Three Ways To Help Your Insurance Agency Grow
The great thing about the insurance industry is that there is almost endless potential to scale. Here are three strategies for growing your insurance agency
Upgrade Your Marketing
Provided you have developed a cost-effective method of generating leads for your business, all you need to do to grow your leads is upscale this marketing plan.
Don't fall into the trap of believing that social media marketing doesn't work for industries as 'dull' as insurance. There are plenty of insurers generating a significant proportion of their leads on Facebook, LinkedIn, and Twitter.
Social media is a great platform to build your brand image beyond the faceless corporate moniker of an insurance company. You can also establish a reputation as an industry thought-leader by posting links to blog posts that your target audience is likely to find interesting. Utilize this capability. Many insurers have had great success using Facebook and LinkedIn's advertising platforms.
Stay on The Lookout for Acquisition Opportunities
The amount of opportunities to acquire or merge with profitable new insurance companies is growing all the time.
In fact, data from Optis Partners suggests that 2017 was a record-breaking year for mergers and acquisitions in this industry.
Although you'll need plenty of capital to gain ownership of the most successful insurers, this can be the fastest way to grow your agency, provided you do your due diligence.
Ideally, you'd be on the lookout for companies which are strong where you company has a weakness. Perhaps the company you're targeting sells a new insurance product or targets a different market.
With Succession Link's database of business owners looking for new owners, it could be simpler than ever to find the right company to acquire.
It's not a moment that a lot of independent agency owners plan for in advance, but having a solid, detailed succession plan in place before the time comes to sell the business is key to its continued growth.
Most agency owners would like the control of their business to remain internal, either with an employee who has been trained how to run things from the top - or a family member, so that the future profits of the company can remain within the family.
There's not always a ready-made candidate of this mold available though. In this case, agency owners should start looking externally some time before retirement.
By recruiting a successor early, the owner can ease them into the company ethos, the brand values, the structure of the business smoothly. This way, when the baton is eventually passed, the transition will be too smooth for clients and staff members to even notice - and the new owner has the simple task of ensuring continued growth of the company without a huge overhaul of procedures. The seller can even continue to mentor the new owner from the advisory position as and when you are needed.
Succession Link's database can make it simple for you to hunt down a suitable successor. Click the link to discover more about how we can help your business.