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Your insurance agency’s marketing goal is to stand out among the noise. Identifying and investing in serving a niche market is one of the most efficient and effective ways to achieve this challenging goal.

When you serve a niche market, you have less competition, making it easier to gain new customers in a specific arena. Your agency is set apart as providing “X” type of insurance, making you distinctive. PIA National’s 2022 Independent Agent Survey found that respondents devoted more than 20% of their book of business to a niche market. You, too, can capitalize on this valuable strategy. 

Identifying Your Niche

The first step in capitalizing on a niche market is deciding where to focus. There are a few factors to consider when selecting a niche market, such as market saturation, agency expertise, and interests. It’s best to find a niche that has a low market saturation, is an area your agency has some knowledge about, and one that is particularly interesting to you or members of your team. With these elements combined, you are more likely to break into this niche area successfully.

One of the ways you can find your niche is by looking at your agency data. See if there is a specific area where you see a coverage gap or a pattern in your longest-standing customers. You can also talk with your team and see what problems they find interesting. From there, do research to identify the need for this particular niche in the markets you serve and gain some baseline understanding of what this particular area needs in terms of coverage.

Capitalizing on Your Niche

Once you know your target area, start gathering as much data as possible. Use your internal analytics to see who among your customers may have interest, and leverage marketing automation to serve them information about your new coverage. This data will also help you see how you can grow this niche area by identifying common coverage among this segment.

You’ll also need to grow your expertise in this specific niche area. While you should already have a baseline, you need significant depth to establish yourself as the go-to agency. Invest time in learning more about your niche market. Attend conferences and get involved in industry groups to get on-the-ground intel about what individuals or businesses in your niche want and need. Get endorsements from your current niche customers. The more you can show off your expertise, the better.

Marketing Your Niche

Your next step is to market your niche to customers and prospects. The only way you can capitalize on your target area is to let people know you’re an expert in that specific arena. Start by adjusting your SEO strategy, and adding keywords that pertain to your particular niche. Add those words to your website and, if possible, invest in online ads to pop up when individuals search for that niche within your coverage area.

Beyond SEO, you should also add a page about your niche on your website and, if you have a blog, add a category dedicated to it. Be intentional about producing content related to your niche and highlight it regularly on your social media. Another great marketing avenue is to provide informational sessions to local businesses or organizations that fit your niche profile. The goal is to get your name associated with your niche anywhere and everywhere.

Other Elements to Consider

A few other areas to consider when breaking into your niche are carrier coverage, staffing, and internal processes. Before diving into your niche, be sure you have at least one carrier that covers your determined area. Ideally, you should have three to five carriers available to offer some choice for customers.

You should also consider adjusting your team structure and internal processes to facilitate your niche coverage. Perhaps you have individuals who already have some expertise in the niche area you can move into new positions. Maybe you need to start looking for a new hire to manage your new specialty better. Consider the updates you need to make ahead of launching your new initiative.

Partnering with the Right Provider to Help You Find Your Niche

At Partner Platform, we’re constantly working on making it easier for our agencies to grow their reach. Our integrated data and analytics make it simple to gain the information you need to identify and capitalize on your niche. From there, our Marketing Automation Manager and Producer Results Manager CRM are designed to help our agencies get the word out and track engagement.

See how we’re working with our tech partners to stay on the cutting edge, keeping our Partner Platform agencies nimble and a step ahead of the rest. Fill out a contact form here or get in touch at [email protected] or 800.747.7005, Option 6 to find out more.

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