Riches in Niches: how to become an expert in niche lines of business
Written By: Keegan LaMar, Product Marketing Analyst
Recently, we hosted a presentation on the topic of niche lines of business, and how independent agencies can leverage these in order to increase revenue growth. For those who missed it, this blog will break down some of the most important topics we covered, and give some insight into how you can take advantage of the information shared by Steve Anderson, an insurance industry thought leader specializing in technology, productivity, and innovation.
According to a study from McKinsey, small commercial accounts constitute more than one-third of the U.S. commercial lines market. In short, it’s the fastest growing commercial segment. iaMagazine noted that "54% of independent agencies don’t specialize in a specific industry at all [and that] if you’re part of the majority, [you’re] missing out on a big opportunity."
Here are the big 5 takeaways from our presentation:
Become an authority
Moving into a niche line of business does you no good if you can't become an expert in it. Making yourself an authority within the insurance industry starts with knowledge. Pick something you enjoy and want to learn more about, it will make the process of mastering it much easier. When you’ve gathered your information and done your research, marketing yourself will make you that much more accessible to potential customers.
Choose your niche
Maybe your passion is food trucks, E-biking, other unique businesses that are underserved in the insurance industry. Maybe you have access to a market that others might not, or you live somewhere that has a large group of possible prospects and a lack of competition that make it your best choice to move into. There are thousands of opportunities out there—and it’s up to you to find your niche.
Build your marketing muscle
Getting into a new market relies on great marketing and execution of your business plan. You need to get attention, identify prospects, build relationships, sell value, deliver a great customer experience, and round out accounts. How you do this depends on what you’ve chosen to specialize in and how your prospects will best learn about you. Always develop a strong go-to-market plan to ensure your success!
Develop powerful writing
Your written word is your biggest asset. Developing advanced writing skills can enhance your credibility with prospects. It is your opportunity to display your depth of knowledge and establish yourself as an authority within your niche audience. When you can write well and grab attention, the chance of reaching an even wider audience grows exponentially. Writing blogs, Q&A pieces, social media posts, eBooks, and other cost-effective communication options we have today are a great way to start sharing your expertise.
Create systems and processes that will help you thrive
When you have a great plan in place, executing it can become easier with the right tools. Automating your marketing or campaigns can bring everything we’ve covered full circle. Taking out manual processes will ensure that you are reaching prospects, closing deals, and servicing your growing book efficiently. More importantly, it will support growing at scale, meaning you can take on more business and not worry about creating bottlenecks at the same time.