With dozens of companies offering similar services, it’s crucial for insurance companies to find ways to boost their productivity and gain a competitive advantage in the market. Professional lead generation is one of the key strategies to keep your insurance business on the growth path.
What is Professional Lead Generation?
Lead generation involves discovering prospective customers and convincing them to buy your product. It is a method that insurance agencies can use to attract new customers instead of waiting for people to come knocking at their doors. Professional lead generation involves engaging professional services to generate leads for your business.
Many insurance businesses may not have the time to focus on lead generation in-house. Given that insurance businesses have enough on their plate in terms of accounting and compliance, they may consider outsourcing the job of lead generation to a professional agency.
Why is lead generation important for insurance agencies?
When professional insurance lead generation services do the job instead of an in-house team, the process is much more efficient and, consequently, the results are better.
One of the most significant benefits of lead generation is that it helps insurance agencies find new customers. Professional lead generation can help you gain a larger market share by enabling you to reach new customers you otherwise may not have access to. To begin with, insurance companies can start using insurance business process outsourcing to get professional services to do the tough job, while they focus on the work they have the resources and expertise for.
Moreover, this way, you will find customers who are more likely to buy your product than those who come to you directly. Since you have more time to research and plan your sales pitch, you have a better chance of selling a plan.
Here’s what professional insurance lead generation can help you achieve:
- Discovering new leads
Generating new contacts is a crucial part of lead generation. If you don’t find leads, you are not getting new customers. It may seem obvious, but companies sometimes overlook the importance of finding new leads. When generating leads, you are creating recurring revenue streams for your business. Once you have new customers, you can continue selling them a variety of products.
Most insurance agencies sell a range of products at different price points. The lower price points usually are not enough to cover expenses and generate a profit. The higher price points are necessary to generate enough revenue to turn a profit. Leads allow you to make extra money to cover your expenses and boost your profit margin.
- Improving ad budget efficiency
Most businesses spend a lot of time and money on advertising. Unfortunately, in some sectors, ads can be of little help. You could be throwing money away if you are relying on ads that do not necessarily bring you the right set of customers. By concentrating on generating leads, you can put your money towards finding customers who are likely to buy from you. Instead of investing money on ads for people who are not interested in your product, you can direct your ads towards people who already want your product.
- Boosting business productivity
Boosting productivity is a vital component of any business strategy. When you are more productive, you can improve your profit margin and have more time to pursue other ventures. With professional lead generation taking over the business development aspect of your business, you will have more time to focus elsewhere and also start getting quality leads.
For instance, businesses often struggle to retain customers. Improving customer engagement and assistance helps, but it is time-intensive. When businesses focus on both these tasks in-house, they seldom get good results. With more time on your hands, after having outsourced lead generation, you will be able to focus on crucial aspects like these. Moreover, with lead generation bringing new prospective customers, your sales team will have more work to do in terms of preparing pitches and selling insurance plans.
When you create a marketing strategy focussing on lead generation, you are opening up your business to new customers and opportunities. You will also have more time to focus on your existing customers, which is great for business. With professional lead generation, you will have a steady stream of new customers. Over time, this will have a second-order effect: the customers you have gained will bring in new ones, either directly with personal intervention or indirectly through word-of-mouth. The key, however, will be to focus on what you do best in-house, while leaving lead generation to a competent external agency which specialises in the field.