Adapting your Agency’s Value Proposition

As we slowly come out of the economic crisis, it will become increasingly important to emphasize your agency’s value during your prospect calls. Decision–makers may be slow to switch their brokers today or next month, but insurance is one of those buying decisions that MUST be made. Come renewal time, they will either shop their policy and switch, or they will stick with what they have, which is still a buying decision.   

In the months to come, show your prospects why they need your expertise so that when the time is right, they think of you. Undoubtedly, this has always been important, but since priorities have shifted, such as getting staff in an effective work-from-home model, Producers must consider their value prop even more to get attention, while we are still knee-deep into this pandemic. MarketReach can help script a new value proposition and deliver it to your prospect list through skilled phone outreach. 

Value Proposition Checklist 

No. 1: It’s clear. Your value proposition should be easy to understand over a phone call and when written in emails or marketing collateral. 

No. 2: It’s thorough. Remember to communicate any new benefits or features added to your agency’s offerings as a result of the pandemic. 

No. 3: It sets you apart. How are you providing different or better service than your competitors during this time? Perhaps you have a carrier with an appetite for a specific line of business, that you can turn into specific verbal and written content. 

No. 4: It is concise. It should be understood (in about 30 seconds) to capture attention, until you have earned more time to be descriptive. 

Why Should a Prospect Buy from You During this Time?  

You may have needed to adapt your services during this time to meet your customers’ new needs. According to the Parliamentary Review, “Those companies that do have a future in the new world will be totally focused on what will bring their existing and prospective customers strategic value in the new world. They will also be looking out for what will bring them market advantage, what will bring them flexibility, and what will reduce their risks.” So, as we navigate our new normal, what value will your company bring to the table?  You may have always offered “safety consulting to get you the best rate” or “a checklist to help bring you out of the assigned risk category”.  How can you expand on those services and hone in on how that now relates to our new normal? 

Tell your prospects what changes have been made to put you ahead of the competition. This could be your competitive advantage. 

Next Steps as Your Agency Adapts 

Think about how you will communicate your adapted value proposition. Try to collect current data through case studies to prove the success of your agency’s offerings during these uncertain times. Update your website and social media to reflect any changes in services. If your online presence doesn’t demonstrate you’ve adapted, prospects will give their business to more innovative agencies. Get in front of your best prospects through phone outreach, email newsletters and direct mailers. If your agency needs help executing any of these efforts, call MarketReach. Our trained sales professionals will deliver your value proposition to your targeted audience.  Keep these tips in mind as you put forth marketing efforts to fill your sales pipeline.