If your business is built around these key strategies, even an economic downturn won’t mean the end of business as you know it. And the ups and downs of insurance pricing will be just an inconvenience. You'll always be in a position to say, "Business Is Great!"
These simple strategies aren't always easy - when each day brings a new set of urgent priorities. But these are huge strategies. When you get these right, everything else is right, too.
STRATEGY: CHOOSE YOUR CUSTOMER
Itís pretty clear that the economy isnít going to bounce right back. But this doesnít mean that 2011 will be a bad year for business. Now is the time to make the most of your strengths in the marketplace to keep your customers and bring in more.
Survive or thrive?
In order to thrive, you need to create a competitive advantage. Everyone needs insurance. But why should they buy from your agency rather than the agency down the street or online? When you can answer that question - and consistently deliver - you have a competitive advantage.
The first step
The first step to creating competitive advantage is to choose who your customers are and are not. Your competitive strategy will be more streamline and effective, guided by this choice.
A costly misconception
Business owners are often afraid that choosing who their customers are and are not will limit their profitability. The fear is that, if you narrow your customer demographic, youíll miss out on a lot of business. The opposite is true, though. When you donít target a specific demographic, your staff wastes a lot of time and money going after business that will not be profitable and, probably, wonít stick. In fact, choosing who your customers are and are not will free your staff up to respond to your most profitable customers and get more customers like them.
Responding vs. reaction
Choosing who your customers are and are not doesnít confine or lock you into a strategy. Rather, it keeps you steady, focused and able to respond—rather than react—in an ever-changing environment.
Set your agency above the crowd and you won't have to search for customers - they'll flock to your door.
Call for help implementing any or all of the BIG Strategies. 530.295.1093