Philanthropy goes beyond signing a donation check. It can be a tactic in your insurance agency’s marketing strategy. Think of it as a mutually beneficial relationship. Your agency helps a local nonprofit and, in return, you’ll get exposure.
Philanthropy Isn’t Only for Corporations
A lot of insurance companies know philanthropy is a key part of their marketing success. Most have webpages solely dedicated to their philanthropy efforts. These are a few on the first page of a quick Google search:
If you think your insurance agency is too small for philanthropy, think again. Small and medium businesses actually give more than larger corporations, according to Alignable. Although corporations write bigger checks, small businesses donate a larger percentage of profits.
Not Always About MoneyPhilanthropy comes in different forms other than a check. Your agency can contribute time or expertise, too. These are often called in kind donations. Instead of giving money to buy goods or services, the goods or services themselves are given.
For example, you could offer to provide the t-shirts for a local nonprofit’s fun run. In return, your logo could be displayed on the back.
As you can see, it’s not always about money. Here at ITC, we go to Ronald McDonald House of Dallas once per quarter to cook meals for residents. We buy, cook, and serve the food, then clean up after.
That’s the great thing about philanthropy. You can set aside however much money or time works for your insurance agency.
If you don’t have a lot of extra time, pay to sponsor a special event. Match employees’ charitable gifts. If you’re not sure how much money you can spare, set aside a volunteer day to give time. For example, plant trees or build a house for Habitat for Humanity.
ExposureThe most obvious answer is philanthropy leads to visibility and brand recognition. Depending on the type of contribution, it can get your logo and agency name out there. Think banners, t-shirts, flyers, event programs. You’ll be top of mind for those local insurance shoppers.
Don’t just leave it up to the nonprofit to get the word out. When your employees volunteer, or when your agency donates, share it.
Post to social media and tag the nonprofit. Send out photos in your newsletter. Add it to your website’s event calendar. Even write a guest blog post for the organization’s website. Be sure to get that backlink, too.
Other BenefitsThink of philanthropy as a mutually beneficial relationship for all parties involved. Beyond exposure, there are even more benefits of philanthropy can offer your agency.
CommunityGet in good with the public you serve. Charitable giving shows you’re a making a difference in your area. It strengthens your agency’s bond with the community. It gives you a competitive advantage over larger corporate entities in your town. Plus, most communities have a segment of consumers who make an active choice to shop local.
CultureVolunteering is an easy way to boost corporate culture and improve employee morale. It makes employees feel connected to their company, which increases retention. Not only does it makes for well-rounded employees, it could be a deciding factor for a job applicant. People like working for a business that makes a difference.
Tax DeductionDepending on what you give, your donation could qualify for a tax deduction.
Business DevelopmentMake your philanthropy projects part of your business development strategy. When appropriate, talk about your agency’s volunteer work.
PositivityPhilanthropy associates your insurance agency with something positive. That’s because it feels good to do good things.
Pick a Cause, Any CauseHopefully by now you’ve decided philanthropy is the right fit for your agency. Now, you need to select a cause or nonprofit organization to pursue.
Do you have a personal connection to a certain cause in particular? You could ask your employees and get a feel for what they are passionate about.
Another way to identify a good match is to find something aligned with your agency’s values or niche. For example, you could partner with your local Red Cross chapter for disaster relief services.
You don’t have to pick just one. You can rotate between different organizations depending on their needs throughout the year.