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Marketing Introduction

Marketing Introduction. Business Mentors. Industry Dynamics. Claims programs National vs. Local decisions Agent referrals Corporate referrals Direct referrals Increasing deductibles Consolidation Yellow pages vs. Internet TPA’s. Creating Your Plan.

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Marketing Introduction

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  1. Marketing Introduction Business Mentors

  2. Industry Dynamics • Claims programs • National vs. Local decisions • Agent referrals • Corporate referrals • Direct referrals • Increasing deductibles • Consolidation • Yellow pages vs. Internet • TPA’s

  3. Creating Your Plan Create a high level of expectation - demand the best. Everyone will rise to the level of those around them. • Take a Marketing retreat • Involve key personnel • Begin with the end in mind • Create your own success "The way the world is imagined determines at any particular moment what [people] will do."  Walter Lippmann  

  4. Budget • Budget • Opportunity cost • 2.5 – 7% of revenue • Includes: • Salaries and all employment costs • Advertising • Promotion • Events & associations • Expense accounts • Needs to be dynamic

  5. Company Communications • Market to your staff • Activities • Victories

  6. Goals “What gets measured gets done.” • Goal defined: • Quantifiable • Attainable but just out of reach • Time frame for achievement • Easy to measure and communicate • Must be in writing

  7. Goals – Alignment • Corporate identity • Mission • Vision • Purpose • Core competencies • Congruent with corporate goals • Stirs people to action

  8. Goals continued • Overall marketing goals should be limited to 3-5 major items • Some areas of focus: • Sales volume (sales vs. revenue) • Type of work received • Number of sources sending work • Quantity of work by source • Individual production

  9. Acknowledgement • Celebration • Challenges • Recognition and rewards

  10. Brand • Be different – USP • Consider going away from the crowd • What are your needs? • Volume and cash flow • Long term stability • Diversification • Create then become • Know your competition – don’t let them define your company • Match competencies

  11. Know Your Market Client’s economic emancipation has already begun. Customer’s have complete access to information about products, prices, everything – you won’t last long if you don’t establish relationships based on trust – only way to do that is to offer clear, undisputable value… Fast Company Magazine – Ryan Underwood • Motivations • Client dynamics • Internet • Popular media • Familiar influences • Litigious pressures

  12. Execution • Put your plan in place and consult your plan frequently • Measure progress • Adapt as needed

  13. Target Market • Who are you trying to contact • Break down into sub groups • What types of work are you likely to receive from each group? • How are they influenced? • How can they be contacted?

  14. Tips "Never mistake motion for action."  Ernest Hemingway • Create the plan, implement the plan • Identify and schedule marketing activities and contacts • Try a focus group meeting • Create “marketing” photo portfolios • Solicit letters of recommendation • Network locally and Nationally

  15. Tips Continued • Activity - don’t wait for the perfect plan • Goals and measurement • Consistency and Repetition • Focus your efforts for maximum results • As the owner - lead the charge

  16. Obtaining work in the industry • Quality Production • Insurance dependency and strategy • Not all accounts are the same • Ask for the order • Provide a compelling reason to buy • Turning a contact into a client • Be prepared to start small

  17. Claims programs • Do you want them • How to get on • How to stay on • Why insurance companies make the decisions they do • Cutting claims admin costs • Pilot programs • Competitive environment • Non-emotional business decisions

  18. Advertising • Television is it for you? • Opportunity cost • Return on investment • Impact • Time • Emotionally Powerful and strong impact • Budget • 9-12 Months

  19. Yellow Pages • Market is Changing • Be cautious • Measure and track • Appropriate books and sections

  20. Selecting Your Work • Can you craft your company? • Establish where you want to go • How quickly can you get there? • Establish priorities • Brand • Competencies • Vision • Marketing plan

  21. Highly Effective Activities • Competence • Education • Solve problems • Timely paperwork and communication • Focus group • Customer service • Record keeping and process

  22. New Activities • Internet • Web Optimization • Contact screen • Email • Television • Disaster planning

  23. Assessment • Record Keeping • Make decisions based on history and reality • Give you strategy a fair chance and then get off a dead horse

  24. Summary • Have a plan and communication strategy • Match strategy to brand and competencies • It is a group effort • Use goals to focus effort • Back it up • Target and FOCUS! • Quantity of contacts • Say thank you

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