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Differentiate Your Business

Social Media for Insurance Agencies

by admin on March 6, 2010

This post was initially written for insurance agents and agency owners, but actually applies to all businesses both large and small.

Over the last few months I have spent a considerable amount of time “enhancing the web presence” of one of my businesses in Texas.  Much of this time has been spent on the intricacies of getting our website, www.spinstx.com, to move up in the rankings of the search engines.  I have done this by registering with various local search sites, industry specific sites, blogging, updating content, and the list goes on and on.  Through this process, I delved more deeply into the “Social Media/Networking” arena and have learned a few things in the process.

MULTIPLE ENTRY POINTS

Since there are multiple entry points for potential clients, it is necessary for an insurance agency to be multiple places on the web.  For instance, many agencies have a Facebook page, a Twitter account or a web page.  That is great.  You actually need all three (and many more) due to the fact that all of your potential clients aren’t pursuing the exact same interests in their social media participation.  For instance, some customers and potential clients may utilize Facebook as a “friend” networking site only, and may not be interested in finding an insurance agent, or pizza place, or BBQ joint.  At the same time,  this exact same person (also known as a potential client) may be interested in reading your Tweets to determine if you are an expert.

I would recommend that you choose one or two and focus on getting them going in the right direction.  For instance, I have chosen Twitter(@collin_harbour) Follow collin_harbour on Twitter, our website (www.spinstx.com) and my insurance blog (www.keeptexasinsured.com).  I started a Facebook page, too, but I was overwhelmed by all that I needed to maintained so that page was taken down, but will be up and running again soon.   

BE FLEXIBLE AND CREATIVE

It is important for any business owner to be flexible and creative.  Through my Twitter experience, I have discovered various agents and agencies trying to achieve the same goals as me.  One of the most creative ones I have come upon is  www.atlantainsurancelive.com.  Chris Jordan has taken his passion for insurance and customer service and brought it to his blog through video blogging.  You should check it out as it is creative and (for lack of a better term) innovative.

Because most of this is still so new, it is understandable that a business owner or those responsible for growing a business can be overwhelmed with determining the best strategy.  There are many consultants out there such as myself who can assist your  business in choosing the right strategy for your agency or other business.  Fill out the “Contact Me” form at the top of this page if you would like for me to reach out to you. 

collinharbour.com

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Creating Value in a Commoditized World

by admin on March 1, 2010

Much has been said of creating value for clients.  I trained at a company that focused on values based selling.   This company does not monopolize the idea that focusing on value is a key differentiator in winning the deal. Competition is fierce and will only get more fierce moving forward.  With the economy tightening daily, it is important for businesses to determine the value they bring to their clients and devolop sound methods for articulating this value.   Displaying value is not enough as clients also expect you to deliver on that value proposition.

Commoditization of Everything:

Most businesses are in industries that are close to commoditized, even if they don’t want to admit it.  A commodity is a good or service for which there is demand, but which is supplied without qualitative differentiation:  it is the same no matter who produces it. (Wikipedia Definition).  I own and insurance agency.  The industry is commoditized.  For instance, all auto insurance companies can deliver and auto insurance policy.  Even the social media industry is close to being commoditized.  Anyone can teach a potential client how to set up a blog and that you should be on Twitter and Facebook. 

Define The Value You Bring:

If everything is commoditized (and some could argue that this is not the case), than how can a company bring value to a potential client.  In my insurance business we focus on a couple of areas such as tenacious customer service, education and our independence.  Tenacity in the sense that we will be pursue all customer service issues and matters until we resolve them for our clients.  We also educate our customers through the blog on our website at www.spinstx.com and through my Insurance blog at www.keeptexasinsured.com.  We are an independent agency that represents several companies, so we will always be able to shop several companies for our clients to get the right coverage at the best rates.  This is how we differentiate our business from the competition.  This is the value we bring. 

What is the value that you bring to your potential clients?  Have you written them out lately?  Are you sure that you can bring the value that you have illustrated on the paper?

Articulate The Value You Bring:

The ability to deliver value to your clients will not matter if you can not articulate the value you can bring.  Sounds a little confusing, I’m sure, but it is important to be able to communicate the value you can bring to your clients.  How do you know that iPhones can deliver value?  You have seen and hear the commercials, “There’s and app for that.”  Those commercials are well done and articulate the value they can bring (think of the apps you have seen, think of how you would like to use your phone . . . well, there’s an app for that.)  Most likely you know Geico’s value proposition.  Their slogan says it all, “So easy that a caveman can do it” and “15 minutes or less can save you  . . .”  Ease of use and reducing costs.  That is their value proposition and they have articulated it well.

Delivering The Value You Bring:

Now that you have developed your value proposition and articulated to your clients the value you bring, the next step is delivery.  Without this step, you will lose your client and your reputation and your business will begin fade into the past.  This goes without saying, but it is the most important step.  My wife bought and iPhone recently and it has delivered.  The value proposition that was articulated has been met.  We feel that Apple has delivered on its value proposition.  Make sure you are delivering on the value you have promised your clients.   Follow up with them.  Be prepared to correct any issues that may arise and once they are solved, ask for referrals.

Creating value for clients is what every business must do in order to survive.  Growing businesses will focus their efforts on creating value for their clients, but will also make sure that they can articulate the value they can bring.   As goods and services continue to become commodities, this will become more essential to business that will grow in the future.

CWH

collinharbour.com

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Being at the Right Place at the Right Time

February 23, 2010

I know people who always seem to have good things happen to them.  They always seem to be in the right place at the right time.  I was watching an old re-run of Seinfeld last night and saw a perfect example of this (watch the first minute and a half for the illustration and the whole thing if [...]

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Social Media Marketing for Nonprofits

February 21, 2010

Social media marketing and networking is a necessity for non profits. As a business, you are subject to the same competitive rules as for profit businesses. As a non profit, you have more limited resources than many businesses and you need to find a way to efficiently market your non profit. There are only so many resources to go around and you are competing with other businesses and interestes for these resources. Social Media is one of the methods that business of all sizes, including non profit businesses can achieve these goals effectively and effeciently.

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Social Media as a Small Business Strategy

February 18, 2010

Social Media is a big deal. If you don’t believe it, you are living in a dream world. Millions of people flock to social media sites each day. As a small business owner, you need to develop a small business strategy that fits your business, your time and your needs. As a definition of small business, I will focus on companies with 10 or fewer employees here, though I know that small business encompasses a much broader range.

Social Media/Networking is growing exponentially at this time. You’ve heard of Facebook and Twitter and you’ve probably heard of LinkedIn. But have you heard of Plaxo, Ning, Fast Pitch, Merchant Circle or Biznik? I have, and I have spent a vast amount of time in each of these networks. Social Media is a way for you to participate in the conversation related to your interests and industry. It is a way for you to network with others and advertise your business. I have read many places where “social media is free.” Let me dispel that notion immediately. This is not the case as some social media sites require a premium for some of their services. Even so, the dollar cost of social media is essentially nothing for the basic services.

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We Are At War Here – Small Business Differentiators

February 9, 2010

My business Partner (father in law) and I were in a meeting today with a marketing representative from one of the great companies we represent (Sidebar: I am a partner in Property and Casualty Insurance Agency in Dallas, TX). We were discussing the speed with which data transfers and how quickly we need to respond to requests from prospective customers for insurance. I could spend a lot of time (but I won’t) discussing how competitive our industry is, but I don’t know that I could convince you that it is any more competitive than your industry. Anyway, my partner made a comment to the marketing representative. He said, . . . “On each deal, we’re at war”.

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