- Where Insurance & Technology Meet

Is The Media the Message for Successful Brokers?

What differentiates a  broker/agent who successfully uses social media for marketing from one who does not?  Is it the right media — or something else? We’d like to compare a few examples and then make a suggestion.  We’d like your thoughts.

What Does Success Look Like?

In our view,  success in the use of social media for marketing insurance is . . . . successful marketing of insurance.  More, better, retained, whatever.  It is all about increasing the penetration within target segments to produce profitable business.  This may seem obvious, but sometimes it gets lost in the morass of the media.  We’ll  get to that after we look at some successes.

A month ago, we reviewed some successful agents in this space .  To recap, at the February ACT  meeting, agents shared their techniques.  Here are two examples:

  • Chris Paradiso generates leads by posting YouTube videos. Based on tracking results, Chris found that the best close rates for these leads came when follow up occurred within 5 minutes of receiving the lead.
  • Chad Davis runs a network of independent agent/contractors across the country.  Chad conducts internet marketing, develops leads and shares them out.  He fine tunes the workflow based on a continuous analysis of the pipeline and what is getting closed. He fine tunes his ads based on these results.

And Where Does Success Go to Die?

A recent post on LinkedIn came from an agent who was just starting with social marketing:

My digital marketing has stalled. … I have gotten results running ads on Facebook pointing to blog posts.
Based on CAP’s recommendation that I bolster my following on Facebook, I have started aiming my ads at my agency Facebook page. Likes went up 50% (still a low 86) but quote activity died. I hesitate, after hearing what an intern had to say about contests, to do the give away. You want engagement. There is also the variable that it is the marketplace that is not worried about what they are paying or concerned that there coverage is right.

Sad, right?  Watching likes go up, but seeing quotes die.  Looking to the intern to validate the strategy. Blaming the market place.

What was worse, in our mind,  were suggestions the the broker that wanted to blame the specific media.  One said that the value of Facebook had been constantly declining.  Another suggested switching to Google +.

What’s the Problem We’re Trying to Solve?

In our mind, the focus of the agent in the unsuccessful example was NOT on selling insurance.  It WAS on finding the right media.  And the suggestions reinforced the emphasis.  The only discussion about results were that quotes died.

We don’t know for certain but we’re willing to bet that neither of the successful agents hit a home run in the first at bat.  What each of them did, however, was to wait for some success and tried to capitalize on it by measuring what happens and making slight, incremental changes.  Then measuring again.

In other words, they weren’t looking for a quick success, but rather using measurement of results to improve success rate.  This is nothing more than what we were taught back in the days of rotary dial phones.

So What Do You Think?

Is there a social medium that is the best for prospecting?  Or Is it the quality of persistence and the value of of careful measurement that makes the difference?

Let us know your thoughts.