Optimizing Profits, Sales Strategies & Success Quarterly

Posted on February 19th, 2021 by nms

To foster business growth, insurance firms must establish strong sales strategies. These strategies serve as foundational elements of success in sales and in expansion of the company’s business opportunities. To achieve the desired goals in sales, optimizing profits is key. With insurance digital marketing, careful data analysis, and robust lead generation initiatives, insurance companies of every size can create a pathway of success.

What is a Sales Strategy?

The term “sales strategy” is often used when discussing plans to increase sales in a given organization. What does that term really mean? A sales strategy is a template or map that sales teams use to shape the direction of sales initiatives, including targeting both existing and potential customers in a way that helps your agency stand out from competitors.

Sales strategies often have several components, such as:

Discrete audiences — one-size-fits-all sales plans do not take into account the different needs and preferences of your customer base. Identifying the groups to be targeted is an important part of developing a cohesive sales strategy.

Audience outreach – sales teams have myriad options when it comes to approaching targeted audiences. Sales professionals may use cold calling, telemarketing, insurance digital marketing, or in-person/virtual workshops to connect with customers.

Presentations and demonstrations (the “pitch”) – whether you attend industry/consumer conferences or host virtual events, your agency’s sales team has the power to make valuable impressions with your customers. Presentations and demonstrations of your company’s products and services is an aspect of a comprehensive sales strategy, and this extra effort pays off in customer engagement.

Closing procedures – you have identified your audiences, reached out to them, and pitched your products. How will you close the sale? Sales teams need to develop techniques in the sales strategy to deliver on customer expectations.

Creating a robust sales strategy can be complex, and it is important to understand that shifting markets and customer preferences will necessitate continual updating of the strategy. With careful research and tweaking, your agency can establish the groundwork for continued sales success.

Managing Your Strategy

Once a sales strategy is established, and your sales team has the understanding that it is not fixed, management becomes a critical aspect. Sales management serves to develop loyalty among customers as well as to create opportunities for additional sales, such as upselling or cross-selling initiatives.

Management of sales strategies is dependent on the collection and analysis of data. Capturing this data should extend to both buyer and seller, allowing sales teams to uncover trends that may be leveraged for future use. Data analysis also helps to align sales with marketing initiatives, such as insurance digital marketing, print, and radio/television marketing efforts.

Four Tips for Sales Success

Creativity is key in successful sales. Agencies that approach sales in a creative way can optimize profits while differentiating themselves from competitors. Four tips for using creativity to improve sales outlooks include:

  1. Updating buyer personas – insurance markets experience shifts, and so too do customer preferences. Your buyer persona must adapt to these shifts, keeping it fresh and relevant to consumer needs.
  2. Align sales and marketing – insurance digital marketing is an essential component of sales, as most consumers will research a company and its products and services online before making a call. Sales teams should work closely with marketing professionals to be sure their individual initiatives align with one another. This creates a cohesive “voice” that pays dividends in customer engagement.
  3. Listen to prospective consumers – even if you are unable to close deals with potential customers, you can still learn valuable information from them. Collecting feedback from those potential customers who drop out of the sales funnel can inform future sales initiatives, giving sales teams the information they need to refine processes and strategies.
  4. Develop sales teams – team-building exercises are a time-honored method to ensure continued success. Sales can be a difficult and frustrating endeavor; by supporting their work with activities and encouragement, your agency’s sales team will be invested in the success of your firm.

Sales strategies and sales methods are in a continual state of change. What worked today may not be sufficient tomorrow. By creating a flexible strategy, building camaraderie in sales teams, and by engaging with potential and existing customers, insurance firms can optimize profits while setting the stage for success now and well into the future.

About Agency Tsunami

Agency Tsunami is the digital marketing division of Neilson Marketing Services, who has provided the insurance distribution sector with innovative marketing and communication solutions for over twenty-five years. With our Agency Tsunami program, we have implemented an integrated marketing strategy that includes optimized, professional websites supported by high-quality SEO and Social Media for hundreds of insurance retailers and wholesalers. Our goal is to help your insurance business perform and generate new opportunities. Give us a call at (800) 736-9741 to learn more about how we can do that for you.