Choosing an independent marketing organization (IMO) can be one of the most important decisions an independent insurance agent makes. It becomes a personal decision that can ultimately play a major factor in their overall success.
Whether you are making this choice for the first time or you are re-evaluating your current situation, there are important questions you must ask yourself and your prospective IMO. First, take stock in what's important to you; make a list of what you like about your job and where you may be struggling. A good IMO should be a natural fit that reinforces what you do well and fills in the gaps where you need help. Since it's usually easy to identify what you already do well, let's focus instead on what an IMO can do for you. Following are some traits to look for when searching for a new IMO.
Immediate impact
A good IMO will offer programs with a proven success record. If an IMO deals with hundreds of successful agents, you shouldn't have to "re-invent the wheel." The agency should provide options to fit varying agent budgets. It shouldn't matter if you are new to the industry, a few years in, or a 20-year veteran; an IMO should provide all the resources needed to get you started or complement your current efforts in prospecting.
Finding prospects
One of the keys to success in this business is starting with the right prospects. An IMO should offer customized materials to help you market your business and find qualified prospects. They should provide a trained, dedicated, and experienced marketing staff to work with you on a one-on-one basis. Your problems are as unique as you are, and the solutions to those problems should be unique, as well. The support they provide should cover all areas of marketing: appointment-setting, referrals, seminars, newspaper, direct mail, and personal branding, as well as innovative programs such as television and radio shows.
Relationship
It's a relationship-based business. Top producers, for example, always call their "A" list clients on their birthday. The relationship established between an agent and their IMO is just as important. Does your IMO call you? Do they ask you about your practice to better understand your client base, marketing efforts, and business practices? The more an IMO knows about you and your business, the better service they can provide. Another key factor in securing a good relationship with an IMO is the success of their incentive/business development trips. Trips can be great networking opportunities and a perfect chance to see what the IMO has done to help other top agents grow their business. A good question to ask your IMO is, "Do your top advisors frequently attend your trips?" Top advisors won't waste their time on an insignificant trip. If they are attending the trips, you can be assured they are getting something out of it. The final relationship test to explore is responsiveness. Does your IMO always get back to you in a timely manner? Make sure they offer a dedicated go-to person for your business to help with product support, incentive coaching, and mentoring.
Practice development
A good IMO will continue to help you grow your business year after year. They should work with you to achieve your long-term goals. What types of tools are available for client retention and other client management programs? Often, by mining your current client base with letters and postcards, you can uncover needs that you wouldn't normally be aware of. This is an industry with the opportunity to make a lot of money. Make sure you understand what the top commission levels are and how to reach them. Find out if your prospective IMO offers marketing reimbursement and how it is paid out -- different organizations pay it at the end of the year, quarterly, or monthly.
In the end, it's up to you to select an IMO, so be sure to ask the right questions in order to make an informed choice. Choose to get an immediate impact, choose a good relationship, and choose to grow and develop your practice by selecting the right IMO. Make sure they can speak to your unique problems or opportunities. Asking the right questions will keep an IMO on their toes. Remember that your success is their success. Call your IMO and ask them, "What have you done for me lately?" A good IMO will welcome the question and the opportunity to earn your business.
Michael Poirot is a field marketing manager with GamePlan Financial Marketing. He can be reached at mpoirot@gameplanfinancial.com or 800-886-4757.
