Marketing Life Insurance
Marketing life insurance, like marketing many other intangible products, requires forethought and a strong marketing plan. The first part of your plan is to choose your target market.
Will you be marketing life insurance primarily to men or women? To young or middle aged? Will it be whole life, universal life or term life? Will you be marketing life insurance as a sideline to your health insurance or property and casualty insurance lines? Make these decisions and then take a look at your marketing budget. How much money can you afford to spend? If you have a large budget then television commercials might be an option. Or, consider a direct mail campaign. If you purchase or somehow acquire a good mailing list of potential customers, marketing life insurance through direct mail can be a viable program. Direct mail is expensive, but effective. If your budget is more modest, then think of print media and radio for marketing life insurance. But be creative. You want your message to stand out and be remembered.
Check with the local radio stations and see what rates they charge for overnights, from midnight until 5 in the morning. This time slot is usually quite inexpensive, and many people are up late at night, or early in the morning, listening. Also check prices on rotating schedules on a regular contract. With your local newspaper check both display and classified ad prices, and ask about remnants, the last minute sales they make before they go to press when they have filler space. It is usually sold at a discount.
If you have a very small budget to work with, then your primarily method of marketing life insurance could be word of mouth, but really word of mouth is one of the most effective things you can do anyway, and should be a part of any plan for marketing life insurance. It works.
Marketing life insurance through word of mouth marketing, or networking, is simple but does take time and require persistence. Join some local networking groups and some clubs. Any group you join will have members who may need your product now and in the future. If they need what you sell, and they know you personally then they are likely to buy from you. Also, everyone has friends, relatives and neighbors. Many times they will be asked for referrals as to where to buy life insurance. Make sure they think of you when the time comes.
Marketing life insurance through networking is really quite simple. It is just a matter of getting to know people. The more people you know, personally, the larger your personal network and the larger your potential client base. Remember, Dale Carnegie, the master of personal communication, once said that people buy products from people they like. If you know a lot of people, and they like you, then when they need your product they will buy from you. That, in a nutshell, is the secret of marketing life insurance through word of mouth and personal networking.