You are already receiving some steady sales, and now you are offering an excellent range of insurance services to your customer base. At this moment you are pondering on expanding your commercial insurance business to attract more customers with more products, better prices and even better, with a new presence on Internet through your newly designed website. If you want to be successful in expanding your business while at the same time you streamline all processes, this article will show you things insurance firms must avoid. Let’s start with the first trap.
1) Sell a service without a market.
If insurers want to attract new clients by offering new insurance packages, first they must make sure that demand exists for these services. Be creative in the order they give you this kind of information, for example, provide a discount in the next purchase to those customers who help you with a little survey; maybe post one article on your blog related to this new insurance service and ask your customers for their opinion about this kind of products.
2) Don ´ t limit your business only to products you are passionate about
If you sell an insurance policy that you really like there is nothing wrong with that, the problem is that you put limits to your business based only on your passions; if you want to expand your service base, compile a list of potential services that your friends and family likes, or products related to products you are already selling in your store or products in another category but the same niche; for example if you are selling insurance plans then add services like funeral plans (information product) within the funeral niche.
When it’s time to assess the market of new insurance services you want to sell or new micro-niches you wish to serve, please don’t forget to take advantage of the Internet. Today there are keywords tools which will help insurance firms to find what kind of searches people in their market/niche are doing in search engines, this will help them to know what related (or surprisingly unrelated) products/services/interest the market they want.
3) Don’t try to research an insurance service if you don’t have a wholesaler
Just imagine that after you do extensive research on a specific car insurance service, evaluating your niche, compiling keywords and key-phrases for doing SEO (Search Engine Optimization), surveys, etc. only to find that NO real short term policy plans are available to be compiled by online retailers. Is it frustrating? Make sure that you have an actual wholesale distributor willing to work with you before you start researching a specific insurance package you are thinking about selling.