Wondering if any of you agents have increased or decreased your marketing activities in this economic downturn? Seems like most agents have been cutting back.
Total Comments: 5
Posted: Wed Dec 09, 2009 06:45 am Post Subject:
The job has certainly become tough for all of us. People are trying out different ways to earn opportunities. I see a friend struggling to achieve quality leads for life and health, while another had a productive time with P & C.
So, I must say that it's time for us to try one thing at a time. We can certainly earn, but we'd need to be more focused!
Posted: Thu Dec 10, 2009 05:33 am Post Subject:
Cutting back in a downturn is a bad move. it is the natural reaction for any business to cut back on marketing, but think about this: What a better time to establish yourself while the competition is getting rapidly thinned. When the economy improves, you will be ready to take advantage of already being well established in your market.
Posted: Fri Dec 11, 2009 04:26 pm Post Subject:
Wondering if any of you agents have increased or decreased your marketing activities in this economic downturn?
Economic downturn has really changed things for all of us. It has seriously affecetd our Business Insurance segments providing insurance solutions for business organizations (Medium to Large Size clients), however small premiums, coming mainly through Personal line of business and Small business segments, things have worked pretty well for us. Our margins have come down, and we are now spending more (as a percentage of premiums), but we hope that as things improve, may be we will be in a better shape.
In a nut shell, I realized that duing tough time- retail segments holds the key. As we all understand that insurance is all about numbers.
This tough time is best to work on building relations, pushing insurance products of low cost and upgrading your skills and developing some innovative channels to tap the availalble market potential. Increasing your market penetrations at this stage, will help all of us in achieving high growth rates when the economy will reach to normal growth.
Someone said long back- "Tough time never lasts, but Tough people do."
and I believe in it.
Regards
Posted: Sun Dec 13, 2009 08:49 pm Post Subject:
I've been ramping up mail, figure now I'm the only one sending "junk" mail so maybe people will get board and open it. ;)
Posted: Wed Dec 16, 2009 04:39 pm Post Subject:
Same here, marketing expenses are up almost 30% over same time last year. Quote activity is also up proportionately and Close/Hit ratio is also up over same period last year. ROI is positive...and we're increasing market share and top of mind awareness at a time when others are sitting patiently by their phones. I'm desperately hoping that others will continue with their "prevent defense" and keep cutting back on marketing.
BNTRS, we've also noticed an increase in direct mail response in the last six months. I attribute some of it to the lack of marketing by others. I'd like to give credit to my increasing skill as a "sales copy writer" :wink: but i'm not sure that's the case.
Posted: Wed Dec 09, 2009 06:45 am Post Subject:
The job has certainly become tough for all of us. People are trying out different ways to earn opportunities. I see a friend struggling to achieve quality leads for life and health, while another had a productive time with P & C.
So, I must say that it's time for us to try one thing at a time. We can certainly earn, but we'd need to be more focused!
Posted: Thu Dec 10, 2009 05:33 am Post Subject:
Cutting back in a downturn is a bad move. it is the natural reaction for any business to cut back on marketing, but think about this: What a better time to establish yourself while the competition is getting rapidly thinned. When the economy improves, you will be ready to take advantage of already being well established in your market.
Posted: Fri Dec 11, 2009 04:26 pm Post Subject:
Wondering if any of you agents have increased or decreased your marketing activities in this economic downturn?
Economic downturn has really changed things for all of us. It has seriously affecetd our Business Insurance segments providing insurance solutions for business organizations (Medium to Large Size clients), however small premiums, coming mainly through Personal line of business and Small business segments, things have worked pretty well for us. Our margins have come down, and we are now spending more (as a percentage of premiums), but we hope that as things improve, may be we will be in a better shape.
In a nut shell, I realized that duing tough time- retail segments holds the key. As we all understand that insurance is all about numbers.
This tough time is best to work on building relations, pushing insurance products of low cost and upgrading your skills and developing some innovative channels to tap the availalble market potential. Increasing your market penetrations at this stage, will help all of us in achieving high growth rates when the economy will reach to normal growth.
Someone said long back- "Tough time never lasts, but Tough people do."
and I believe in it.
Regards
Posted: Sun Dec 13, 2009 08:49 pm Post Subject:
I've been ramping up mail, figure now I'm the only one sending "junk" mail so maybe people will get board and open it. ;)
Posted: Wed Dec 16, 2009 04:39 pm Post Subject:
Same here, marketing expenses are up almost 30% over same time last year. Quote activity is also up proportionately and Close/Hit ratio is also up over same period last year. ROI is positive...and we're increasing market share and top of mind awareness at a time when others are sitting patiently by their phones. I'm desperately hoping that others will continue with their "prevent defense" and keep cutting back on marketing.
BNTRS, we've also noticed an increase in direct mail response in the last six months. I attribute some of it to the lack of marketing by others. I'd like to give credit to my increasing skill as a "sales copy writer" :wink: but i'm not sure that's the case.
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