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Is the Pet Insurance Industry the New Gold Rush?
Nov 14th
Laura Bennett, CEO of Embrace Pet Insurance, knows more about pet food, pet accessories and pet healthcare than the average person. While her business is pet health insurance, she tries to care about other niches in the same industry as a way to be successful with her business: “Know more than your small segment,” she suggests.
We interviewed Laura to find out what makes her niche market, pet insurance, tick, as well as to get her advice as a seasoned entrepreneur.
Laura, what is pet insurance and how does it work for the consumer?
First off, let’s specify that it’s pet health insurance. It doesn’t cover death benefits for your pet. Primarily, pet health insurance covers dogs and cats, though there are policies for other types of animals. Pet owners pay for their services at the veterinarian’s office, then submit the claim to the pet insurance company for reimbursement.
What type of growth are you seeing in this industry?
In America, 65 percent of households have dogs or cats, yet only 1 percent of those pets have pet insurance. Across the ocean, 25 percent of cats and dogs carry pet health insurance in the U.K.
British people don’t mind insurance very much. In the U.K., when pet health insurance came out 35 years ago, it delivered upon its promise, creating a positive experience, which is now backed by lots of advertising. In the U.S., early on, pet insurance didn’t pay what people expected it to, and the relationship with insurance in general is a bit rocky here. But it is slowly turning around.
Are there any new pet insurance industry trends that you see taking place?
Right now, we’re not seeing ads for dog or cat pet insurance, and most pet owners only hear about it through their vets. But with some big companies, like the ASPCA, coming on board to offer white-labeled pet insurance, the awareness level may increase. More non-pet insurance brands are becoming interested in offering it.
Has the economic climate affected pet insurance trends or pet insurance industry growth at all?
In the U.S., we’ve seen 15 to 20 percent growth over the past few years (it was better before the economic downturn), and people who still have disposable income are still spending on pets. Pet parents are buying pet insurance right now. These are people without children who dote on their pets, as opposed to pet owners, who may not be willing to spend more on the animal members of the household.
What type of veterinary services does pet insurance cover?
Pet insurance policies cover unexpected accidents and illnesses, as well as vet visits, diagnostic tests, cancer treatment, hip replacement and surgery. Some pet insurance policies cover dental and wellness visits as well. The only thing no brand of pet insurance covers is pre-existing conditions.
What type of increased interest have you seen in veterinary pet insurance? Is this becoming mainstream for consumers?
Right now there are just 11 companies offering pet health insurance in the U.S. It’s a very niche market. Pet owners are learning about it through their vets, but as big brands start to offer it, the exposure will be much greater.
You’ve been a pioneer in this industry. What advice do you have to other entrepreneurs or small business owners about being an early player in an industry?
I like being early to the market, but not the earliest. Not being the first to market has its advantages, as it gives you the chance to watch those who came before you and learn from their mistakes. Don’t just copy what they did; learn from the problems and fix them.
Our business stands apart because we talk to people as if they are human beings, and we care about them. It sounds simple, but it doesn’t always happen.
Any advice for those wanting to get into the booming pet industry in general? Any particularly hot industry segments, or tips for how to be successful?
Know the wider industry you work in, whether that’s the pet industry or any other. Care about other niches in the same industry. I don’t have to care about pet food and pet accessories, but I do, because it’s part of my industry. And networking, both in your industry and outside, is key for success.
There’s not a lot of sophistication online in the pet industry, so there’s room for improvement there. The pet industry is still considered “fluffy,” pun intended. Stand out. Do it differently. Get a great pitch.
For more information on pet health insurance, visit Embrace Pet Insurance.
Is the Pet Insurance Industry the New Gold Rush?
View full post on Small Business News, Tips, Advice – Small Business Trends
Innovating in a Mature Industry
Sep 28th
Innovating in a Mature Industry
This content from: Duct Tape Marketing
This Local Color video, featuring creative small businesses around the globe, is part of a marketing series sponsored by HP
Sometimes people look at an industry and wonder if there are any innovations left. After all, pretty much everything that can be done in the pizza business has been done, right?
Cheeseboard Pizza Collective in Berkeley California is a great example of how to innovate in a seemingly over innovated industry.
Cheeseboard makes one “veggie pizza of the day” and pairs it with live music. That’s it, and people line up for blocks to come and get it. No advertising, no coupons, no happy hour.
And if that weren’t innovative enough, the business is also run as a collective, meaning all employees are owners, all receive the same hourly wage and they rotate jobs so that everyone pretty much does everything.
If you’re in town tonight stop by for a Fresh zucchini, Onions, French feta, Mozzarella, Basil pesto “PINE NUTS” pizza.
View full post on Small Business Marketing Blog from Duct Tape Marketing
Industry Hubs Can Benefit Your Business: How To Start Your Own
Sep 28th
I firmly believe that getting support, advice and encouragement from other entrepreneurs—live, not just online in social networking venues—is crucial to a small business owner’s success (and sanity). So when I read a recent Wall Street Journal article about the concept of industry hubs, I was intrigued.
Industry hubs are cities or regions where specific types of businesses are clustered. The concept isn’t new—Silicon Valley is probably the best-known industry hub and the Motor City (Detroit) was one of the first. But, the Journal reports that despite the lingering recession, new industry hubs are springing up ranging from sporting-goods makers in Ogden, Utah, to nanotechnology firms in Albany, New York.
Industry hubs often spring up naturally around natural resources or available labor. While many industry hubs are high-tech in focus, there are plenty that are not. For example, in my state, California, the Los Angeles area is home to a thriving garment industry.
The benefits of clustering together with companies in your industry are many, and include the support network I mentioned above. But there are also more tangible payoffs: One expert cited in the article who has studied the issue says industry hubs have higher rates of patents, business formation and pay higher wages.
One of the biggest benefits these days, of course, is that when small firms in an industry reach critical mass, people with money start to take notice. That means companies in an industry hub may have greater chances of obtaining financing, and are more likely to get assistance from community or government agencies that have an interest in seeing a local industry hub grow.
Government is getting into the act in a big way. Earlier this year, USA Today reported on a White House proposal that would identify 20 potential clusters to receive financial incentives. There’s also a separate program in which 16 federal agencies are seeking to promote existing industry hubs.
Are you in an industry hub? If not, what can you do about it (short of moving your business)? For small business owners who see the potential for an industry hub in their area, here are some steps to helping it grow:
- Start the conversation. Find other entrepreneurs in your city or region who are in your same or a complementary industry. Start talking about how you can work together.
- Form an organization. If you find kindred spirits, consider forming an organization that works to develop a full-fledged industry hub.
- Tap into each other’s connections. Perhaps one member of your group knows people in public office while another knows grass-roots community leaders. Someone else might have ties to the finance community. Work your networks.
- Get government involved. Public-private partnerships are key to helping many industry hubs thrive. See what your local government, economic development organization or other community groups are able to do for you.
- Publicize. Get the word out about your nascent industry hub is easier than ever. Contact media and bloggers in your industry. The more people know about your hub, the stronger it will grow.
Industry Hubs Can Benefit Your Business: How To Start Your Own
View full post on Small Business News, Tips, Advice – Small Business Trends
Travel Industry Secrets.
Jun 5th
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How To Cut Hair. Hair & Beauty Is A 50 Billion Dollar A Year Industry.
May 10th
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How To Cut Hair. Hair & Beauty Is A 50 Billion Dollar A Year Industry.
Storage Auction School – A fool-proof system for a booming industry
Apr 18th
Storage Auctions are exploding in popularity due to television shows and increased unemployment. Our program offers a 65% commission, premium support and an affiliate help page. We stand behind our product 100%.
Storage Auction School – A fool-proof system for a booming industry
Will Your Industry be a Top Performer in 2011?
Dec 26th
Out of more than 700 industries, research firm IBISWorld has identified the six small-business types most likely to do best next year.
How will your industry do? Take a look at the top-performers report. It shows that with the recession ebbing, some industries will profit by helping consumers pull out of the downturn, while others are already building on recovery.
1. E-commerce and online auctions — The top performer with more than 11 percent projected revenue growth, e-commerce will simply keep gaining on brick-and-mortar retail next year. Is the downturn making us drive less and shop online more? Not clear, but America’s love for shopping with a click will not abate next year.
2. Real estate appraisal – With the housing markets firming up and fears about buying in a still-dropping market lessen, there’ll be more demand for appraisers. Still-low interest rates should help drive more home sales next year, helping appraisers see nearly 9 percent revenue growth.
3. Environmental consulting — New laws and growing consumer interest in going green will help environmental consultants see 7.5 percent revenue growth in 2011. I’ve been researching green supply-chain issues recently, and one driver is big retailers demanding green operating principles from their vendors — which in turn drives those vendors to look to their own suppliers for greener practices. Upshot: Lots of companies that need to cut their carbon output, and need experts to help them figure out how to do it cost-effectively.
4. Debt collection agencies — This has been a busy industry the past three years, and next year it should keep growing revenue — IBISWorld says more than 4 percent. The theory: as unemployment eases (finally!) and the housing market recovers, debtors will be able to pay back more of what they owe, improving margins for collection agencies.
5. Advertising agencies — Many companies are looking to jump on any hint of economic upswing, and are finally adding to their marketing budgets. The forecast is for 3.5 percent revenue growth. Expect agencies with a specialty in online and social-media advertising to take the lion’s share of the upswing.
6. Job training and career counseling — This one also mines the downturn, to the tune of 3.4 percent growth. Helping the unemployed retrain for new careers will still be big business next year.
How will your industry do in 2011? Leave us your forecast in the comments.
View full post on Entrepreneur.com – Daily Dose
How the Internet Is Changing the Fashion Industry in 2010
Oct 5th
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Let’s take a look at how the Internet has affected the fashion sector — in particular, marketers and media — thus far in 2010. |
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View full post on Home Wealth Project Riot!
Start-up Odds of Survival Depend on Industry
Sep 27th
You’ve probably heard the oft quoted statistic that half of all businesses are gone within five years. While the number is true, it’s an average of what happens to start-ups in all industries, from biotechnology firms to dental offices to taxi services. And new business survival rates differ pretty substantially across sectors of the economy.
To show you how much difference industry sector makes, I have plotted the five year survival curves for the 2000 cohort (the most recent available) of start-up establishments using data from the Longitudinal Business Database of the U.S. Census.
As you can see from the figure, 13.2 percentage points of difference separate the five year survival rate of businesses in the finance, insurance and real estate sector (57.4 percent) from those in transportation, communication, and utilities (44.4 percent). That’s a pretty sizeable gap. Clearly a new business’s odds of survival are much higher in some industry sectors than in others.
Of course, survival rates aren’t necessarily the same for all sectors over time. Given what’s happened in the economy in the past couple of years, the odds that finance, insurance and real estate businesses started in 2008 and 2009 make it to their fifth birthday might be very different from the numbers shown in the figure.
Nevertheless, the data make an important point to would-be entrepreneurs. Your chances of creating a long-lived business are greater in some industries than in others.
You might want to factor this information into your decision to start a business. Many lenders and investors do.
Start-up Odds of Survival Depend on Industry
View full post on Small Business News, Tips, Advice – Small Business Trends
Travel industry embraces Social Media Marketing – Marketing News
Sep 24th
| Travel industry embraces Social Media Marketing , But doubts over impact on business. Visit UTalkMarketing for more Marketing News |
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View full post on Home Wealth Project Riot!
