The times they are a’changin. And insurance customers are changing along with them. According to the IBM Institute for Business Value’s Executive Report, agencies who want to keep up with those “changin’” times and retain their “changin’" customers need to focus on three important things:
Not just as types or target groups, but as individuals. Personal interaction, something on which many independent agencies pride themselves, is still vital. Getting to know clients through face-to-face meetings, phone conversations, etc. still matters, but the best agencies also use social media analytics and social media-inspired conversations with customers and potentials to keep their fingers on the pulse of what matters most to consumers.
Don’t confuse value with price. While price certainly matters to most customers, their perception of real value typically includes factors like quality, transparency, and brand, too. Of course, knowing which customers value what most really means going back to #1, but delivering a quality product and excellent customer service, offering options to address diverse needs, delivering little “extras” (like traffic or weather tips/updates on your auto insurance web page), and educating clients about how products and services affect them individually are keys to providing value.
Millennials are becoming an increasingly important part of the insurance market. When they seek information, they want it all, and they want it now. They want to Google and find information about your agency. They want to check out your website. They want to read your Google+ and Yelp reviews. They want to view your Facebook page and follow you on Twitter or Instagram. They want to access you via mobile apps. Maybe they want to call you or schedule an in-person meeting. You have to be wherever they are, and wherever they’re seeking to find you.
The times are definitely changing. The success of your agency hinges upon your changing too.