The end of the year gives you an opportunity to reevaluate your business plan, marketing strategies, and business goals.
Insurance firms must adapt to an ever-changing marketplace, and looking back on last year’s business plan helps you create a more successful plan for the new year.
But many insurance professionals overlook this critical step when establishing new goals and key performance metrics.
The following will help you use last year’s business plan to achieve a new level of success and maintain a leading edge over your competitors.
Define Your Performance Metrics
In order to create an effective business plan, you need to have a clear idea of what to measure.
The right metrics let you review your previous performance and identify the changes that address existing weaknesses.
Begin with the goals you established last year. You should have data available to determine who well you did at achieving those goals.
Profit and loss statements, leads generated, conversion rates and other metrics help you determine what worked and what didn’t.
Insurance firms might need to establish new metrics. The following are just some key metrics that you can begin tracking next year:
- Total revenue in 30-, 90-, or 180-day periods
- Website visitors and traffic sources
- Average sale per new client
- Number of returning clients
Establishing clear and measurable goals makes it easy to determine what strategies are working and which ones may be hurting your results.
Review Your Existing Content
The content you provide delivers additional value to your target audience in addition to your insurance services and products. The best content educates, engages, and compels your audience to respond to your marketing messages.
Before creating a new content marketing plan, review the content you’ve previously shared. Blog posts, website pages, lead magnets, and other forms of content help you determine how to create a successful plan for next year.
Metrics related to the performance of your content should also be considered. The time spent on your site’s pages, the number of unique visitors, and conversion rates demonstrate what content elements are effective in reaching new clients.
Many insurance businesses are often surprised when analyzing their content’s performance data. An article may have generated a high number of comments (engagement) while failing to generate any new clients (conversion).
Getting clear on the actual performance of your content is essential to developing the right business plan for next year.
Creating Next Year’s Business Plan
The more you know about the performance of your business, the better you’ll be able to achieve significant growth within your industry.
Creating your new business plan should include the same principles used when creating your previous one while revisiting and reestablishing your mission and vision.
Insurance professionals must evaluate their core values and modify them to reflect the changes in their industry, client needs, and other factors.
These elements are at the core of any business plan, and they drive the decisions that are made as you move forward in achieving your business goals.
Your target audience is another critical part of your business plan. For some businesses, the ideal client can change over time. So determining who you’re targeting with your marketing messages should be done anytime you create a new business plan.
Knowing what worked in last year’s business plan is the best way to make the right changes for next year. As your business, industry, and marketplace evolve, so will the strategies needed to achieve success.