Marketing Introduction

Marketing Introduction Business Mentors

Industry Dynamics • Claims programs • National vs. Local decisions • Agent referrals • Corporate referrals • Direct referrals • Increasing deductibles • Consolidation • Yellow pages vs. Internet • TPA’s

Creating Your Plan Create a high level of expectation - demand the best. Everyone will rise to the level of those around them. • Take a Marketing retreat • Involve key personnel • Begin with the end in mind • Create your own success "The way the world is imagined determines at any particular moment what [people] will do." Walter Lippmann

Budget • Budget • Opportunity cost • 2.5 – 7% of revenue • Includes: • Salaries and all employment costs • Advertising • Promotion • Events & associations • Expense accounts • Needs to be dynamic

Company Communications • Market to your staff • Activities • Victories

Goals “What gets measured gets done.” • Goal defined: • Quantifiable • Attainable but just out of reach • Time frame for achievement • Easy to measure and communicate • Must be in writing

Goals – Alignment • Corporate identity • Mission • Vision • Purpose • Core competencies • Congruent with corporate goals • Stirs people to action

Goals continued • Overall marketing goals should be limited to 3-5 major items • Some areas of focus: • Sales volume (sales vs. revenue) • Type of work received • Number of sources sending work • Quantity of work by source • Individual production

Acknowledgement • Celebration • Challenges • Recognition and rewards

Brand • Be different – USP • Consider going away from the crowd • What are your needs? • Volume and cash flow • Long term stability • Diversification • Create then become • Know your competition – don’t let them define your company • Match competencies

Know Your Market Client’s economic emancipation has already begun. Customer’s have complete access to information about products, prices, everything – you won’t last long if you don’t establish relationships based on trust – only way to do that is to offer clear, undisputable value… Fast Company Magazine – Ryan Underwood • Motivations • Client dynamics • Internet • Popular media • Familiar influences • Litigious pressures

Execution • Put your plan in place and consult your plan frequently • Measure progress • Adapt as needed

Target Market • Who are you trying to contact • Break down into sub groups • What types of work are you likely to receive from each group? • How are they influenced? • How can they be contacted?

Tips "Never mistake motion for action." Ernest Hemingway • Create the plan, implement the plan • Identify and schedule marketing activities and contacts • Try a focus group meeting • Create “marketing” photo portfolios • Solicit letters of recommendation • Network locally and Nationally

Tips Continued • Activity - don’t wait for the perfect plan • Goals and measurement • Consistency and Repetition • Focus your efforts for maximum results • As the owner - lead the charge

Obtaining work in the industry • Quality Production • Insurance dependency and strategy • Not all accounts are the same • Ask for the order • Provide a compelling reason to buy • Turning a contact into a client • Be prepared to start small

Claims programs • Do you want them • How to get on • How to stay on • Why insurance companies make the decisions they do • Cutting claims admin costs • Pilot programs • Competitive environment • Non-emotional business decisions

Advertising • Television is it for you? • Opportunity cost • Return on investment • Impact • Time • Emotionally Powerful and strong impact • Budget • 9-12 Months

Yellow Pages • Market is Changing • Be cautious • Measure and track • Appropriate books and sections

Selecting Your Work • Can you craft your company? • Establish where you want to go • How quickly can you get there? • Establish priorities • Brand • Competencies • Vision • Marketing plan

Highly Effective Activities • Competence • Education • Solve problems • Timely paperwork and communication • Focus group • Customer service • Record keeping and process

New Activities • Internet • Web Optimization • Contact screen • Email • Television • Disaster planning

Assessment • Record Keeping • Make decisions based on history and reality • Give you strategy a fair chance and then get off a dead horse

Summary • Have a plan and communication strategy • Match strategy to brand and competencies • It is a group effort • Use goals to focus effort • Back it up • Target and FOCUS! • Quantity of contacts • Say thank you

Marketing Introduction