insurance marketing

Insurance Marketing: How Companies Are Gaining Customer Confidence

When it comes to operating an insurance-oriented business, one of the most important factors is your customers’ confidence in both your brand and your ability to deliver on what you promise.

Unfortunately, as the data shows, people are quite divided on trusting the insurance companies, with the highest number of respondents saying they don’t fully believe in the industry’s capabilities.

However, not all is lost. You can improve your customers’ confidence by focusing your efforts on certain types of marketing campaigns.

insurance marketing

The main idea is to stop being a distant corporate entity of the sort you see in movies and books and instead become much closer to your average customer.

Today we’ll focus on the insurance sector, but the principles should be the same even if your company is offering pre settlement funding services or personal loans. Without further ado, let’s start with the first approach.

Referral programs

Many clients have trouble being fully confident in the abilities of insurance companies. How to convince an average customer that you’re more trustworthy than your business rivals? One of the answers to that is to market a referral system.

People might be wary of trusting you, but other individuals are an entirely different matter. According to the report released by the Nielsen Global Trust, a vast majority of consumers believe the recommendations made by their friends and family – 83% to be exact.

What that means is you might be able to boost your customer’s confidence by having your satisfied clientele promote your business among their close loved ones. Word of mouth is a powerful advertising tool and only increases in its potency the closer you are to someone.

Although your loyal patrons are four times more likely to refer a close person to your business, you can further improve your referral program by providing additional incentives like discounts for every successfully converted relative or friend.

This has the additional benefit of indirectly increasing your customer’s confidence even more – after all, everything must be in good working order if you have the funds to offer such benefits.

Professional relationships with influential entities

You might also want to focus on the expert endorsement. Studies show that a relatively high number of people still consider scientists to be one of the more trustworthy groups. You may wonder how it translates to boosting the faith your clients have in you.

The short answer is that people trust authorities, which means you can enter into a partnership with renowned experts in your niche, e.g., economists or market analysts, and have them promote your business.

Customers may become more trusting if they hear a professional with a Ph.D. confirm the benefits of various insurance policies.

In the same vein, you might want to expand your efforts to various influencers. Almost half of the consumers declare their confidence in their recommendations.

Entering into a professional relationship with those in the personal finances niche might be a good way to not only boost your credibility as a business among your existing clientele but also gain new clients confident in your company’s abilities.

Positive online reviews

Gaining customer confidence can also be done using online reviews. These days, people rely on the Internet to not only find quick solutions to their problems but also to answer any questions they might have.

As such, you can expect those with low trust in the insurance industry to use the net to find a company with the best track record. Having a long section of positive comments from your satisfied clients might be what convinces them to be confident in your abilities.

But most customers don’t care enough to leave a positive review on their own. To ensure you have a large number of them, consider regularly reminding your patrons to share their good experiences online, whether on Google or on the various social media pages you run.

Education effort on your website

It’s increasingly more important to provide your customers with a clear understanding of what insurance is all about.

As mentioned above, experts and search engines may provide that answer for them, but to get an additional boost in customer confidence, you might want to provide all of the relevant information on your own webpage too.

Detailed explanations of various insurance policies, reasons for their relevance, and expense-related transparency give your clientele a clear sign that your business knows what it’s doing and that using your services is the right choice.

Gaining customer confidence is not particularly complicated if you know what marketing strategies to use. By focusing on the referral programs, you not only increase your brand’s popularity among existing clients but also create new ones by giving them an incentive to recommend you to their loved ones.

Professional relationships with influencers and scientific authorities can be another useful marketing strategy to gain your customer’s trust.

Positive reviews and educational information on your website are very useful in providing the client with all of the essential information they need to make an informed decision, and as such, have a big impact on the trustworthiness of your insurance company.

So now that you know the ins and outs of improving your clients’ confidence in you, it’s time to start implementing these approaches in your marketing campaigns. Good luck!

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