How can the local insurance agency be successful at niche marketing?
Niche marketing is often desired by the local agent but rarely executed properly. For the agencies I work with, there is the constant desire to find a niche. However, the revenue mindset of never saying “no” to business always comes into play.
I recommend that you maintain a diverse book of commercial business, while developing 2-3 niches your agency can target and focus on! It is critical that your agency selects a niche based on what you like, rather than what the carrier says is the hot product of today. The bottom line is if you don’t like animals don’t focus on veterinarians!
After you select your niche it’s time to find the markets and start the niche marketing!
In today’s world, targeting a niche is easier than ever:
- Buy a list of email addresses to get your name out there
- Join industry associations for networking
- Join LinkedIn industry groups
- Ask to be a guest blogger for industry publications
- Offer to do webinars and speaking engagements on insurance topics in this niche
- Blog about the niche for better search rankings
In order to dominate your niche you need to bring visibility to your agency.
It is critical that your team is educated on the industry they are insuring. You need to find the challenges, the fear and the pain that your agency can solve. For example, if you insure contractors you may want to have a customer service representative (CSR) on call to provide proof of insurance. Or, if you love writing restaurants make sure you they have your cell phone number in the event of a late night claim.
The trick is to find a desired market, know the market, and then design your service around it to make your agency stick out from the crowd! Niche marketing is all about creating a plan, and sticking to it!
For more information you can also read this article on Property Casualty 360.