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Selling Value with Price-Based
Marketing
It happens all the time…
Laird Rixford
@lrixford/ President
No One Wants Insurance
Do you agree?
The Current State of
Insurance Ad Spending
Price is always a factor.
Bombardment by Billions of Bucks
1. State Farm ($608M)
2. Allstate ($654M)
3. GEICO ($935M)
4. Progressive ($604M)
5. Farmers [Zurich] ($165M)
6. USAA ($133M)
7. Liberty Mutual ($197M)
8. Nationwide ($296M)
9. Travelers ($161M)
10.American Family ($148M)
AM Best, Kantar Media, Nomura Research 2013
Bombardment by Billions of Bucks
1. Discount Double Check
2. Will Your Cut Rate Insurance Cover?
3. 15 Minutes saves 15%
4. Name your price.
5. We know insurance.
6. Commitment to a legacy.
7. Rewarding safe drivers with policy perks.
8. Members first.
9. It’s better here.
10.Insure carefully, dream furiously.
Bombardment by Billions of Bucks
1. State Farm ($608M)
2. Allstate ($654M)
3. GEICO ($935M)
4. Progressive ($604M)
5. Farmers [Zurich] ($165M)
6. USAA ($133M)
7. Liberty Mutual ($197M)
8. Nationwide ($296M)
9. Travelers ($161M)
10.American Family ($148M)
AM Best, Kantar Media, Nomura Research 2013
Auto Premiums in Billions
0
5
10
15
20
25
30
35
40
2010 2011 2012 2013
Price Value
Price
• $6B+ Ad Spend in 2014
• Why do they do this?
• Price is always a factor in the buying decision.
• Differences between generations.
Price vs. Value Selling
Are they? Are you?
Price vs. Value Selling
• What is selling value insurance?
• Is that value to you? To the consumer?
• What is your buying persona? Are you projecting?
• Value is your word. Not a consumers word.
• Have you ever called an insurer that markets on price?
• Upsold?
• Corrected?
• Are you told it is the best price?
• Consistent producer logic.
• Collision
• Rental
• Add-On
• Cross Sell
Price vs. Value Selling
• Producers are …
• … an advisor.
• … an educator.
• … an agent.
• … sales people.
• Producers consistently selling value?
• Monitoring producer performance.
• Call monitoring.
• Process review.
• Producer performance.
• Sales
• Loss Ratio
• Monitoring agency performance.
Marketing with Price
• Loss leader. Have one. Don’t bait and switch.
• Do not sell on a number. Sell the idea.
• Don’t 15%.
• Don’t $39
• Don’t Discount
• Don’t Cheaper
• Do Lower.
• Do Affordable.
• Sell on the idea of the CORRECT price for the CORRECT
coverage.
• Provide choice!
• You are an IA.
• Embrace the pivot.
The Pivot Takes a Salesperson
Are they ready?
Be a Sales Consultant
1. Set goals.
2. Determine needs.
3. Create a solution.
4. Inform and educate.
5. Let them ask for the sale.
6. Ask for the sale.
• This works in other parts of life.
Automating the Sales Cycle
I am myself.
Automated Marketing
• Consistent & continuous.
• Before, during, and after the sell.
• When spending hundreds of millions, do they let the lead
get stale?
Protecting Your Agency
The word to learn here is no.
Protect Yourself
• Have the markets.
• No bait and switch.
• Tailor your offering to the market.
• Offer sliding agency/broker fees.
• Waive for EFT.
• Educate the customer of the risks.
• Included a written agreement of declination of coverages.
• Be willing to walk away.
• “As your insurance advisor I recommend that you have this
coverage.”
• “Without this coverage, I am not comfortable selling this to you
as it will put you and your family at risk.”
Alternative Distribution
The online space.
Questions?
Comments.
Live Tweet on Twitter
@lrixford / #AgentCon16

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Selling Value With Price-Based Marketing - Laird Rixford

  • 1. Selling Value with Price-Based Marketing It happens all the time… Laird Rixford @lrixford/ President
  • 2. No One Wants Insurance Do you agree?
  • 3. The Current State of Insurance Ad Spending Price is always a factor.
  • 4. Bombardment by Billions of Bucks 1. State Farm ($608M) 2. Allstate ($654M) 3. GEICO ($935M) 4. Progressive ($604M) 5. Farmers [Zurich] ($165M) 6. USAA ($133M) 7. Liberty Mutual ($197M) 8. Nationwide ($296M) 9. Travelers ($161M) 10.American Family ($148M) AM Best, Kantar Media, Nomura Research 2013
  • 5. Bombardment by Billions of Bucks 1. Discount Double Check 2. Will Your Cut Rate Insurance Cover? 3. 15 Minutes saves 15% 4. Name your price. 5. We know insurance. 6. Commitment to a legacy. 7. Rewarding safe drivers with policy perks. 8. Members first. 9. It’s better here. 10.Insure carefully, dream furiously.
  • 6. Bombardment by Billions of Bucks 1. State Farm ($608M) 2. Allstate ($654M) 3. GEICO ($935M) 4. Progressive ($604M) 5. Farmers [Zurich] ($165M) 6. USAA ($133M) 7. Liberty Mutual ($197M) 8. Nationwide ($296M) 9. Travelers ($161M) 10.American Family ($148M) AM Best, Kantar Media, Nomura Research 2013
  • 7. Auto Premiums in Billions 0 5 10 15 20 25 30 35 40 2010 2011 2012 2013 Price Value
  • 8. Price • $6B+ Ad Spend in 2014 • Why do they do this? • Price is always a factor in the buying decision. • Differences between generations.
  • 9. Price vs. Value Selling Are they? Are you?
  • 10. Price vs. Value Selling • What is selling value insurance? • Is that value to you? To the consumer? • What is your buying persona? Are you projecting? • Value is your word. Not a consumers word. • Have you ever called an insurer that markets on price? • Upsold? • Corrected? • Are you told it is the best price? • Consistent producer logic. • Collision • Rental • Add-On • Cross Sell
  • 11. Price vs. Value Selling • Producers are … • … an advisor. • … an educator. • … an agent. • … sales people. • Producers consistently selling value? • Monitoring producer performance. • Call monitoring. • Process review. • Producer performance. • Sales • Loss Ratio • Monitoring agency performance.
  • 12. Marketing with Price • Loss leader. Have one. Don’t bait and switch. • Do not sell on a number. Sell the idea. • Don’t 15%. • Don’t $39 • Don’t Discount • Don’t Cheaper • Do Lower. • Do Affordable. • Sell on the idea of the CORRECT price for the CORRECT coverage. • Provide choice! • You are an IA. • Embrace the pivot.
  • 13. The Pivot Takes a Salesperson Are they ready?
  • 14. Be a Sales Consultant 1. Set goals. 2. Determine needs. 3. Create a solution. 4. Inform and educate. 5. Let them ask for the sale. 6. Ask for the sale. • This works in other parts of life.
  • 15. Automating the Sales Cycle I am myself.
  • 16. Automated Marketing • Consistent & continuous. • Before, during, and after the sell. • When spending hundreds of millions, do they let the lead get stale?
  • 17. Protecting Your Agency The word to learn here is no.
  • 18. Protect Yourself • Have the markets. • No bait and switch. • Tailor your offering to the market. • Offer sliding agency/broker fees. • Waive for EFT. • Educate the customer of the risks. • Included a written agreement of declination of coverages. • Be willing to walk away. • “As your insurance advisor I recommend that you have this coverage.” • “Without this coverage, I am not comfortable selling this to you as it will put you and your family at risk.”
  • 20. Questions? Comments. Live Tweet on Twitter @lrixford / #AgentCon16

Editor's Notes

  1. Insurance can not a special price. However, it does have it’s own loss leaders.
  2. Tell dad’s story. Baby boomers and older gennerations are becoming more price conscious. Millennials are looking for the correct coverage. Correct vs. right. Correct is "value". Right is more needs.
  3. Insurance can not a special price. However, it does have it’s own loss leaders.
  4. Again, I challenge you to learn…. and for you to share your thoughts on how ITC can improve our products.
  5. Setup what happens over the next hour.