Are You Looking For More Leads in the Life Insurance Field? Get Started with Referral Marketing!
Is referral marketing missing from your marketing efforts?
It is possible that you will not be familiar with referral marketing as you become an insurance agent. Many businesses miss out on this step.
Referral marketing can be summed up as the practice of gaining leads through recommendations. According to reports, 83% of people choose products and services based on word-of-mouth recommendations.
Referral Marketing: What Is It?
Paid ads can get you a good amount of leads, but they aren’t the only way to expand your customer base.
Referral marketing can still generate leads even if you have never implemented it. In the event that a client refers a friend to you, the lead will be considered a referral. The fact that referral marketing reaps the benefits of word-of-mouth from your clients means you are gaining high-quality leads who are already interested in your products.
Additionally, you can achieve greater results by focusing on generating leads by implementing specific referral marketing strategies. When it comes to increasing sales for insurance agents, referral marketing can be an extremely useful tool.
Never miss out on another great lead. Get all the tips you need on implementing an effective referral marketing strategy by reading on.
Referral Marketing: The Benefits
In addition, do not limit yourself to only asking clients who purchased insurance from you. Even if a client decides not to buy one of your products, you have provided them with value and helped them along their journey. By simply asking, you will often receive referrals from people if you brought them value.
High-Quality Leads
The first benefit of referral marketing is that the leads are very high quality, with pre-established trust in your services. The best leads are generated by referrals because it’s common for them to come to you with a purchase in mind. Instead of measuring the sheer volume of messages, referral marketing measures performance.
Trust
Your current client has already established trust for you. By simply asking existing clients for recommendations and contacting their beneficiaries, referral marketing can help you multiply your trustworthiness. Trust is a crucial component of lead nurturing that you have already acquired through your current clients. Great! You can now focus on connecting your clients to the right policy based on their needs more efficiently.
Loyalty
Referral customers are considered some of the most loyal. Having been recommended to you by someone they know, they have an inbuilt loyalty to you.
FREE
Free marketing always calls for celebration. Not only do you have a more qualified lead and trust already predisposed, but it also doesn’t have to come out of your marketing budget.
Referral Marketing: Strategies
But how do you get people to refer others?
Our list below highlights a few referral marketing ideas and strategies that you may implement. With these techniques, you can attract loyal and high-converting clients, even with a small client base.
Just Ask
Many agents are timid about asking for referrals directly. You may be shocked to learn how many of your existing clients will be delighted to recommend you to family or friends. Most people are pleased to refer you to others if you have met their needs well. There is one thing that you must do, though. Just ask.
In addition, do not limit yourself to only asking clients who purchased insurance from you. Even if a client decides not to buy one of your products, you have provided them with value and helped them along their journey. By simply asking, you will often receive referrals from people if you brought them value.
Involve policy beneficiaries
Referral leads can also be generated by contacting policy beneficiaries.
Despite being highly overlooked, this is one of the best referral marketing strategies available.
Whenever you write up an insurance policy, ensure you contact the beneficiaries. In addition to keeping everyone informed, you can also ask the beneficiary about their needs using this method.
When you tell beneficiaries about the existence of the policy and how to make a claim, you provide free value and begin an interaction. As a result, you have a unique opportunity to offer your services and provide the foundation for more referrals.
Reviews
If there are enough positive reviews of a product before purchasing, we trust the brand and the product is of good quality, just from strangers stating their positive opinion. The more positive reviews, the more we trust. You should also try to get testimonials, star ratings, and written reviews from all your clients. The more, the better. Recommendations build trust, whether from a friend or a stranger.
Influence marketing
Influencer marketing involves using influencers to generate interest in your brand by harnessing the trust that their audiences have in them. A variety of industries have turned to influencer marketing, such as fashion, beauty, and lifestyle. The strategy, however, is capable of being applied to almost any industry.
Pick influencers that have engaged audiences and research them before choosing them. You should also ensure their content and authority matches the insurance types you sell.
Are you considering pursuing influencer marketing as an insurance agent? Referral marketing and influencer marketing can go hand in hand very well. If you are looking to promote your services in someone else’s content, you might want to contact a Youtuber, blogger, or Instagram influencer. If your offer is accepted, they will recommend you to their audience.
Implementation and how to maximize your business
You can see, referral marketing is an excellent source of quality leads. Encourage your clients and beneficiaries to refer you to increase your referral numbers. Influencer marketing and incentive programs are also viable options.
Want to learn more? Check out 5 Insider Tips on How to Increase Your Life Insurance Sales.
Do you want to generate more leads, close more sales, and grow your insurance business? We at Finaeo are dedicated to helping you accomplish your goals and build the insurance career you’ve always wanted.
Having custom landing pages for your advisory services increases advisor referral opportunities by making clients more impressed with your professionalism. Clients can refer advisors to friends more easily through landing pages, such as sending a link to a friend to learn more and book a consultation more quickly. Let clients know about your brand and what you have to offer! It only takes a few minutes; no web design skills are required.
Each advisor customizes their Finaeo landing page; clients can access this page to learn more about them, and their services, and to ask for more information. When leads fill out the landing page with their contact information, a client card is automatically populated in the Finaeo Contact Manager for your business. Our services go beyond landing pages; we streamline the entire process from prospect to policy.
Find out more about Finaeo here.
