Build Commercial Book
Valuable tips help get commercial insurance sales.
Increase your commercial insurance book by helping business owners navigate risk challenges. Pressed for time and money following their business passion, most business owners don’t understand the coverage needed in evolving business environments.
The old PC risks of damage and catastrophe are compounded by technology, data-loss vulnerabilities, and new threats not yet seen that can take a business down. Small businesses especially don’t have the resources to rebound. Become their partner and support.
Selling to businesses takes a different kind of finesse. It’s not all about fear of loss, it’s about ROI and protection of livelihoods and employees.
Here are a few tips to speed up the sales process so you can generate new commercial-sales commissions.
Prepare Yourself
Learn the types of coverages you have available to sell. Do you have access to cybercrime protections, specialized business coverages, or any coverages that relate to businessowners, such as workers compensation, or other specialized protection.
Gain an understanding of broad business and industry trends relevant to small businesses. If there are regulations or requirements that especially affect small businesses in your area, know what they are and how they impact businesses. Keep abreast of business changes that create risks.
Businessowner policies include property insurance for buildings and contents, business interruption coverage, and liability protections, but typically don’t include professional liability, auto and fleet insurance, workers compensation, and health and disability. Be ready to provide all solutions that a business might need.
Business coverages usually are larger policies with higher commissions.
Identify Your Business Focus
Because each business segment often has its own language and risk framework, define the types of businesses you want to approach. When you focus on a particular niche, it helps you tailor your approach and become an expert for that specific segment.
By identifying your target segment, you might specialize in company size or specific insurance needs, so you can better focus your networking and marketing.
Define Your Unique Value Proposition
This is a great process to understand what business owners need and how you can provide it for them. Your value proposition defines the kind of value you will create for your customers. It’s a statement of your core competitive advantage against others and immediately communicates how you will help your customers.
This short statement is about why buyers should choose your products and services. It’s your specific solution to a known problem and a promise of how you will deliver it. It identifies the benefits your products offer to solve the problem and why it matters.
Create Custom Solutions
After identifying your target segment’s specific needs, create customized insurance solutions to meet specific requirements. Work with your own company to create needed coverages or work with multiple carriers – even a team of collaborative agents – to provide needed solutions.
Offer Competitive Quotes
You will need something to turn a business owner’s head. Why would someone with little time or extra money want to get more of the same? Ensure you understand the critical need for the coverage you’re offering and make it worthwhile to explore more. This is where the ROI conversation occurs.
Offer Value-Added Services
Differentiate yourself by providing clients special services, such as risk assessments, safety training, risk reduction programs, claims assistance or other services that make business easier and more profitable. Establish yourself as a trusted advisor to build long-term relationships.
Get Noticed
Attend small business workshops and seminars. Offer to speak on critical issues facing businesses. This positions you as an industry expert and enables you to directly engage with potential clients.
Joining related associations for your target segment helps you connect with potential clients, understand what their businesses issues are, and show you are committed to the industry. These might be professional associations, such as restaurant associations, or special groups within a chamber of commerce.
Develop Targeted Marketing
Marketing today is a chaotic mess. From AI-driven marketing to social media, voice-mail messages, and texting, CEOs are overwhelmed with marketing noise and tune it out. B2B marketing is especially inundated because business owners and CEOs are lucrative targets and are hit often.
Connecting with business owners isn’t always easy. They don’t have time to consume general information and often focus on media channels that relate to their business success. Thought-leadership content, such as whitepapers, webinars, or speaking engagements at relevant events help position you as an industry expert and the “go-to” person for information and help.
Most of this kind of marketing, though, is broad-based and doesn’t connect personally. Referrals and networks are important to establish yourself as a trusted source, but connecting and engaging through traditional digital marketing is not always fruitful.
Oftentimes, sending personalized letters with exclusive offers that show you know the company and what it’s facing in the marketplace has impact. Marketing that addresses specific business pain points and shows you know a CEO’S unique business needs, gives you an advantage.
Exclusive and customized solutions get attention, such as premium packages or tailored offerings for specialized coverages. VIP access to special events to build business often triggers interest.
Delivering these messages requires a personalized approach. Your preparation homework will put you ahead of the pack by demonstrating you know what you’re talking about, and delivering messaging directly to the leader with a handwritten mailer and signed letter makes an impression.
A letter allows space to demonstrate your credentials and expertise and to make personalized offers. Using a marketing service, such as Olde School Marketing’s handwritten direct mail, helps scale up contact quantity and quality with industry-relevant engagement. You not only increase contact numbers but also have more effective follow-up.
Be Patient
The business-owner’s office is protected by walls of assistants, referrals to non-decision-makers, and unreturned calls. It takes time to get the message through, but your diligence and focus will get you a call or an appointment.
So, be patient and consistent to demonstrate that your unique value proposition and your protections will make a difference to the business and generate ROI.