GDPR legislation is coming on 25 May 2018, are you ready for it?

The General Data Protection Regulation (GDPR) is the EU’s new regulation on how personal information can be used, and it’s due to be come into force on 25th May 2018. Do you have new marketing controls for how you deal with existing and potential customers? Then read on.

GDPR aims to replace the Data Protection Act (DPA) and the Privacy & Electronic Communications Regulations (PECR) which are long overdue for revision.

Penalties are due to increase significantly up to a maximum of €20 million or 4% of global annual turnover. The question is, are you ready for it?

The key points to note are:

1. New subscribers will need to confirm that they want to opt in.

This affirmation must be via a dedicated subscription form, or via an unticked checkbox in situations where you’re collecting data. Remember pre-ticked boxes or “Tick here to opt out” will not be permitted for your marketing.  You will need to be able to show that your existing clients opted into all your marketing in order to comply with GDPR legislation.

2. You will need to tell subscribers how their data will be used.

For example, if they give you their email address to download a free article, you must tell them if you plan to use that email address for any other marketing purposes including cross-sells. Remember, you must give existing and new clients the option to choose which marketing they would like. The starting point is to be aware of all the marketing you do and to ask clients permission.

3. You will need to keep a record of consent.

For example, if you use a provider such as Campaign Monitor they will store details of how and when a recipient subscribed along with their IP address. This would help you in meeting the GDPR legislation. The UK government has just issued guidance and we will give you more updates in the coming months. Note- your ToBA disclosure might not meet the new consent rules.

4. The following commonly adopted scenarios will no longer apply.

(i) An existing business relationship will no longer imply consent- for example, where you have an existing target list along with their email addresses and contact details. You will need to get in touch with them to get their consent.
(ii) The current soft opt-in where you can email people if there is an existing business relationship.

There is, however, a “legitimate interests for processing” test which means in some cases it might be possible to continue emailing a subscriber without the above in place. You can read more from the DMA >>

5. You will need to get your existing data up to GDPR legislation standards.

If you can’t provide sufficient proof of consent for existing subscribers, you won’t be allowed to contact them anymore. You will need to run a re-permissioning campaign.  This includes subscribers you have added using soft opt-in.

What next?

Marketing in the future will rely on attracting customers through content and interactions that are relevant and helpful — not just interruptive selling.

If you want to find out more about marketing in the GDPR age and how to run a re-permissioning campaign to your clients, then simply drop us an email stuart@thebrokerlink.com and we would be more than happy to give you a few tips. Get in touch with us and we will help you stay within the GDPR rules.

The above content should not be used as a substitute for professional legal advice.

Source: http://www.expertiseontap.co.uk/

In the new world of digital marketing, there are countless options, from search engine optimization (SEO), social media marketing, blogging, email marketing, SMS marketing, just to mention a few. Your business and the type of policies you sell determines the strategy you should apply. Whether it is an inbound marketing approach or outbound marketing.

Companies like Aviva have embraced these strategies and seen a 48% increase in policy sign-ups as seen in this case study. For brokers, inbound marketing works. Let’s explore some features of it.

Inbound Marketing

Inbound marketing has been defined in many ways but we agree with the HubSpot definition which says that;

“Inbound marketing is an approach focused on attracting customers through content and interactions that are relevant and helpful — not interruptive. With inbound marketing, potential customers find you through channels like blogs, search engines, and social media.”

In simple terms, inbound marketing seeks to attract clients to your business while providing them with value, whereas outbound marketing broadcasts a message in hope of gaining interested clients.

Content in Context, that is inbound marketing.

Proper execution can cause your brokerage to increase exponentially through gaining and retaining clients who are in need of your policy.

Attracts genuine users

Most insurance brokers are spending a lot of money on outbound marketing ads which may reach a lot of people quickly but the majority of those people will not be interested in any of their policies. Inbound marketing only attracts users who are genuinely interested in your product and hence increases the chances of converting into a sale.

It is cost effective

The best thing about inbound marketing is that you do not have to break the bank in order to benefit from it. Many shy away from inbound marketing because of the false notion that it is expensive. Spending money on a marketing strategy that brings you direct clients who are interested and ready to spend on a policy is much more valuable than spending money to attract ‘window shoppers’ who glance through your services and may never make a purchase.

You don’t need a large budget to run inbound marketing campaigns, rather what you need are experienced professionals who understand both inbound marketing and the insurance broker market. Our marketing campaigns are designed to fit your budget so get in touch and let’s discuss a strategy to gain you more clients.

Long lasting benefits

Most insurance brokers are spending a lot of money on outbound marketing ads which may reach a lot of people quickly but the majority of those people will not be interested in any of their policies. Inbound marketing only attracts users who are genuinely interested in your product and hence increases the chances of converting into a sale.

Increases your influence

Being a key figure of influence in the brokerage market is essential to attracting sustained and continuous clients. The level of content that is produced through the inbound marketing process serves as a very reliable resource to anybody searching for information on policies online.

Your content can open a lot of other doors for which can give you access to even more prospective clients. Set yourself a challenge to start now and remember that it takes time and consistency to start reaping the benefits of inbound marketing.

Get in touch with us for the very best of inbound marketing to help you increase your GWP through cost effective and proven methods.

Feature image source: yourdigitalresource.com

 

Brokers always tell us that email marketing never works-till we show them how to do it properly and increase their sales. In this post, we wanted to share how AVIVA,  generated 48% more quotes and 45% more revenue when they increased their email marketing by nearly twelve-fold (x12).

In our previous blogs, we have spoken about how brokers are using email marketing the wrong way and how to use it the right way. We have also given you tips on whether to use word-of- mouth, social media marketing, email marketing or inbound marketing for your business. We thought it is only right that we give an example of how email marketing has been used to its full potential using the example of AVIVA.

Like most insurers and insurance brokers, Aviva had been emailing their clients and prospects only once a year. Usually just before a client’s next renewal. After hiring an email agency, they developed a plan to send more structured emails to their clients. Emails which encouraged clicks with call to actions (CTA) and also informed segmented clients of other policies which might be of interest to them.

The result?

AVIVA went from 1 email (at renewal) a year to 12 and the result was:

48% more requested insurance quotes
304% more unique clicks
45% more email revenue

Not bad right? Email and other digital marketing works, it just has to be done properly.

How can you benefit?

There has to be a plan in place for email marketing to work properly: Our key tips are:

• Plan, plan and plan – have a strategy in place (click here to contact us. We will help you see what will work best for you)
• Stop selling insurance and start helping the potential customer.
• Find out from your subscribers what kinds of content they would most like to receive.
• Segment your potential and existing customers and be targeted with your approach – the machine gun approach rarely works.
• Be patient and consistent.
• Increase your email frequency slowly.

[Source: Campaign Monitor] | Feature image source: www.ft.com

One question we always get asked by brokers is this – ‘’In this digital age of social media- LinkedIn, Facebook, email marketing, search engine optimisation (SEO), content marketing and all things digital, what actually works for insurance brokers?’’ At BrokerLink, we are always happy to share our knowledge on how digital marketing can be used to increase your GWP. So we put together this blog post to guide insurance brokers who have similar questions.

In order of the most effective:

1. Word-of-mouth

2. Email marketing

3. Social media

4. Search Engine Marketing (SEO &SEM)

5. Content marketing

It is nice to see that CBSPulse agrees with us

[Source CBSPulse.com]

In 1^st place- Word-of mouth

Word of mouth is still the best way for you to get a new customer and to convert that quote. Recommendations from family, friends and business colleagues still remain the best way to acquire new business. CBSPulse did a survey which found that 84% of people trust recommendations from their friends and family and are more likely to follow them. In this age of digital, word-of mouth can be even more powerful when brokers use customer testimonials, feedback and reviews. You can have customer testimonials and recommendations on your LinkedIn and Facebook profiles as well as use free tools like Google business listing and Feefo which can help you boost your referrals and show the difference between you and your competitors.

In 2nd place- Email marketing

In our experience, email marketing is still one of the top ways to build trust with your customers and to sell more policies. Email marketing has the highest return on investment rate at £4,400 per £1 spent. For business to business sales, this can be an excellent way of warming up your leads. Unfortunately, not a lot of brokers use email marketing consistently enough to benefit from it and increase their gross written premium (GWP).

[Read our blog on tips to run your email marketing campaign]

In 3rd place- Social Media

Social media is the still the buzz word and with billions of people currently on Facebook, Twitter, LinkedIn and Instagram, this can be an excellent way of getting your business and your insurance policies to potential customers. Social media is being used by some brokers to completely transform their business. The tricky part is that each social media channel has a different demographic, different purpose and different use. For example, the social media channel and tone you might use for selling a performance car policy will differ from the one you use for selling a professional indemnity policy. Even the hour of day and how much you post on Facebook differs from Twitter or Linkedin. Deciding which one is the most effective for your product and using it correctly is the key to beating other brokers in the market. [If you have a question about which one to use, please click here to ask us]

In 4th place- Search Engine Marketing

In this digital age, 93% of online experiences begin with a search engine. Sixty-eight (68%) percent use Google to search and combined with the fact that the first 5 results in Google get 67% of all clicks, you will get an idea of why search engine marketing is so important. Customers looking for a policy will go to google to find the right policy and the right broker for them. Compared to email marketing or social media, search engine marketing can take a longer time to make an impact but cannot be underestimated. It is important that you have your business and website optimised for search engines such as Google in order to benefit from it. Remember, this can take some time to work, so be patient but consistent.

In 5th place- Content marketing

Content marketing has grown to become one of the best ways in which you can show potential customers how much knowledge you around the policy they want. Businesses can become experts through the content they provide and engaging content can gain a broker a following like never before. For brokers, great content can increase the number of people coming to your website and will also increase how google ranks your business. This will lead to more sales and business growth.

Why not use all of them?- Inbound Marketing

At Brokerlink, rather than use one method, we use a process called inbound marketing which combines word-of mouth, email marketing, social media, search engine optimisation (SEO) and content in the right proportions. Inbound marketing is helping the most digital savvy brokers such as Simply Business and Bought by Many to disrupt the market and grow their GWP at incredible rates. Why not join them? Click here to ask us how inbound marketing can help your business.

Feature image source – www.entrepreneur.com

Social media marketing has been a major breakthrough in the digital marketing world with over 3 billion users globally. That means that about 40% of the population of the world is using at least one social media account. But the thing is, that before any social media account can be created an email is required. Email is the mother of all digital marketing and as an insurance broker, it will be a useful tool to getting those policy signups. However many brokers do not know how to capitalize on email marketing to reap the benefits.

Here are a few reasons why with alternative solutions.

1. No Plan

Every strategy requires a plan and if you want to use email marketing to increase your GWPs then you will need a concrete and actionable email marketing plan. This plan will serve as the blueprint for creating and executing your email marketing approach. This will ensure that your audience is receiving the right information from you at the time they need it.

Your email marketing approach will be relevant to your clients and will keep them engaged.

2. General Emails

Don’t be too general in your emails. People like to feel special and unique. Call them by their names within the emails you send out. Personalized emails have a 6X higher open rate than general emails. Also, segment your list to properly segregate your audience based on their stage in your sales cycle. You would like to send newcomers to your mailing list information that will be appropriate for them like testimonials and the value that you can offer them whiles older clients can receive the various policies that you have to offer them.

Keep the emails short but engaging as well.

3. Wrong Audience

Sending the right information to the wrong people can be a real headache. Because you can create a list of clients to send your emails to doesn’t mean that you should just add anyone to the list. Your list should contain your target group, people who are interested in insurance. Filter out the users that do not open your emails consecutively to create a mailing list which has the target audience at heart. Doing this will ensure that your email is received and read by the right people for your business.

4. Lack of professionals

Whether you are sending out emails on a daily, weekly or monthly basis, one thing is certain. You will need a team of professionals to be consistent and engaging. Email is basically communication, and it requires trained professionals in content creation, graphic design, research, communications etc., These professionals will work with a schedule and will keep your emails active.

Brokerlink is equipped with a team that understands the brokerage space and hence can clearly reach and communicate with your target audience. Get in touch today if you want to add a professional touch to your digital marketing approach.

5. Too many emails

Just because you can send an unlimited number of emails to people doesn’t mean you have to. Your clients’ are most likely subscribed to other mailing lists so you wouldn’t want to be a part of the noise. Instead of bombarding their inboxes with too many emails, rather send them timely and structured emails at least once a month. This would cause a drastic change in your email marketing approach.

Let us know if you noticed any other approach that might be useful to insurance brokers.

 

 

 

With the rise in customers turning to the internet for information on insurance policies, digital marketing to an insurance broker should be urgent and vital. Yet finding the time and knowing what to do is the hardest part. Hence, finding the best marketing choice for your business and knowing exactly why and how to navigate that option takes the stress and annoyance from your work. 

Email Marketing has emerged as one of the most useful and smart ways to execute effective marketing and this is why it should be one of your go-to choices as an insurance broker. Here are a few reasons why it should be top of your list.

1. Wider Reach

There are three times more email accounts than there are Facebook and Twitter accounts combined. Meaning…? When you utilise email as your go-to marketing choice, you can reach more people and they are more likely to read their email than to read your posts on social media. 

2. Email Accelerates Your Conversion 

Marketing has one desire, to convert potential customers into actual customers and to drive revenue. You get to achieve this more with the email. Why? Because unlike social media which could be missed, the email actually delivers your message to the right recipient which means they are 45 times more likely to read your message, to get interested and to buy your policy.

3. Has Your Full Control

Unlike social media platforms like Facebook and Twitter which belong to and are controlled by another company who can change algorithms at their will, email is an open communication platform which is controlled by you. Hence, spending the time to build a strong mailing list rather than a huge social media fan base will provide you with a more direct option to reach more recipients with your insurance policies rather than the advertising that occurs on social media.

4. Longevity and Stability

Picture this; email has been around since the 70’s and has only grown stronger and more useful over the years. Unlike social media, which started only a couple of decades ago and is driven by popularity, email has stood the test of time. Remember MySpace? Exactly! For an insurance broker, tools like MailChimp that allow you to create and send nicely branded emails can help increase your GWP. Read our blog on how AVIVA did the same.

5. Inexpensive, Real-Time and Personalized

Three words that spell gold for any marketer. Emails cost significantly less than traditional mailing and social media advertising combined, yet brings you more benefits than these two could together. Moreover, you get the added advantage of skipping the amount of time it takes to traditionally mail an advert to your recipient and get personalized messages to your recipient in a matter of minutes. This is likely to bring you more results than the one-size-fits-all messages that other platforms like the radio, television and even social media presents. With email, you can sort out your recipient list by preference, location, career etc. People respond better to things when they relate to them personally.

So there you have it, 5 solid reasons for you as an insurance broker to swoop down on email marketing as the go-to choice in your marketing endeavour.

So why don’t you go ahead and build your email list because you can rest assured that it will be a credible long term investment that will keep bringing you results for many years to come. Get in touch with our experts who understand the broker market and can talk you through how to achieve through email marketing.

Email marketing is growing in popularity with insurance brokers and for a good reason too as more turn to the digital age and re-discover how to provide information and industry news to clients. Whether you are a personal lines broker or a commercial broker, if you are not using email marketing, here are 5 reasons why you should be:

1. £4,400 for every £1 you spend?

Out of all the various marketing strategies available, email marketing is considered to have the highest return on investment for online marketing. Campaign monitor found that email marketing has a 4400% return on investment. 90% of email gets delivered to the intended recipient’s inbox, whereas only 2% of your Facebook fans see your posts in their News Feed.

This potentially means in the insurance broking world, for every £1 you spend, you can gain up to £4,400 in commission back. The challenge we at the BrokerLink have found is that brokers are just not using email marketing properly.

Click here to read the top 5 mistakes we see from brokers when they run an email marketing campaign.

2. It is cheaper

Perhaps the most appealing advantage of email marketing is the return on investment. No print costs, no postage fees, no advertising rates. Email marketing is as affordable as marketing gets. Most bulk email service providers will allow you to send emails to about 2000 emails every month for free. You don’t need to break the bank to take advantage of this.

3. Become number 1 in your customer’s eyes

Each time you send an email, you send your target more information about their industry, your business and your brand. With strategic planning, the right design and the right targeted content, your business will be consistently building its brand. By doing so, you stay with your audience. When a customer needs an insurance policy, you will be ‘top-of-mind’ for them.  Your business will stand a much better chance of providing a quote and trusted recommendations which will lead to a sale.

4. Better targeting

With email marketing, you have the ability to control exactly who sees your email. By segmenting your contacts based on their characteristics, demographics and location etc your message can be more relevant. Targeting your emails in this way ensures that your audience receives information suited specifically to their needs. For example solicitors do not receive information about fleet insurance which might put them off reading your next email.

5. It is measurable

With new email marketing software such as Mailchimp, it is easy to measure which emails were delivered and to who, how many were opened and which users engaged with your information. You can also easily see who forwarded your emails and to who. These insights can show you the policies and information that customers want and will help you come up with the right leads for your business.

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• To find out how to take advantage of email marketing, click here to get in touch and we will talk you through what you can do.