Growing and marketing your scheme
07 May 2019
Using our experience working with many different brokers and developing a range of schemes, we’ve pulled together some tips to support you.
Research: understand your market and your customers
- Where and how large is the market?
- Who are the competition, what are they offering and why are they successful?
- Is there a real need for your product and how should it be positioned?
- Do you know how and what your route to market will be?
- What is the headroom in your market? (Market size – your market share = growth potential/headroom)
- Have customer needs changed and do you need to adapt to meet these?
- How does your business and offering compare to your competitors?
- Industry publications
- Research papers
- Social media activity in the industry and among competitors
- Your customers – perhaps the most valuable source!
Constantly review what your customers want from their insurance. Don’t assume that it’s the widest cover they can get. People don’t want to pay for what they don’t need or value. And don’t be distracted by what your competition is doing. It is important to know what is out there, but your scheme should be designed to meet the needs of your customers, not to replicate the competition.
Put your customers first
- Email surveys
You can collect large amounts of data relatively quickly, cost effectively and easily, perhaps using an online survey tool or in-house capability.
- Quick surveys
Every time you speak to a customer on the phone, consider asking them a simple question.
- Satisfaction surveys
Do you know how customers feel about you and how this compares to other suppliers? You can survey them post sale or post interaction (for example if they’ve claimed) to get both quantitative and qualitative results.
Communicate your core messages effectively
You can always expand on them or give examples to demonstrate if needed.
- Compelling and meaningful
State the benefits of working with you or buying this product. How are you different from the competition?
Where possible to add substance, for example; use award wins or statistics on customer ratings or satisfaction that are externally verified.
- Used consistently
In all communications with customers whether it’s in an advert or brochure, email campaign or just a conversation. Make sure you are reinforcing your messages at every opportunity.
- Known throughout your business
Everyone should know and understand your company’s core messages.
Be a master tactician
- Direct mail
- Endorsements from a third party like trade bodies or associations
- Social media campaigns on Twitter and Facebook
- Whitepapers on LinkedIn.
Become online savvy
Work with your insurer
- Product changes to stay ahead of the competition or to access a different part of the market. You may be given support and advice from their marketing team on how to access and win more customers.
- Or possibly changes to delegated authority to allow you to react quicker to customers. There are many resources on hand for you to access to support your growth plans.
- Retaining customers. This is always more cost effective than acquiring a new one. Think about your customer journey, is the only time you speak to a customer when you send them their policy documentation and then again with a renewal notice?