Know Your Competition

Know Your Competition


Mark Sanborn, a best-selling author, motivational speaker and entrepreneur said, “If you aren’t a little different than your competition, you’re in trouble.”  

Do you know your competition?

Is your agency located in an area with other independent insurance agencies?  If the answer is yes, do you think you are different than the other insurance agencies?  Can you honestly say you provide your customers a better customer service experience?  Better products and services?

Keeping up with your competition is a great way to grow your business.  Identify the markets that aren’t being met by your competition.  Then consider offering products and services they don’t.

• Google Search your competitors

• Google “insurance agency” to see other agencies in your vicinity

• Make a list of your competitors
• Visit their insurance agency website
• Make a list of the products and services they offer
  • Identify what you have that they don’t
• Ask your marketing representatives about other agencies in the vicinity
• Set up a Google Alert for the competitor’s agency name
• Follow your competitors on social media
• Ask your customers and walk-ins
• Attend trade shows
• Ask your customers why they chose you over the competition

Compile a spreadsheet and note your products and services vs. your competitor’s products and services.  What do you offer that they don’t?  Find your differences and market those.  “We sell boat insurance!”.  Compare your operating hours.  Are you and open Saturdays and they aren’t?  “OPEN Saturdays!”  Compare the number of companies you represent.  “We’ll find the best coverage for your insurance needs.  We represent 12 top rated insurance carriers.”

Attend trade shows to find more markets and products.  Companies and carriers want your business.  The more you offer, the more you’ll stand out compared to your competition.  In addition, you’ll network with other agents, carrier marketing representatives and insurance association representatives to learn about things that are working for them and their agencies.

Here’s a basic example of a tracking spreadsheet.  Add to this and find areas where you stand out.  Market to your potential customers and promote what makes your independent insurance agency shine compared to your competition.