Why Buying Followers is a Waste of Money

When agents begin marketing their agency via social media, they tend to focus on the quantity of likes and followers as opposed to the quality of those likes and follows. You’ll see advertisements all over the web trying to sell you “real” followers and likes for anywhere from $5 to $200 depending on how many you purchase. But 2,000 spambots and fake accounts (by the way, they're never real followers) do not make a successful social media presence. Basically, all buying follows and likes will do is make your page seem more popular than it is. It’s like paying to sit at the popular kids’ table at lunch.

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The Evolution of Marketing

Here at ITC we are constantly researching ways to improve the services that we offer. In order to market effectively you have to continuously measure and tweak your plan due to the change in consumer needs and changing technology. A few weeks ago we went over the difference between inbound marketing vs outbound marketing. Today we’ll look at how marketing has evolved and how marketing automation is the next big step in the marketing evolution.

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How Retention Rate is Misleading Your Agency

One of the things I see all the time when it comes to agency marketing and agency health is a reliance on the blanket retention rate. A high retention rate is good, while a low retention rate is bad. Some agencies understand that they will have a low retention rate due to their clientele and have modified their business plans and pricing accordingly. However, the vast majority of agencies will live or die based on their retention rates.
While speaking to a particular agency, I asked, “What is your retention rate?” They proudly stated, “Roughly 85%.” Never mind that the principal did not know the exact number (a carrier offered his retention of their customers), a retention rate of 85% is a decent number. However, this retention rate is misleading the agent into thinking all is well with his agency. When I asked a few more questions looking at a three-year sample of the agency, the following picture unfolded.

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