Independent Agents Facing Crossroads in 2010
By: Adam DeGraide - CEO of Astonish Results
Traditional independent agents find themselves at a huge crossroads as they head into 2010. As macroeconomic conditions continue to shift, agents are trying to determine the best way to deal with the uncertainty.
As I travel the country speaking with agent principals, it’s clear that there are two prevailing schools of thought:
- Due to the shifting economy, the best thing we can do is cut expenses, pull back on advertising, and consider the possibility of selling the agency or merging with a competitor.
- There has never been a better time to capture market share, buy out competitors, and take advantage of the recent shift in the marketplace.
Predicting negative future economic conditions can become a self-fulfilling prophecy.
A better strategy is to figure out ways to insulate your agency from almost all market conditions. This takes focus and effort. It starts with an analysis of your existing profit LEAKS.
Here are 3 questions every independent agent MUST ask themselves in order to become recession-proof:
Question 1: Do we have a clearly-defined sales strategy for dealing with the modern consumer? I.e., Do we understand how customers research our products BEFORE they come to us, so we can serve them better WHEN they come to us?
Question 2: If we pull back our marketing efforts, what is our strategy to NOT ONLY grow the agency, but also avoid LOSING customers to our competitors?
Question 3: Knowing 85% of all insurance research starts on the Internet, do we have a clearly-defined strategy to help consumers FIND us on the web, SELL them when they do, and KEEP them as customers for life?
Attributing agency growth and income to macroeconomic conditions is a simple way of ignoring the MICROECONOMIC issue of “have I done everything I can as a principle to provide my agency with the highest probability of long term success?”
If you’re like most independent agents, your instincts are telling you that there is a lot more you can do. The question is WHAT to do, and HOW to do it.
Astonish Results has created a NEW WAY for independent agents to double the size of their agency in less than three years, under ANY economic conditions. To hear how the top agencies in the country are taking advantage of this opportunity, schedule a Virtual Presentation of our digital marketing system online. Make 2010 your best year, EVER!