Top 5 Ways to Grow your Insurance Brokerage
A great way to grow your business is by hacking the system!
These clever tricks will help you 10x in no time. Here are my top five favourites:
Know your Niche
The best way to succeed in the insurance industry is by focusing your efforts on a particular market segment. This type of strategy can make it easier for you, as an agent or broker with niche knowledge about certain types and levels of coverages that specific industries might require.
Develop a business plan and update it regularly
A good business plan is like a map that will help you stay on track and achieve your goals. Your business plan defines the direction of your company. Identifying strengths/weaknesses with key players in place will enable strategies to avoid confusion or wasted time. Identifying opportunities for growth before they're taken away by outside influences - all while setting clear objectives and revenue targets to reach break-even point as soon as possible! Your business plan can be as simple or complex as you want it to be. A great way to start a business plan is by addressing the key areas that need coverage:
a. A basic description of your company,
b. it’s market analysis
c. and marketing strategy.
These three components, in particular, will help you map out what it takes for successful growth over time and provide precise financial projections, so there are no surprises down the line!
Develop a referral system
If you are building solid relationships with your clients, referrals will follow. If you're good at what you do and they like working with you, then those referral opportunities are just a matter of time! Developing an incentive system can speed up the referral process. Incentive systems help drive the desired behaviour.
Use the power of partnerships to grow your business
The world seems like a more complex place than ever before. You have all these great ideas for products or services, but finding someone who can help you put them into practice is challenging because there's not enough time in one day- so how do we make this work? Well, if every individual paired up with another person doing something similar, then some excellent results could happen! As technology advances at such rapid speeds, it has become easier than ever before just getting access to people from different backgrounds outside our own company.
Everything takes time: family, friends, taking your kids to their sport, school drop-offs and pickups, volunteer activities, and church. It's easy to run out. If you're like many brokers out there, you "borrow" sales time to run errands, sort out your paperwork, or you might stay out at lunch with a client for an hour more than you planned! But that's not the way to grow your insurance business. It would help if you were firm with your sales time, as this is the time to build your book of business, which will, in turn, develop your pool of referrals. If you have to block out that time in your calendar to knuckle down, do it. Set up a reminder to prompt you when to start. It sounds pretty obvious when you think about it, but it's easy to get distracted with non-revenue producing activities. Maintaining your social and family connections is also important, so make sure you set aside time to manage non-revenue producing activities.
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Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Broker Base.