According to the Small Business and Entrepreneurship Council, 86.2 percent of businesses operating in the United States are small businesses. This is such a large market, and there is a huge opportunity for insurance agents to tap into it. Plus, developing lasting relationships with small businesses will provide endless opportunities to gain referrals and cross-sells.
Cultivating Relationships
In order to get to the point where you are getting these referrals, you need to build your relationships. Try everything in your power to provide a value to these small businesses. Give them options and always provide them with the best possible customer service. Remember they know and probably give great customer service, so be sure to give them exceptional service. Keep in mind that even with a small account there are still opportunities to help your business to grow or for the business owner to provide referral business.
Networking
Once you have these relationships established, building a larger book of small business owners may be easier than you think. Set aside time to attend networking events, charitable organization fundraisers, and other community events. Take the time to authentically grow your relationships with these owners. Be a person to whom they will feel confident referring others. Keep in contact with these owners on a direct level and not just through emails and online marketing.
Small businesses can be a lucrative market to target. With the right understanding of what it takes to make money by targeting this group and how important relationships are, you may position yourself for success.
