So Your Agency Wants to Invest in Marketing…

March 26, 2018 Phillip Long

 

Budget
 

If I had to guess, I’d say around 60 percent of my inbox is prospecting emails for companies that want my business. (Okay, maybe not 60 percent, but it does seem like it).

There are a lot of independent insurance agencies out there that still don’t market their agency. They rely on referrals and word-of-mouth.

While that may work for some, it will be the downfall of others. I don’t want it to be the downfall for you.

So, when you are ready to invest, make sure you have a plan.

 

Set a Budget

Depending on the size of your agency, your marketing budget could be as little as $50 a month. Large agencies could have as much as a $100,000 annual marketing budget. Either way, your budget will determine the type of marketing you can do.

But, every agency will have different goals. Some will want brand exposure. Others will want a certain amount of leads per month.

The important thing is you stick to your budget. You won’t always hit the ROI you want with your marketing, and that’s okay.

 

Decide What Kind of Marketing You Will Do

After your budget is set, you need to look for the different marketing strategies that fit. There is a wide range of marketing techniques you can choose from.

These range from small town newspaper circulations to nationwide pay-per-click (PPC) techniques. Your marketing choices should align with your agency goals.

If you are a smaller agency, consider how to raise the awareness of your brand locally. Sponsorships, local events and small circulations would be good options.

If you are a larger agency, focus on bringing in leads from various areas that you want to target. That will take the form of PPC, SEO or other digital marketing tactics.

 

Set KPIs

Next, you’ll need to determine your key performance indicators, or KPIs. These are individual data points that give you a read on how successful or your marketing is doing.  

Your KPIs will differ with each type of marketing you might do. Here are a few examples.
 

  • Local magazine advertisement
    • KPI: Number of phone calls from marketing phone number
  • Local event or tradeshow
    • KPI: How many business cards you collected
  • Email marketing campaign
    • KPI: Number of clicks on Call to Action link or phone calls
  • Pay-per-click campaign
    • KPI: Number of conversions or conversion percentage
  • Search engine optimization  
    • KPI: Percent increase in website traffic, traffic from specific geo target. (Or, any number of Google Analytics data points).


There are tons of potential KPIs, and they don’t have to always be strictly ROI-based. They are specific to your agency’s marketing goals. Too many agencies start marketing campaigns without thinking about what success means to them.
 

Track Results

Everything you have done up to this point ends with tracking the results. You have to be able to determine if a campaign was successful or not. Or, how it performs over time during repeat campaigns.

Monitoring KPIs during a marketing campaign can help you determine if you need to make adjustments along the way, too.

Whether your agency is new to marketing, or you have been doing it for years, going through the exercise above can help you determine if what you are doing is a good idea. 

 

About the Author

Phillip Long

Phillip Long serves as the primary contact point for all of ITC's search engine optimization clients. As the internet marketing product manager, he coaches and guides insurance agents throughout the SEO program, ensuring they progress smoothly. Phillip's specialties include conceptualizing marketing campaigns, SEO, and customer service. He has a bachelor’s degree in interdisciplinary studies from the University of Texas at Arlington with a focus in management and communication.

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