Leveraging the SBA 7(a) Program to Market Your Insurance Agency
How you tell people about your agency really matters. From catchy online ads to personalized mail, finding the right ways to let people know about your services can bring in new customers. With StrongTerm’s SBA loans, getting the money you need for these important marketing efforts is easy. You can get approved fast and pay back the loan with terms that work for you, helping your agency grow.
With StrongTerm’s Lightning and Expedited SBA loan programs, agency owners can get started investing in marketing to grow their business in under 2 weeks with a fraction of the paperwork traditionally needed for SBA loans.
In this post, we’ll go through 8 different marketing initiatives you can use your StrongTerm SBA loan for to jumpstart your agency’s growth.
SBA Eligible Marketing Ideas for Insurance Agencies
Direct Mail
Estimated Cost Range: $0.50 – $3.00 per piece
Despite seeming old-fashioned, direct mail remains an effective strategy for reaching specific demographics and generating leads. The cost of direct mail campaigns depends on factors such as list costs, design, printing, and postage. Basic postcard mailers targeting a small local area may cost around $0.50 per piece, while more elaborate mailers with custom designs and targeted mailing lists could cost up to $3.00 per piece. Integrating direct mail with other marketing channels can also help you maximize your return on investment.
Event Sponsorship
Estimated Cost Range: $500 – $5,000 per event
The cost of event sponsorship varies depending on factors such as the size and scale of the event, the level of sponsorship chosen, and any additional marketing materials or activities included. Small local events or sponsorships may start at around $500, while larger industry conferences or high-profile sponsorships could cost upwards of $5,000.
Paid Online Ads
Estimated Cost Range: $500 – $5,000 per month
Paid online advertising campaigns can vary significantly in cost depending on factors such as the platforms chosen, target audience size, and campaign complexity. Basic campaigns on platforms like Google Ads may start at around $500 per month, while more extensive campaigns targeting multiple platforms and demographics could cost upwards of $5,000 per month. Many businesses opt to hire an agency or consultant to manage their paid online ads due to the complexity of targeting options and campaign optimization.
Video Marketing
Estimated Cost Range: $100 – $15,000 per minute
The cost of video marketing can vary widely depending on factors such as production quality, video length, and distribution channels. DIY videos created with basic equipment and software may cost around $100 per minute, while professionally produced videos with high production value and extensive editing could cost up to $15,000 per minute. Video marketing can be deployed on platforms like YouTube, LinkedIn, and social media channels to reach and engage with your audience effectively.
SEO Strategies
Estimated Cost Range: $500 – $5,000 per month
Search Engine Optimization (SEO) is the process of optimizing your website to improve its visibility in search engine results. This includes optimizing website content, improving site speed and user experience, and building quality backlinks. Basic SEO packages may start at around $500 per month, while comprehensive SEO campaigns could cost up to $5,000 per month. Many businesses hire SEO consultants to manage their SEO efforts and stay ahead of algorithm changes.
Email Marketing
Estimated Cost Range: $300- $3,000 per month
The cost of email marketing depends on factors such as the size of the email list, the frequency of email sends, and any additional services or features included. Capable email marketing platforms may start at around $300 per month, while more advanced solutions with automation and segmentation capabilities could cost up to $3,000 per month.
Website Design
Estimated Cost Range: $1,000 – $10,000
Investing in a well-designed, updated website can significantly impact your agency’s online presence. Costs can vary depending on factors such as the complexity of the design, the number of pages, and any additional features such as e-commerce functionality or customer portals. A professionally designed website can enhance user experience, improve search engine rankings, and showcase your agency’s professionalism and expertise.
Buying Leads
Estimated Cost Range: $15 – $100 per lead
The cost of buying leads can vary based on factors such as the reputation of the vendor, the qualification process used to generate leads, whether leads are shared with other agencies, and the method of lead delivery and transfer. Basic leads from less reputable vendors may start at around $15 per lead, while high-quality, exclusive leads from trusted sources in high-value niches could cost up to $100 per lead.
Conclusion
When it comes to promoting your insurance agency, smart investments in marketing can make a big difference. Whether you’re using video marketing, sponsoring events, or sending out emails, StrongTerm’s SBA loans can give you the financial boost you need. By making the most of these smart marketing strategies, you can set your agency up for success and attract more clients in the long run.
Find out more about StrongTerm
If you’d like to learn more about StrongTerm’s SBA loans for insurance agencies and how they can supercharge your business, our team is here to help.
To get started, please leave your information below, and a StrongTerm expert will be in touch to answer your questions and formulate a custom financing plan to help grow your business.
Even if you’d just like to test the waters, or have a question regarding the SBA or financing, we’d love to hear from you.
