Acquisition Marketing
An acquisition might help the company significantly expand its market share. Despite the fact that competition might be intense, expansion through acquisition can help achieve a competitive advantage in the industry. Acquiring new clients also raises the company's revenue, which increases profit margins. Gaining new clients means gaining their purchasing power as well.
SEO Concentration
With the updates to the website, SEO was also a priority. Optimizing the website, creating backlinks, updating website content regularly, and utilizing google tools were done in order to bring Neighbors Insurance to the top of the page.
Referral Program
The most trusted form of marketing is referral marketing. Customers are 50x as likely to buy a product if it is referred to them by a friend. Because of that a referral program was implemented that incentivized referring customers. For every referral a handwritten thank you card with a $5 coupon to a local restaurant was sent as well as a promise to donate an additional $5 to the charity of the quarter.
New Loan Insert
A current partnership exists with the local credit union where every time someone takes out a loan through the credit union, they receive paperwork that includes an insert promoting the insurance agency for their insurance needs with a special discount through a specific insurance provider.
Cross Sell Push
Another way to gain more insurance policies is to sell more policies to existing customers. A new procedure was developed to ensure every customer was looked up upon renewal to see if there was an opportunity to sell another policy for a different asset.
Online Review Campaign
Online reviews are so important for new customers to see when researching their different options. At the time, Neighbors Insurance had less than 5 reviews. They now stand at over 60 reviews, all incredibly positive. A new focus was put on the agents to ask for and remind customers to leave reviews. Links to leave a review are included in all agency communication now.
Credit Union Partnership Expansion
While the current partnership is helpful, an expansion to the partnership was proposed. This is part of a presentation that was presented to the bank proposing that an agent is permanently located at the bank to service new policies for the assets that have a loan through the bank. This would be beneficial for both parties.