quickly embraced by the marketplace. By investing in brand awareness and positioning, you increase the trust factor and make it easier for consumers to choose your business over less-known competitors. In certain situations, branding can be used to establish dominance in specific product categories or service areas.
Measurement & Evaluation
Performance is the ultimate measure of quality. You can improve the quality of your B2B and B2C efforts by considering professional mailing lists provided by established vendors. That's just one of the ways group insurance businesses may be able to increase the impact of their marketing tactics. However, there are no substitutes for measurement and evaluation mechanisms. A robust measurement and evaluation process should include metrics that can be monitored on a monthly, weekly or even daily basis. Designed to monitor marketing efforts on a campaign-by-campaign basis, these metrics can be used as a baseline for strategic planning. Simple quantitative tools are a good start. However, group insurance businesses often choose to consult with professional marketers for assessment tools and strategic insights.
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