6 minute read
Social Media in a Relationship Business
By Daniel Smith, of Market Retrievers
Insurance is a relationship business – this isn’t up for much debate. But the way we develop and grow relationships has changed, especially post-pandemic. Are digital marketing and social media now part of this relationship business? The answer is “yes” – and maybe even more emphatically “yes” than you think.
WHERE ARE PEOPLE SPENDING TIME?
Have you checked your social media account(s) today? You’re not alone if you have. Forbes reports that Americans spend two hours and twenty-five minutes per day checking their social media. Think that doesn’t describe your target audience? Over 80% of Americans say they use social media including YouTube (83%), Facebook (68%), Instagram (47%), etc. If you factor in that around 8% of the nation’s population is age 11 or under, you can make the leap that over 90% of Americans who have the ability to use social media do so. In fact, I’d argue that probably over 95% of working adults use it. Are working adults in your target audience?
In addition, many are now using social media as a search engine, for research, and for reviews. They are leaning more and more on what they learn about people and companies online, and especially on social.
HOW ARE PEOPLE INFORMING THEIR DECISIONS?
When you hear about a new restaurant, think about taking a trip, consider buying something new – what do you do? Do research online? If so, you’re like the 81% of Americans who take that same action. Think they don’t do it for insurance? Almost 70% say they do, and specifically, the number of insurance searches performed on mobile devices has grown to over 50%.
I often hear, “Our clients don’t purchase commercial insurance online.” I agree with that, most don’t, and the data supports it. But they do research and inform their decisions online – there’s no doubt about it. They are deciding:
What others say about you (e.g., Google Reviews, BBB, Yelp, etc.)
If you know what you’re talking about and have knowledge in the area they need
If you seem trustworthy, likeable, and interesting
Specifically for reviews, a Brighton study found that 89% of consumers make an effort to read reviews before making a purchase, 49% of consumers trust online reviews as much as a personal recommendation, and 94% say negative reviews have made them avoid a business.
PROMOTING CULTURE AND COMMUNITY
I was recently at an insurance industry event where one of speakers provided a great testimonial for online relationship development. He said that an agency owner had received multiple offers to purchase her agency and did research to determine who the best fit was for the sale. One of the agencies had video and content about themselves online and the others did not. She got to “know them” through this content and chose them as a result. Do you think clients won’t do the same?
Promoting your people is simply furthering your relationship-building. Showcasing your culture and community isn’t bragging, it’s promoting what you care about – if it’s authentic.
Worried about other agencies “stealing” your staff if you talk them up too much? I would argue that says more about your agency’s culture than it does about your competitors’ approach. People that feel recognized and appreciated in their roles are happier, work harder, and are much less likely to leave.
In addition, community is often what makes independent agents different than other competitors. You live in and care about your neighbors, cities, organizations, etc. Remind people that you do. Put a public face on your agency, and you’ll be known for your brand and have higher awareness when people shop for insurance.
The easiest – and one of the most important – ways to get started is to optimize your Google My Business profile:
Update your address, hours, lines of business, experience, and contact details
Add logos, photos, and content
Respond to reviews, both positive and negative
a. And remember, the responses are as much for those reading them as they are for those leaving them
Request reviews when you have happy customers and give them the direct review link
For social media, take a people-first approach to your content. Introduce and recognize your team for accomplishments, talk about community events, and please, please, please – use pictures of real people from your agency whenever you can.
Think of your content as if it were an in-person conversion. Would you catch up with your client for lunch and only show them pictures of inland marine risks? Then don’t build a content strategy that way either. Would you only give them carrier materials and not your own agency’s? Then don’t only share carrier content on social.
MEASURING THE IMPACT
“I tried this, and I didn’t get any sales.”
I hear comments like this all the time. But a branding, content, and digital marketing strategy is about answering these five questions:
Awareness – Do people know and think of your agency for the insurance you want to sell?
Relationships – Do people like and trust you?
Recruiting – People are going to look you up before they decide if they want to work for you – what will they find?
Retention – Do your current insureds have a reason to stay with you other than their policy?
Sales – Marketing is part of the sales process, but you can’t always track it one-to-one. Are you aware of how it is, or isn’t, impacting your sales now?
And yes, this isn’t always quantifiable data. So, what can you track?
SEO – Are more people finding you online? Review your Google data including Google My Business profile interactions, calls, and site visits as well as your site’s Google Analytics (or other web analytics as available).
Traffic – Is traffic to your site and landing pages increasing?
Reach – Are you reaching more social accounts? Reach is a metric of unique viewers seeing your content.
Engagement – Are people engaging with your content (i.e., liking, commenting, sharing, clicking)?
Develop an online relationship strategy, and your agency will be better prepared to supplement the relationship building you’re doing in person, by email, and on the phone. It is a critical part of today’s insurance industry.
SOURCES
https://www.pewresearch.org/internet/2024/01/31/americans-social-media-use/
https://www.luisazhou.com/blog/online-review-statistics/
Daniel Smith is the CMO and co-founder of Market Retrievers, a digital marketing agency that focuses on helping clients in the insurance industry fetch their targets. He has been in the insurance industry for over 17 years and is a licensed Property & Casualty agent.
ABOUT MARKET RETRIEVERS
Daniel Smith, CMO and co-founder of Market Retrievers, authored this article. Market Retrievers is a boutique digital marketing agency offering content strategies and implementation solutions to clients in the insurance and trade association spaces that are in need of increased organic market share growth, engagement from their community, and guidance for advertising. We design a strategy to help tell your story to your target audience. Let us help you fetch your targets!
