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S.W.O.T. Analysis for Insurance Agents

Your business plan is done after hours of research, financial preparation, number crunching and thought around how your business is going to flourish. It’s one of the most important things a new business owner can focus on. It puts your business on the right path from the jump.

 

Now what?

 

Diving further into your marketing strategy should be a key component of your business plan. Many business owners will create a completely separate plan that outlines their approach to ensuring that the phone continues to ring for the foreseeable future.

 

Where do you start and what should go in the marketing plan? We’ve drawn up 5 questions that you should ask yourself before you dive into this task:

 

  1. Have you defined what your goals, objectives and strategies are? This is the first thing you should do when taking on this cumbersome task. Know what it is you want to accomplish and how you are going to get there. Don’t be vague when defining these. Be specific and poignant to give yourself and your business a clear path. These strategies will create a framework for the rest of your plan.

 

  1. What are your strengths, weakness, opportunities and threats (S.W.O.T.)? If you have taken any sort of business class in your life, you’re probably familiar with a S.W.O.T. analysis. Take the time to analyze your surroundings and how it can impact your marketing, positively or negatively. This tool can be used for any business decision and there a ton of tables and charts to help walk you through this exercise.

 

An image of an example SWOT chart for independent insurance agents

 

  1. How do you plan on generating leads to sustain your desired growth? Are there relationships that you have, or plan on building, that will lead you to the promised land? Maybe you plan on going to local events and connecting with the community. However you intend to drum up business, it should be clearly defined in this plan and easily accessible for you to refer back to when you stray.

 

  1. What is your ideal customer base and how do you plan to approach them? Where do these people live? What is their income base? What are they looking for when shopping for insurance? Identifying these key factors can eliminate a lot of avenues that will lead you astray. Don’t try to sell to anyone and everyone, have a specific target and put everything you have into them.

 

  1. How much money do you plan on putting behind your overall strategy? Marketing isn’t cheap and sometimes hard to define the return. Make sure your strategy allows you to track your ROI in some fashion.

 

Obviously, there is a lot more that should go into your marketing plan. These are simply some of the major concepts you should focus on. Just as it did with your business plan, it will take some time and thought to complete (and shouldn’t be completed in one sitting). Do some research online and find a sample plan or template that will help guide you through the process.

 

Create a marketing plan so strong and fool proof that you can refer to it in the future. Set a base for your business that gives you no other options than to succeed.