September 23, 2020  
 
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Marketing a Workers' Compensation Insurance Business

Promotional tactics for workers' compensation insurance businesses are exceptionally diverse. But in our experience, there are a handful of tips and strategies that will deliver the best return for your marketing efforts.

Think tired marketing collateral is all you need to succeed in today's marketplace? Think again!

Marketing increases the brand footprint of a workers' compensation insurance business using a carefully crafted mix of techniques and tactics.

Loss Leaders

The majority of workers' compensation insurance businesses understand that more customers will walk through the door if a few products are priced at less than full retail value. Moreover, a loss leader marketing strategy can compensate for dead periods when customers tend to making purchases. But to be effective, loss leader marketing requires planning, especially in product selection and price points. For workers' compensation insurance businesses, the real benefits of loss leaders emerge through the careful marketing of other products, usually offered at a much higher margin. Whenever possible, piggyback a loss leader approach with the purchase of bulk merchandise that can be bought at a discount.

Strategic Partnerships

Strategic partnerships offer workers' compensation insurance businesses a new approach to the marketplace, rooted in the achievement of shared objectives. Joint ad campaigns, mailings and other marketing initiatives can be conducted on either a short- or long-term basis, as long as each partner is involved in the creation of messaging and has approval authority over the content that is released.

Promotional Calendars

Sloppy marketing programs have no place in growing workers' compensation insurance businesses. Promotional or marketing calendars coordinate the execution of your strategy and result in a more efficient use of both internal and external resources. When used in tandem with a quality mailing list provider, promotional calendars can ensure the continuous execution of direct mail campaigns.

Additional Marketing Advice and Related Articles

Given your interest in marketing and in workers' compensation insurance businesses, you might find these additional resources to be of interest.

Advertising in Newspapers

Selling a Workers' Compensation Insurance Business


Conversation Board

There's more to discuss that we can cover in a single article. If you have any additional comments or questions, please let us know. We'd also appreciate if you let others know what you've tried as far as marketing goes and how it worked out for you.


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