Education is the key to digital selling for insurance brokers
"Education-based marketing is the sharing of knowledge with the purpose of building trust"
To win more new business and build trust quickly with prospective clients, Insurance Brokers need to adopt an education-based marketing approach as a key part of their marketing and sales efforts.
WHY EDUCATION-BASED MARKETING MATTERS?
Education based marketing builds trust with prospective customers when an expert shares knowledge that educates a customer and that customer values the knowledge. In a digitally-led world, relationships between experts, such as insurance brokers, and customers should include an education-based marketing approach. If building trust is important to you, then seek to educate. If moving beyond transactional sales is important to you, then seek to educate. If building long-term loyal clients who seek out and value your expertise, then seek to educate.
Today's consumer won't do business with people they don't trust
HOW TO DO EDUCATION-BASED MARKETING.
Insurance brokers should seek to implement education-based marketing at all stages of their client engagement. This includes pre-sales marketing, first interactions through your website or on sites like Advisr, nurturing of warm leads, closing sales, deep in needs analysis, finalising your initial scope of work and through to re-engagement and growth strategies. Through consistent application of an education-based approach at every step with impact your business performance.
Some reflective questions to help you qualify how you're currently going:
1: What does your marketing focus on? Does your marketing typically contain a product, sales or brand led message? 2: What content, tools and educational assets have you developed? Some have developed very little and others have developed a lot. 3: Why did you develop these specific tools? Did you replicate what you'd noticed other insurance brokers had developed or werethese assets developed through client consultation?
Three ways for how you might start to implement education-based marketing
If you're looking to start integrating an education-based marketing strategy, here are some helpful approaches to work out where you could start your education-based marketing initiatives: 1: What are the key gaps in knowledge that you hear consistently from clients? Listen for phrases that customers use like "wow, i'd never thought of that", "can you explain that to me again", "what does that mean?" and "why would I need that?". These are all strong clues around topics you could focus on. Write them down, create a list and monitor for trends over-time. 2: What insurance related words are your customers searching for on Google? Either do the research yourself or seek out an expert to help you. Targeting deep and specific search terms, often 4 or more words long, that align with your business offering is a good starting point. 3: What areas do people typically change as a result of your interaction with them? This might give you a sign that they were receptive to the input and valued it because they implemented it and simply lacked knowledge before they'd engaged you.
WHAT EDUCATION-BASED MARKETING LOOKS LIKE.
There are lots of styles and approaches you can use to communicate your education focused message. Below are some different forms and some examples of the type of content you could produce. Short videos
- Explainer videos
- Case studies of your clients
- Regulatory changes and implications
- Innovation & insights
- Written content can come in many forms.
- Interviews with customers on why they selected you.
- Client case studies who've been through a claim experience.
Market updates & trends
- Industry-specific overview.
- Updates on what new client risks have arisen.
- Trends that are seen in other industries that might apply to yours.
Data analysis across your sector or location
- Changes in risk levels being covered eg increased PI.
- Numbers and types of incidents occurring.
White-papers (longer-form reports)
- Critical analysis of bigger regulatory changes.
- In-depth client reviews of what made them successful.
- Topical lists: Cyber insurance checklist.
- Special events: Selling or Acquiring a business checklist.
- Shutting down a business.
- Starting a business.
- Adding a new premise or site to your business.
Inspirational and educational photos
- Photos relevant to your target audience; eg sailing photos for marine insurance experts.
- Testimonials from customers.
- Replacement Cost Calculator: Budget calculators to determine replacement value
- Scenario Planning: Impact on premiums if a customer reduces risk
If you'd like assistance with starting an education-based marketing campaign, please reach out to the Advisr team. We have a team of experts ready to help you develop great content, promote it to audiences and build your insurance broking business.
Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Andy Jamieson.