The standard answer is "because that’s not how we sell" and/or "that’s not how our clients buy".
However, in the majority of cases this answer is based on instinct not evidence. In addition, this answer is often given because commercial insurers have never been able to understand how to use the power of social media so they quietly put it to one side.
Which is strange as Forrester Research identified that B2B sales agents who use social selling are 72% more likely to exceed their targets. Surely that would make it worth a little more attention.
So how do you use social media to increase sales and retentions? The initial answer lies in following some simple launch guidelines.
BE ACTIVE IN GETTING FOLLOWERS
Firstly make sure as a minimum your company is on LinkedIn, Facebook, Twitter and Pinterest.
Next actively follow your clients and potential clients and encourage them to follow you ‘I notice you are on Facebook, why not follow us as we post helpful information for our clients on there’. Now you have an audience.
USE THE AUDIENCE
Tell them things of interest that promotes your business. Such as how you have saved another business money. Every company is interested in saving money. But do not just say something banal such as “the average company who switches to us saves £150 per annum. Make it real, make it human″. Have photos, have a human story behind the saving, have videos, get the customer to talk about it, not just you.
Other ideas for such posts – How your claims service helped a business, How advice your consultants gave ensured a client got the right cover etc. People want stories about people.
USE THE PLATFORM TO CROSS SELL
You cannot sell a commercial lines policy to someone who already has one, but you can sell your other products. Using the above approach show how multiple product purchases attract discounts, tell the story of one such customer who enjoyed this benefit and your products.
SHOW OFF
94% of B2B buyers undertake internet research before making a corporate purchase. This is not really a surprising statistic, but it is often overlooked. By creating informed technical content, buying guides etc. and promoting them on social channels you advertise your expertise to a wider audience than you ever could through a cold call campaign.
USE THE KNOWLEDGE OF YOUR TEAM
An inescapable fact is that certain generations instinctively engage and use digital channels more than others. What is the profile of your front line team? If its digitally savvy and socially savvy use their expertise. Now of course I am not suggesting unsupervised activity, social can be a bear trap for the unwary but if you do have expertise do not waste it. Alongside the value it can bring to your marketing it creates a positive vibe for hiring the best young staff.
So is social relevant to commercial insurance selling – absolutely.
Even more than that it helps to solve one of the major conundrums facing commercial insurers – the more digital their business becomes the more they fear they will lose the personal relationships they believe are the backbone of their business.
Social selling addresses these contradictory forces – social allows you to put the human back into the sales process whilst still enjoying the financial benefits of digital fulfilment.
Maybe it is time to give social selling serious consideration?
