Are Acres of Diamonds Hiding In Your Insurance Agency?

Have you ever heard the Acres of Diamonds story?  Here’s the short & sweet version:  A farmer learned about diamonds and sold his farm to go get rich diamond mining.  (Spoiler….he never found a diamond!)  The man who bought his farm found acres of diamonds on the property, right under the farmers nose the entire time.  (You can read the whole story here!)

The moral?  Many times we go out searching for riches, when the opportunity for them is already right in front of us!  You just need to make the most of it.  (It also ties into the whole “the grass isn’t always greener on the other side” saying.)

So how can we apply this to insurance agency marketing?  

If you’re frustrated that your sales goals aren’t happening fast enough, ask yourself these questions:

  • How can I work with the clients I have right now to increase sales?
  • How can I work with the insurance products I offer right now to increase sales?
  • How can I make my office run more efficiently right now?
  • How can I train myself or my staff to improve results right now?
  • How can I mine some diamonds from the field today?  (Remember, diamonds don’t look like diamonds when mined, it takes work to get them shiny and valuable.)

Acres of Diamonds Plan

Here Are Some Places To Look:

Mono-line to Multi-line – Studies have shown over and over again that it is cheaper and EASIER to sell something to a current customer than a new one.  Take advantage of this!  Sell home/renters to mono-line auto clients.  Sell auto to mono-line property clients.  Sell life insurance, personal umbrella policies, boats, motorcycles, RV policies , etc, etc.  Make it a team goal to find out EVERY possible line of business a customer may need and actively prospect, contact, and upsell.

Get Competitive – Look at your most competitive product right now (meaning what has the best rates or is the most unique).  If you’re not sure what is competitive, contact your company marketing department!  They spend millions of dollars researching this stuff, take advantage of it.  I’ve seen detailed lists of various insurance products competitive analysis by zip codes.  Get this information so you can make good marketing decisions.

For example, if you have great home rates in the 12345 zip code, then you need to be actively prospecting clients for mult-line quotes there and TELLING THEM about the great rates!  If you’re competitive there, you’ll be able to beat prices.

Don’t waste time and money on areas that aren’t competitive.  Chances are they’ll come around at some point in the future, but you need to be smart with your marketing dollars until then.

Get Serious About Referrals – Referrals are one of the top sources of new business and they come from CURRENT clients and networking partners.  Create a solid referral strategy and get busy!  Market a referral program to clients, real estate agents, and lenders.  Start visiting professionals who can refer clients to you.  Be consistent.

Look Around You – Who do you know that could be a strong referral partner?  How can you grow those networks and connections in your local area.  What opportunities are you missing out on?  Start scheduling coffee chats at least once a week with a new person.  Build your circle of influence strategically.

Treasure Hunt – This sounds cheesy, but it makes sense I promise!  Take a look at what money & opportunities are already available but you’re NOT using?  Does one of your carriers offer free marketing that you’re not taking advantage of?  Do you have budgets available that haven’t been used?  Some carriers offer what I’d call “monopoly money” that you can use only with their preferred partners.  How do you get it?  Call and find out!  Does your company offer a charity donation or grant if you promote a local non-profit organization?  These things bring goodwill, create publicity, and get your name out there (and don’t cost you anything!)

The point of this whole post?  Use the resources that you have RIGHT NOW to make stuff happen.  Yes, we all want new leads and quotes, but we can’t sit by the phone twiddling are thumbs waiting for them to come in.  Use what you’ve got and mine those diamonds!

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About The Author

Robyn Sharp

Robyn Sharp is an insurance marketing expert (and former agency owner). She specializes in Facebook content creation & marketing for P&C insurance agencies. Robyn has been a featured contributor to Exclusive Focus, PropertyCasualty360, IndependentAgent, and other insurance publications.