Like many industries, competing in today’s climate looks much different for insurers than it used to. To stay relevant, insurance companies need to utilize social media to increase visibility and enhance their familiarity with potential clients, and further develop relationships to build trust with current clients.
Relationship Building v. Transactional Pushes
Companies can easily fall into the trap of using social media to try and sell their products and services, but this is not the right approach for long-term growth. By focusing on building trust rather than selling, insurers establish themselves as knowledgeable and industry experts by exchanging useful and actionable information to current customers and potential clients.
By establishing yourself as an industry expert, you create a greater market presence by fostering deeper relationships with your target customers. Additionally, by sharing knowledge about the industry, you, in turn, share information about your own products and services without overtly selling them. This leads to new customer generation more effectively than traditional social selling.
Customer Retention
For sustained long-term growth, the focus can’t be solely on new customer acquisition. Instead, insurance companies must ensure repeat business and customer retention. By having an active social media presence, companies can enhance their customer service by reacting in real-time to industry issues, customer problems and complaints, and the perceptions that your brand has in the market
Vital Communication
Finally, insurance companies have been able to utilize social media to disseminate important information during post-catastrophe events. When a natural disaster strikes, customers are looking for ways to recover. By being a vocal presence, insurance companies can communicate the assistance that they are offering and how customers can file claims to get back on their feet.
As the world continues to digitally transform, insurance companies need to be proactive in their social media marketing approach if they hope to compete effectively in their industry. Being reactive to market changes will mean that you are already behind the curve.
Want more resources to perfect your online presence? Download the framework for high performing social media accounts below, plus get our social media planning worksheet for you to use week after week.