A Brokers Guide to Marketing

A broker’s guide to marketing Five marketing tips to improve customer engagement (and sales!)

sayhello@ukgeneral.co.uk

A FOREWORD FROM UK GENERAL’S MARKETING MANAGER – RIA CUSIMANO Admittedly, I haven’t been working in Insurance for ‘forever’ (where seemingly a lot of the clients and colleagues I’m working with have). I’ve been with UK General Insurance for a little over a year and I’m a firm believer that while industry experience is invaluable, experience in different backgrounds helps develop transferrable skills and insights which can be applied to achieve great results.

It continues to surprise me that, for some, the word “Marketing” seems to carry some negative connotations.

I’ve previously been told, for example, “you’re just responsible for producing pens and flyers aren’t you?” and “no one wants to hear from marketing, you’re just annoying clients with something they’re not interested in.” From my perspective this is simply not true. So with literally thousands of definitions available, what is marketing?

In its broadest sense, it’s about identifying customer needs and making sure your company has the goods and services to meet them (and doing it better than the competition!) – and what’s so bad about that?

It’s all about the customer, the customer, and oh yes, the customer! The FCA’s mantra is to “put their customer’s interests at the heart of what they (the company) do” so why shouldn’t your organisation be the same?

This mentality should be reflected in every customer touch point from sales to underwriting to customer service and complaints. The below guide gives an overview of five marketing channels that brokers can use to optimise customer engagement which, if used appropriately, will have a positive effect on sales.

Connect with me https://uk.linkedin.com/in/ria-cusimano-a3aa7728

INTRODUCTION The digital era has produced a new generation of consumers who are more demanding than ever before. They have access to many different channels and devices that give them any information they want instantly which means they are more informed about your business and your products – before you’re even aware they’re looking.

But that’s not the only problem facing brokers looking to market themselves well. Brand loyalty is in decline and consumers are becoming increasingly happy to switch providers for a better offer or price.

The continual and rapid evolution of the social and digital landscape makes it increasingly difficult for marketers and business owners to keep up. This guide is designed to help you make more informed marketing decisions and stay ahead in the markets in which you operate.

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A BROKERS GUIDE TO MARKETING

CREATE A COMPELLING WEBSITE A GOOD WEBSITE CAN:

If you are a more traditional broker, you can benefit from this shift in buying behaviour by investing in your website. Brokers need to trade more online – it’s the future.

• Create the right impression and attract new customers • Inform customers about a number of products quickly • Open doors for conversations • Demonstrate your ability and expertise • Help you stand out from your competitors • Widen your reach

According to UK General’s latest general insurance schemes market insight, nearly 60% of brokers trade schemes via their own website.

AND SELLING ONLINE MEANS:

• Clearer communications and better cash flow – selling online enables you to communicate more information quickly. If the right information is displayed, you’re likely to attract and retain the customer on your site. This saves time and reduces costs, and since online trading payments are processed instantly this results in better cash flow.

In 2014 this was just 24% – a huge increase in just one year.

Furthermore, face-to-face selling has declined (from 47% to 39%) as has telephone (from 71% to 59%).

• Wider distribution/’searchability’ – products tend to appeal to a specific market on a national scale rather than confined to one region – websites can be accessed nationwide.

• Cross-selling – online trading allows you to showcase all your products in one place and simple automation will highlight other policies that are complementary.

ALWAYS KEEP YOUR CUSTOMERS IN MIND WHEN DESIGNING YOUR WEBSITE: • What do they want to know?

• What information is important to them?

• What format should that information be in and how easy is it to find?

• What will convince them to buy from you?

60%

(LOCATION,

of brokers trade schemes via their own website

LOCATION, LOCATION)

Keep the content on your website friendly and to the point; be approachable and easily contactable and include calls to action wherever possible – get the customer to engage with you.

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SOCIAL MEDIA With 1304 million active monthly users on Twitter and 364 million LinkedIn members, social media is one of the fastest growing lead generation tools in the world, creating huge opportunity for entrepreneurial brokers.

UK General’s Broker’s Guide to Social Media will get you on the right path to success but here are three points to get you started:

1. CHOOSING THE RIGHT SOCIAL PLATFORM There are hundreds of social media channels and new ones are appearing every day which makes it difficult to figure out which ones you should be on. You don’t have to be on all of them but rather check which social sites your customers are using to focus your activity.

A good tool you can use to know when your customers are actively using social media is SocialMention which allows you to enter phrases, your business name or even your product to compare where and when people are talking about those topics and what they’re saying too.

2. CONSUMERS WANT INSTANT RESULTS The social web has changed the way people consume the news, talk to friends and interact with businesses.

Consumers now have access to a wealth of information at their fingertips and expect answers immediately.

Research shows 261% of all global customers will take time to research online and compare products before making a purchase.

3. ENGAGEMENT IS KEY Social media used effectively is a great way to engage your customers. Whether you’re online or not, your customers will be discussing you on social media – so join in! Offer them a way to reach you and become more interactive-two-way communication is key to an engaging business. Don’t be afraid of using social media, but make sure you stay human and be real.

Transparency is key.

Research shows 61% of all global customers will take time to research online and compare products before making a purchase.

364 million users 04

PLATFORM

RESULTS

Statistics correct from second quarter 2015 according to http://www.statista.com/ Statistics according to http://www.hubspot.com/marketing-statistics

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A BROKERS GUIDE TO MARKETING

GETTING INTO THE PSYCHE OF YOUR TARGET AUDIENCE AND UNDERSTANDING YOUR NICHE

Marketing personas are a must-have in your marketing strategy; these are developed to represent who you are trying to target based on what you’re selling. So, ask yourself about your customers: DEMOGRAPHICS – where are they based? Is gender important? What age group are they?

PSYCHOGRAPHIC – what brands to they like?

What hobbies do they have?

BEHAVIOURAL – What products might they be interested in? How might they want to trade with you?

Good marketing personas are created from the customer’s perspective – what do you offer them that’s different to other brokers? It allows you to understand your unique selling points (USPs) so you can highlight them.

It also allows you to know where your customers are, what they read and what events they go to that link to your products. This will allow you to reach them at the right time and place.

For example, as a broker with a yacht insurance product you should be looking for any specialist sailing events that would appeal to your customers and be there yourself. Which specialist sailing magazines or journals would appeal to your customer base and how can you feature in them? Your marketing personas research will, if done well, provide you with all of this information, tailored to your niche product and customer base.

While conducting marketing persona research, take note of what bugbears your customers have. This will be the basis for strong, consistent messaging that will stand out to your customers. Knowing what they hate and what they love paves the way for benefit-led messaging that drives action.

Always think from the customer’s perspective: why should they buy from you?

ENGAGE 05

LOOK WHO’S TALKING Once your customer has purchased a policy be careful not to fall into the trap of forgetting about them until renewal time. It’s vital for repeat business that you remain at the forefront of your customers’ thoughts - this is where social media and a good website can play excellent roles.

Remember: retention is cheaper than acquisition.

A great way to remain visible is to produce advisory or topical content – offer hints, tips and advice to your customers through social media and your website (sound familiar?).

Continued activity builds long-lasting relationships which breeds repeat custom. It also builds a collection of customer advocates and with word of mouth being the cheapest and most effective form of marketing, it’s an area you should be wholeheartedly prioritising.

THEN

Before digital became so prevalent, marketing focused on the very top of the funnel – mass advertising to build awareness – and the sales team did the rest, even before the consumer was in a position to buy. Marketing is now equipped to handle more of the sales process, bringing better cost efficiency for brokers and guiding many consumers through to the buying stage before talking to a sales person.

A NEW MARKETING AND SALES FUNNEL

NOW

INTEREST

MARKETING

MARKETING

AWARENESS

CONSIDERATION SALES

INTENT EVALUATION

3

Source: http://www.i-scoop.eu/four-multi-channel-touchpoint-marketing-models/

SALES

PURCHASE

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A BROKERS GUIDE TO MARKETING

VIDEO MARKETING According to hubspot, an inbound marketing and sales platform, in 2015 video will take up 57% of consumer internet traffic.

By 2017 this will have risen to 69%. Video is becoming more effective than text for SEO, lead generation, attracting prospects to your website, keeping them engaged and converting them to customers with Forrester research stating that just one minute of video is the same value as 1.8 million words.

SO WHAT CAN YOU DO?

57% 69%

2015

2017

Don’t go overboard; create a simple “talking head” video – one person talking about a product and what it can do for a customer. Use the video to tell viewers what you’ve got, why they need it and what they can do next in order to get it. It’s such a fast, effective and easily absorbed way to get a message across. Video is the easiest way to put a complex message across to your audience with 64% of consumers being more likely to buy a product after watching a video about it and 70% of marketing professionals reporting that video converts leads better than any other medium.

Before creating your video, you need to decide on a strong sales message that should include the following three points: • What is the benefit of the product to the customer?

• What makes it stand out from other products on the market?

• What do you want the customer to do next?

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sayhello@ukgeneral.co.uk About UK General UK General is Britain’s biggest specialist managing general agent (MGA), offering an exciting portfolio of niche personal lines products for insurance brokers and corporate partners. UK General is proud to be an award-winning provider of niche personal lines insurance products for brokers. We’re growing, we’re ambitious, we’re different – and we understand what brokers need. That’s why, time after time, brokers choose UK General over other insurers.