Professional Liability Insurance Group, 1st quarter 2019

Professional Liability Insurance Group, 1st quarter 2019

The PLIG Professional’s PULSE

1st Quarter

Reorganize Your Efforts for Strategic Growth This Spring

Spring is all about growth.Winter is over, temperatures are rising, and the world feels rejuvenated. But what about your business?

This is a huge mistake, and it can cost you current and future customers. If your systems aren’t ready to take on the growth you desire, the business will struggle when new customers do join the fray. People and money will slip through the cracks, and your customer service will become subpar.That’s inevitable if you spread yourself too thin. It can lead to disaster and end up costing you more money that you’d otherwise be bringing in. So, before you turn your attention to growth and start taking on new business, make sure you are ready for new customers. Audit your systems and processes. Strategize with your team. Put your KPIs to work. Don’t make guesses and assume you can take on new customers. Know you can take them on and deliver a high level of service once they start buying from you. Along those same lines, take a hard look at your customer service. As you grow, are you able to maintain the same level of service you delivered a year ago? Five years ago? When a customer calls with questions or sends you or your team an email, how are those messages handled? Do you reply in a timely fashion? Or do you let it sit? Exceptional and proactive customer service does wonders when it comes to customer retention and referrals.You keep customers for longer than their average customer life cycle, and those current (happy) customers are far more likely to refer business to you. It’s a great way to get the ball rolling on referrals. Embrace that momentum. To add to that, happy customers are the best customers.They’re the easiest to work with and become the easiest to please. Plus, it’s far cheaper to keep a customer than it is to find a new one.Why not take advantage of that? This spring, look at the way you do business. Are you spending too much on growth you’re not ready for? Position yourself for growth, focus on wowing your customers, embrace referrals, and don’t be afraid to tell your current customers that you want referrals. Sometimes the most powerful marketing tool is to simply ask. -Shayne

Did your business hibernate this winter? Is it still hibernating? Are you struggling with growth?

If you are, you’re not alone.You want to bring in new customers and grow, but your past growth strategy may not have worked as well as you wanted it to. You may feel discouraged or hesitant to try something else. One great way to get out of hibernation mode and into growth mode is to hone in referrals. But before you can successfully target referrals, there’s one important question you need to ask yourself: Is your business ready for growth? Another way to look at this question is to think about your internal systems and processes. Do you have the ability to take on new customers right now — whether it’s one customer, 10, or more? It’s common for a business owner to be so focused on growth that they let their internal systems and processes go neglected.They may not change things for years at a time. Some businesses even expect to grow while still relying on processes they put in place on day one.

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Professional Liability Insurance Group • www.ProtectUsBetter.com

THE REASON EMPLOYEES ARE QUITTING IN DROVES

According to a survey conducted by Randstad, 60 percent of American employees either quit or strongly considered quitting their jobs last year. That’s a number that should terrify any business owner. However, instead of panicking, consider this record-breaking moment in U.S. employment history an invitation to take a long, hard look at your organization. Are members of your team waiting for the perfect moment to bail? And if so, why? It’s not because the majority of employees are ruthless careerists or disloyal money-grubbers. If we look at Mental Health America’s 2018 Workplace Health Survey, it mostly boils down to the fact that over half of American employees feel unappreciated, unsupported, and disrespected by management. In fact, 21 percent of respondents said that instead of being paid what they deserve, they’re nickel-and-dimed when raise season arrives, and 77 percent believed that instead of being lifted up for their accomplishments, employees were forced to toil

away in the corner, feeling invisible. Sadly, scarcely more than 34 percent of respondents believed they could rely on the support of their managers and colleagues. The numbers paint a disheartening picture of the average workplace. If you’ve been a manager for a long time, it can be difficult to imagine how frustrated an undervalued member of your team can feel and how these feelings can spread throughout your organization, leaving all your employees discontent. It’s imperative to listen and respond to your employees’ concerns. It takes more than instituting an open-door policy and relaxing work requirements — two characteristics of healthy workplaces, as rated by respondents.You need to commit resources to eliminating the problem. Start with the highest-level leaders of your business.Work with them on how to interact with the rest of your team in more human, empathetic, and responsive ways.Training and

assessments are a good start, but you may also need to revamp the mentality and core values of your company. In a world where finding a new job is easier than ever, managers cannot afford to ignore the needs of their employees. Evolve and acknowledge the emotions in your workplace or risk losing all that you’ve invested in your top performers.

What Some of Our Clients Are Saying

“Maria and Shayne are very helpful, prompt, and diligent. Also very accommodating and nice.”

“Maria is so helpful!” –Melissa

–Ramona Candelaria

“They are willing to discuss insurance issues with other professionals on my behalf.”

–Dr. Busch

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How it works All you have to do is tell a friend, colleague, or any professional you know about us and make sure they tell us you sent them — that’s it! Remember, protecting professionals is our specialty! You can refer any commercial business of any size, big or small, such as an accounting or law firm, a physician’s practice or health care facility, an architecture or engineering firm, or even your local restaurant or dry cleaner. What you win 1. For each referral, we will automatically send you a $10 Wawa gift card! 2. Each referral automatically enters you into the quarterly drawing for a $50Visa gift card! 3. Each referral also enters you into the annual drawing for your

choice of an iPad Mini or an Amazon Kindle Fire HD. 4. For each referral we receive, we will also donate $20 to a charity * of your choosing. *Charity must be a registered 501(c)(3)

Remember, without your referrals and much-appreciated testimonials, we would not be where we are today.Your words encourage us to do our best and help other professionals decide to do business with us.You can call 856-692-7702, fax 856-691-0059, or email your referrals and kind words to [email protected]. And, as always, we want to say “Thank you!” for the professional relationships we have with each of you!

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You don’t have to be a client to receive your freeWawa gift card.

congratulations to last year ’ s annual referral contest winner , D r . N ayar !

There is absolutely no limit to how many times you can enter.

• Our contest is not in direct relation to any insurance sales.You’ll be rewarded simply for the lead. • You do not have to be present at the drawings to win. • Your referrals do not have to become our client for you to claim your prize. • We are not responsible if the law says you can’t win due to age or any other restriction.

Turn me on my side and I am everything. Cut me in half and I am nothing.What am I? BRAIN TEASER

The PLIG P u z z l e Challenge At the Professional Liability Insurance Group, we know just how bright and intelligent our newsletter readers are, which is why we are happy to challenge you with this puzzle! All you have to do is answer the puzzle challenge correctly and send your answer to us. Email your answer to [email protected], fax it to 856-691-0059, or call 856-692-7702 to read off your answer.The winner will be selected from a random drawing of all correct responses submitted prior to printing our next newsletter and will win a $20Wawa gift card! Good luck!

LAST EDITION’S PUZZLE AND ANSWER:

Q: I am heavy and hard to pickup, but backwards I am not.What am I?

A: A ton

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PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

FROM OUR FAMILY TO YOURS

1138 E. Chestnut Ave. Suite 5A Vineland, NJ 08360 www.ProtectUsBetter.com 856-692-7702 INSIDE Is Your Business Ready to Grow?

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Why Employees Are Quitting in Droves

Hear From Our Clients

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Referral Contest: Check Out These Prizes

Puzzle Contest: Get it Right andWin!

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Better Targeted Ads for Your Local Customers

Marketing Starts Right Next Door Better Targeted Ads for Your Local Customers

Whether you’re the CEO of a major tech-savvy corporation or a freelancer, your eyes should be set on your next marketing move in this digital age.While spinning signs on sidewalks and flying banners from the backs of airplanes may be considered staples of public outreach to some, the tides are shifting to more targeted ways of reaching your future clientele.Virtually any business can benefit from utilizing hyperlocal advertising and its many strategic facets. Hyperlocal advertising refers to the process of hyperspecific or niche marketing campaigns implemented for a certain focus area.This can manifest in many comprehensive forms, depending on the specific needs of the business. A local mom and pop restaurant may choose to take advantage of hyperlocal advertising by sending ads to potential customers within a 5-mile radius during the hours they are most likely to be hungry, on their lunch breaks, or when they are otherwise free to stop in for a bite to eat. Alternatively, a major car dealership in a metropolitan area could target their potential audience by running ads during local professional sports games. So how does this work for YOUR business? It all depends on your desired campaign for your targeted region. Assuming you’re well-informed about your current demographics or the demographics you’re hoping to reach, there are several methods to effectively implement hyperlocal advertising tactics.

By using GPS and IP addresses, you’ll be able to target ads to specific cities, streets, and even buildings by inputting their coordinates. After you’ve narrowed it down, you can choose which areas work best for your goals. A mechanic shop expanding to a new city may cast a wider net, while a high- end jeweler may target areas with higher incomes. With hyperlocal strategies, your advertisements can be catered on a variety of digital platforms, like social media, streaming services, and apps.These new-age technologies will give you more exposure and patronage for your ever-expanding business!

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