Vero Insurance and BrandMatters have surveyed more than 1,500 SMEs to gain insights into what makes them tick and what is keeping them awake at night. These insights were turned into actionable recommendations for insurance brokers in Vero’s SME Insurance Index 2016.
If your business has SME clients, here’s what you can learn from the 2016 Index:
Of the 1,526 SMEs we spoke to:
This concern opens up an opportunity to discuss costs with your clients – what information can you provide to help mitigate their concerns? Are you able to advise them on strategies for streamlining their upcoming costs? If the cost of your service is going to increase, it’s important to have a conversation about this as soon as possible so clients are prepared and don’t feel blindsided. Equally, if you are able to help them make a saving, share this news with them so they understand the value your business delivers.
Is your website optimised for SEO? Have you included your location in your optimisation keywords? Maximum visibility online is a key driver of business growth that is showing no signs of slowing down.
Having an active referral strategy at work within your business is critical for attracting new business without expensive marketing costs. You can achieve this by asking current, satisfied clients to write you reviews and testimonials; and by mentioning to current clients that you’d love it if they could refer you to their friends, family or colleagues. Sometimes a reminder is all it takes.
By providing your clients with more than just the basics you have an opportunity to evolve your relationship from being transactional to being a trusted partnership. You will drive client retention, and increase their perception of your business as a source of trusted advice – ensuring you are top of mind next time they need the services you offer.
The Vero SME Insurance Index 2016 is a valuable research tool for helping brokers understand their clients and exceed their expectations; and implement strategies for strengthening their business.
The 2016 Index is the fifth Index BrandMatters has developed in partnership with Vero. The purpose of the Index is to help insurance brokers to by identifying insurance industry insights; shedding light on the attitudes and behaviours of SMEs with regard to insurance; and highlighting challenges and opportunities in the SME insurance sector.
For more industry insights, we invite you to download a copy of the Vero SME Insurance Index 2016.