Looking to increase your agency’s profits? Here are five simple — yet often overlooked — ways to help boost your revenues and make your business more profitable.
Reach out to family and friends. When it comes to working with family and friends, a lot of agents are afraid of rejection. It’s OK if a stranger rejects you because you’ll never see them again, but family? You see them all the time! And that is exactly why you should work with them. You know when they have a new baby, start a business, or buy a new home. They already know and trust you and more than likely would rather work with someone they know than a stranger.
Consider expanding your product line. There is a growing demand for many specialty insurance products, including environmental insurance, professional liability coverage and coverage for hard-to-place risks.
Use social media as a marketing tool. It’s a great way to reach out to people in your community and establish yourself as an insurance expert. You also have the option on Facebook for cost-effective advertising targeting specific geographic areas that can generate leads and business.
Network with local businesses. Joining business groups such as the chamber of commerce may be an old-fashioned way to help your business, but it still works.
Create a new profit center. Stop giving away the revenues from the premium financing you arrange to outside sources! Own your own premium finance company and let COST do all the work. Learn more about us here.