June 2, 2020  
 
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Marketing a Liability and Malpractice Insurance Business

At Gaebler, we've seen what great marketing can do for a small business. But if you own a liability and malpractice insurance business, exceptional marketing may well be the determining factor in your long-term survival and success.

Wondering how to market your liability and malpractice insurance business? Unfortunately, there is a fine line between capturing buyers' attention and blending into the background.

A lack of marketing experience can sometimes be overcome through persistence and innovation, two key features of liability and malpractice insurance business marketing success.

Generating Buzz

All business owners want to generate buzz about their products, services, and brand. You've heard it said before: Word of mouth is the best form of promotion for products and brands. When you're promoting a liability and malpractice insurance business, meaningful brand conversations have the ability to transform the impact of your marketing efforts. The process begins with developing communication vehicles and mechanisms that invite discussion. With minimal effort, you can instigate conversations through social media and other communication vehicles favored by today's consumers.

Cost Tracking

Cost is an issue in marketing a liability and malpractice insurance business. You can't afford to waste money on inferior marketing resources. Since every dollar counts, it pays to buy mailing lists from trusted vendors. A solid mailing list minimizes the risks associated with stale leads or leads that fall outside of your marketing parameters.

But mailing lists aren't the only way you can reduce costs. Most accounting software solutions have features that allow you to track costs in multiple expense categories and receive alerts when expenses suddenly swing outside of normal parameters.

Loss Leaders

The majority of liability and malpractice insurance businesses frequently sell specific products at ridiculously low margins to boost traffic and new customer acquisition. When applied skillfully, a loss leader marketing strategy can lead to overall gains in revenue. But to be effective, loss leader marketing requires planning, especially in product selection and price points. For liability and malpractice insurance businesses, the real benefits of loss leaders emerge through the careful marketing of other products, usually offered at a much higher margin. With adequate preparation, a loss leader promotion can be publicized through all of your company's marketing channels, including the company website.

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Given your interest in marketing and in liability and malpractice insurance businesses, you might find these additional resources to be of interest.

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The art of marketing liability and malpractice insurance businesses is vast. Send us your tips, advice, comments and questions, and let's continue the conversation!


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