6 Important Factors of Success in Online Insurance Sales
Is online insurance sales possible? “Online Insurance Sales Model”?
Today in this article, I will describe the key factors that Insurance Professionals can implement for online insurance sales success.
What is online insurance sales?
When the demand for insurance is generated in the online space to sell, it is online insurance sales. The trend is changing. Customers search for details of the products. Ask for a quote, and even book an appointment with the salesperson to understand and buy the product. As the trend changes, all professionals also can choose to be in the online space to establish their creditability to increase sales. If we consider banking, Stock Exchange, money transfers, Once Upon a Time, they were all offline, but now they are online. Thus, all insurance professional needs to establish themselves online. Before we enter online and offline, let’s understand some fundamentals of marketing.
Fundamental of Marketing
Reaching the Your Target Market with the Right Message, approaching with appropriately selected Media is Marketing. Attracting customer to buy rather then we pushing just for sales is Marketing. Research of Customer phycology, purchase behavior, pains, gains, etc., are a few key factors if identified correctly, that the results are inevitable. Imagine you reach the masses with your impactful knowledge and customer calls inquiring about the concept or product. How would you feel? Isn’t it raising our levels, where the customer reaches you?
How can one reach the one crore Premium?
Once we have researched our ideal customer and know what message will solve their specific problem and through what media, it is easy to plan Multiple strategies depending on our strengths.
E.g., If we need to do one cr. Premium then would choose either one or multiple combinations
Let us understand from the table:
As shown in the above table, we can choose to either select one client with 1 cr. Premium or 2 prospects with 50 lac or 100 prospects with 1 Lac premium each or multiple combinations depending on the target segment we intend to approach.
Traditional Marketing v/s Modern Marketing
Previously, we used print media, i.e., newspaper ads and pamphlet distribution, to let people know about our business. We used Hoardings at different places to launch a new company or a new product. In modern marketing, we use the Internet to let people know about new businesses. The trend has changed now. The concept of 1 to many has been an easy time-saver. The use of Facebook, Instagram, Linked In, YouTube, Twitter has been increasing to let people know about our products and services. People are found more actively on these mediums. And as the marketing rule says, Reach your clients whenever and where we can find them. Plus, modern Marketing helps us with so many tools to find details of your prospects. What if we can reach to specific Age, gender, Interest Behaviours? Do you feel, going with such home-work will make our life much more comfortable?
CATT Content/ Attention/ Trust /Transaction
After all, everybody wants the business. All the activities that we do this for business. Do you want a customer to come to us, or we still want to go pushing them? We have two types of marketing, Push and Pull. Insurance is always not to be a push marketing product. What did you see that now people started by online policies call online portal?
Let us understand the specific attributes of Pull Marketing.
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Content
Content establishes ourselves as authority to the market. When we educate the prospects with knowledge, the prospects can differentiate us from the rest of the professionals, why the client/prospect should choose us in the entire world.
Attention
We need to grab the attention of prospects. When we raise clients’ pain points and make them realize the importance of planning today, we pull the attention. How many times have we seen the people drawing attention and sowing the seed that turns into a business for them? Have you observed it?
Trust
When there is a consistent effort to provide content and grab attention, prospects gain trust towards the contributor. Trust helps prospects to engage them in meaningful conversation, as there is some level of confidence earned with reading / listening to our content on social media. It is how well we treat our prospects that will help them gain more and more trust. When we reply to their questions or comments, we are subtly expanding our relationship with them.
Transaction
When the prospect has a fair idea about our thoughts through articles, blogs, videos, and comments, the transaction process happens. It takes time to build the process, but the potential growth is exponential once the process is established.
Integrated Digital Marketing
The question is obvious that it is too much to take care of? Digital Presence, blogs, funnels, follow-ups?????
There is a solution to every problem. Have you seen when you buy any product from any online store (Amazon / Flipkart), you enter in their mailing list. Then follow-up starts. Offers keep on popping. Mailboxes are full of irresistible headlines, insisting you to open and have a look at the offers? Eventually, you get motivated by seeing the offer, and you end up buying products you probably never required. Or possibly even after the product has arrived and you still even opened it. However, this happens less but happens. Imagine you have a massive email list, and you run an email campaign, an auto-pilot setup. You have given instructions once, and it follows your instruction 24*7. In fact, this integrated Digital Marketing is a boon for all businesses. We shall discuss the integrated digital marketing in another particular article. So keep on hooked to my further articles.
Personal Branding
Results are better when we create our Brand by establishing ourselves on the digital platform. Let prospects be aware of us, our achievements, our recognitions, case studies of clients, and our testimonials and success stories. We shall be again writing a special blog on how to establish Personal Branding online.
We all know that Digital is the future. Thus we need to establish ourselves on socials platforms not just for presence but to generate business. We also need to keep on updating the latest trends happening in the space of digital marketing. If you like the article, please comment on what are your three major action points.
Check out my video 7 Reasons for Digital Success.
