Why your marketing should not take a back seat in a hardening market

Authored by Aviva

You might think that as this recession bites, your marketing needs to take a back seat, while you prioritise making sales and maintaining retention levels - but this could be a mistake. 

Good, personal client relationships, combined with an in depth understanding of their sector could help give you a greater advantage over your competition as the market changes, an advantage that you need to further exploit -

but to do this you’ll need tried and tested marketing techniques, combined with best practice guides – all of which you’ll find on our Broker Marketing Mentor resource.

Some of the benefits you can gain by using Broker Marketing Mentor

Win back more of your previous customers

In the past few years it is likely that some of your clients may only have moved because they were tempted by promises that are no longer available – and could now be seeking out the knowledge and insight that only you can deliver.  Use our marketing guidance to help understand how you could convert this database of lapsed customers into profitable and loyal new business.

Get more referrals, by referring

Set up reciprocal referral marketing deals with your network of trusted businesses.  This might for example be a respected local accountant, bank or financial adviser that you know and have worked with before. Doing this helps ensure that your clients receive an integrated approach to solving their problems, while you could gain a steady stream of new clients into your business.

Increased client retention

You know your clients, their pressures and their problems – and you also know how to deliver them the best solution within the constraints of current market conditions. Simple inexpensive marketing could be key to reinforcing the trust that you’ve built up, giving clients the reassurance that you’ll always do the best for them.  Without this it’s likely that even the most loyal client may be tempted to look elsewhere.

Boosting prospect conversion

Potential clients are looking for expertise and a calm, experienced approach to finding the solution to their problem. Have a look at your website; is this the message that visitors will instantly take away?   Do your testimonials reinforce this proposition?  Do your Google Reviews? Use our guidance to help get this right.

Network to gain new business from key contacts as they move

Use network marketing with a view to gaining new business from their new firm, while still holding on to the original account from their previous company.

Cross-selling in a hard market

Your close relationship with clients should ensure that a logical argument, introduced via direct marketing, is taken seriously – to be later followed up by the sales team. For example, as staff continue to work from home, it could be a good time for clients to consider Cyber insurance.