As the insurance industry continues to grow, competition becomes even stiffer for prospects interested in purchasing the products and services you offer. With this trend in mind, you must be proactive about targeting your marketing and public relations strategies while working within the constraints of budgets and the time available to market your business and attract new clients.
One very effective strategy for building awareness among prospects and creating new sales opportunities is to build upon your role in your local community. Within your area of operation exists a network that can be creatively tapped into in order to gain increased visibility. With a preponderance of social and business-oriented groups at your fingertips, there should be no shortage of outlets that will help place you in front of your ideal prospects. It's been said before, but while you may already be tapping into some of these resources, there are likely several avenues you have not yet pursued and may not even be aware of.
Following are five tactics for creating community partnerships that can help take your business to the next level and increase your visibility where it matters most -- in your own back yard.
1. Become a fund raiser
It might sound complicated and time-consuming, but volunteering to help raise funds for an organization in need can actually create enormous opportunities for brand exposure. Start by identifying a few organizations with which you share a common interest and offer to help them meet their fundraising goals. For example, if you are a financial services producer, you could get involved in a philanthropic capital campaign. By doing this, you will have a chance to talk and work with individuals and businesses who may be interested in taking advantage of your professional services.
In return for your volunteer time, you may also ask the organization to send out joint fundraising letters -- not just flyers -- that mention your business and the products and services provided. The key is to take a subtle sales approach and limit yourself to helping only a select number of organizations that best fit your business.
2. Create a speaker's bureau
Another tactic to consider is to spearhead the development of your own community speaker's bureau. Create a list of topics you could present, and then recruit a group of three to five affiliated experts and strategic partners who can contribute something on these topics. For example, if you sell long term care insurance, you might form and lead a speaker's bureau composed of local experts who can help you speak on such subjects as aging, caregiving, and long term care facilities. Pitch your speaker's bureau to local trade associations and networking and business groups who regularly seek participants for panels, workshops, and seasonal activities.
3. Build media alliances
There is likely no shortage of nonprofit organizations in your area with which you can form media partnerships, which can help land you invaluable editorial coverage. Publicity for your business doesn't always have to come from a press release. Often, just being in the right place at the right time can do the trick. Offer yourself up as a media expert for local groups that provide pro-bono services for your target market. For example, if you sell health insurance, you might join up with an organization that acts as a health care advocate for the community.
You could offer to conduct a free analysis or report for this group, which may land you an interview with a local media outlet. You can also make yourself available as an on-hand expert for press events organized by the charity itself. Leveraging existing affiliations can also be very effective.
4. Limit sponsorships and memberships
As you become more proactive about your community partnerships and strategies, you will inevitably be asked to sponsor more events and join more clubs. While these all present great networking opportunities, they can also inflate your marketing budget. The key here is to be very selective about the sponsorships and memberships you choose. As with any marketing effort, measure your return on investment for each opportunity. Be sure, however, to calculate this ROI based on cost per impression, not per sales lead. For any event sponsorship, ask the organizers for a sponsor packet that includes estimated traffic for the event, advertising rate cards, and audience demographics. If it's a small fundraiser for your church, these materials may be hard to come by, but you can still ask for a written summary of key estimates based on a prior event. For clubs and membership organizations, be sure to negotiate additional advertising and exhibits.
5. Harness the Web
Now more than ever, individuals are looking to do business with ventures that share their values. The Internet can be one of the most valuable ways to get your name in front of key consumers who share your passions -- whether they are the media, philanthropists, or community leaders. Get in the habit of posting news about your community involvement efforts on your Web site in the form of press releases or special event calendars. Don't shy away from helping publicize other noteworthy activities in the community, either. By registering with several search engines, you can ensure that your target consumers can easily find this valuable information while subtly branding your expertise and services.
You might not have a $100,000 marketing budget with which to launch a widespread, traditional ad campaign, but you do have a unique level of expertise that you can easily promote in the community at a fractional expense. All it takes is some creative initiative and the willingness to do good by doing well.
On? Musel-Gilley is the principal of VISIBLY PR & Marketing. She can be reached at omg@visiblypr.com. For more information, visit www.visiblypr.com.
