The 3 Ms of Insurance Marketing

The term “Marketing” is often misunderstood in the insurance industry. Agents think of marketing as the activities required to place business with an insurance carrier. At the AIMS Society, we encourage CPIA seminar participants and designees to think about marketing in terms of building and solidifying prospect and client relationships using the 3 M’s: market, message, and medium.

MARKET

To successfully build and bolster relationships requires knowledge of your agency’s desired target market(s). Do you have niches or programs where you and/or your staff have specialized expertise? Are you focused on a particular demographic where you can offer a unique mix of products? Maybe you’ve identified an emerging risk area where you and your team are working to develop deeper knowledge such as Cyber Liability or Cannabis.

Continuously learning and developing an understanding of your target markets is critically important. Without solid technical insurance knowledge and a clear focus on where you want to grow, your agency can waste significant time, energy and money.

MESSAGE

Once you have identified the specific market or markets that could be profitable for your firm, consider your message. What does your agency stand for? What are the core values of your business operations? More importantly, does everyone in the organization know them and how to weave them into their daily work? Have you spent the time to develop your “brand?” Do employees consistently represent your values and your agency’s brand to clients and prospects? Your agency has an identity – the question is, is it the one you want?

MEDIUM

Once you know the “who” (your market) and the “what” (your message), the next step is to determine the “how”— the proper medium for reaching your market with your message. In determining the medium, consider where your prospects and clients already are.

What do they typically read or listen to — and how? Is there an association or other group they belong to? What events do they attend? Are they engaged online? Are they into podcasts or videos? Consider how Social Media tools such as Facebook, LinkedIn, Twitter, Instagram, YouTube, and TikTok may help you connect with them. If you’re not sure, ask them!

Take the time to explore and contemplate your Three Ms to create or elevate your agency marketing strategy. Clarity in your market, message, and medium will pay off!

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If you agree that details like these make a big difference, give us a call at 1-888-5-SOCIETY or visit societyinsurance.com.

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