In order to capitalize on high-intent inquiries from prospective insurance buyers, insurance marketers should be tracking lead performance from click to conversion (and beyond) and deploying optimized multichannel campaigns. Robust data, shared throughout the lead acquisition and conversion process, can reduce the spend wasted on costly, low-intent leads, instead scaling for quality leads which deliver higher conversion rates and revenue growth.
Data Should Be Leveraged For Campaign Optimization
According to Taryn Lomas, EVP of DMS Insurance, insurance marketers must leverage big data to target and scale the right consumers. The right data allows marketers to create targeted campaigns and effectively serve prospective insurance buyers. When deployed successfully, a well targeted, data-informed insurance marketing strategy increases conversions and revenue.
Tracking Insurance Campaign Milestones Allows For Optimization Early And Often
Insurance marketers should monitor every milestone of the insurance-buying process for engagement, progress and intent. From initial contact through final sign-off, each benchmark when buying insurance can offer an indicator of a likely conversion, lack of interest or somewhere in between. By tracking campaigns closely, insurance marketers can get a better understanding of which lead sources are the highest quality and use that intelligence for campaign optimization and management. Lomas sites length of phone calls during the lead nurturing process as one good indicator of lead quality, with average call duration of 10-12 minutes possibly signifying a strong lead source that should be scaled.
Transparency And Shared Outcomes Allow For Better Campaign Results
Too often, insurance marketers are reluctant or unable to share their data with lead providers and the lead providers are left in the dark regarding campaign optimization. However, when insurance marketers pass back disposition or conversion data to lead generators, those generators can refine their campaigns, optimizing based on what converts for a specific insurance marketer.
Campaign Tracking Shouldn’t End At The Initial Conversion
When considering campaign optimizations, lifetime value (LTV) is another important metric insurance marketers should take into account. If a customer renews a policy, the lead provider that customer came from may be a good choice for future business. (Though, of course, data should be analyzed at an aggregate level.) Every touchpoint in the sales process and beyond is a chance for insurance marketers to better understand consumers and lead providers and create future opportunities to scale what works and minimize what doesn’t.
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