Any good plan starts with research. As the old saying goes: fail to prepare, prepare to fail. Before you start planning any content or campaigns, you need to first gain an in-depth understanding of the insurance industry by conducting market research. Typically, this will involve an analysis of four key areas: company, audience, competitors and market.
To kick things off, you need to perform an analysis of your business. It may sound bizarre, but many insurance companies operate without a clear purpose and this can be really detrimental to the success of any business. To be truly successful, you need to be addressing the following questions:
- Why did you choose to set up your insurance firm? What problem are you hoping to solve?
- Who is behind your business? What is the history of your company?
- What are the key values that drive your insurance company? Are they documented and implemented throughout your business?
- What are your defining strengths? Are there any areas of weakness you need to overcome?
Next, you can move on to researching your audience, however, you need to go beyond simply defining who they are. You need to know their likes and dislikes, understand their needs and what is important to them, get to know their preferred channels and the days and times they are most active on them. Ultimately, your goal is to understand your customer like they are your best friend because, at the end of the day, that is the level of knowledge you need to build meaningful relationships that enable your business to flourish and grow.
Competitor analysis is another important area you need to research as it will not only allow you to take inspiration from those who are doing well, but will also give you an opportunity to learn from the mistakes of others. This will not only help you to save time and money, but will keep your reputation intact, too.
Lastly, you will need to research the insurance industry as a whole. You need to have an awareness of the broader market factors that could present opportunities or threats to your business in the future.
The PESTLE framework is commonly used to identify political, economic, social, technological, legal and environmental factors that could have an impact on your insurance company.