You have a developed marketing strategy for your insurance business, and you feel confident about it. . . So now what? Sure, you have a carefully crafted plan, but how can you predict its success? Moreover, how can you identify areas that need improvement before going full-out on your campaign?
Looking at certain marketing metrics can give you a better sense of how your company is doing. Marketing metrics are basically numeric data that allow you to evaluate your performance against organizational goals.
With marketing metrics, you can analyze your marketing performance. From there, you'll know how to better increase your competitive intelligence. You can also find out where your strengths and weaknesses lie, and make data-driven decisions based on these results.
We compiled a list of metrics we believe are helpful to understanding your level of insurance marketing success.
Look at the organic traffic from search engines directly to your website. Based on the level of traffic, you'll be able to tell if your SEO strategies are paying off.
Using targeted key words and creating a slug link that's likely to gain traction will help. In addition, your content should be engaging enough to attract users to your website and keep them there. Use the pages with the highest traffic rates to determine which content your audience enjoys the most.
Have you updated your social media accounts lately? Are your posts being liked? Retweeted? Shared? Commented on or reblogged?
An active presence on social media is essential for successful marketing. Analyze the social activity surrounding your business. In fact, looking at potential customers' data from their social media profiles can create a very clear idea of what content interests them.
Use this to your advantage, and start identifying individuals with unique needs. Send targeted content and offerings to engage them, and in no time this social activity will translate into business. You can also use social media to figure out where your activity translates into increased email subscribers and website traffic.
Subscriptions and Lead Generation
If more people subscribe to your email list and follow you on social media, your marketing translates into real dollars. Increased content marketing efforts can help draw in a larger audience and thus more revenue. In other words, the wider your audience, the more likely your business will profit.
Obtaining contact information is key to getting more potential customers. Contact information is one of the most valuable resources your business can get because it provides a look into your customers' lives. Understanding the basics about them will ultimately help you better assess their needs. That way you can determine which insurance product is right for them.
Have you ever been asked to give input on your industry? Do you receive conference invitations, speaker requests, or panelist inclusions?
When you create a brand for your business, industry publications will want to get involved with you. It's important to respond and participate so you can get your company's name out there. Speaking about your insurance company and what it has to offer will label you as an expert. People will start to look to you for information and reliance.
You should always be posting high-quality, engaging content for your marketing campaign. Interesting reading material and visuals will grab your audience's attention. Check your unique page views, the time spent on that page, and the total pages viewed.
This can all be done in Google Analytics. The app checks bounce and conversion rates as well as page views. With these reports, you can see what is and isn't helping your website. If you see high numbers, that means your reach is broad.
As we've said before, we are living in a digital age. Not only do we use the Internet to conduct business, but we also use our phones to get the job done. Going mobile for your company or campaign is a great way to advertise your company and its services to potential customers. It's also an even easier way for customers to engage and access your services.
Some companies have invested into putting ads through Tapjoy's mobile network to grab attention. Mobile gamers can see the ads pop up while playing the game on their phones, and if you're lucky, they'll click on it. You'll then gain website traffic as well as a potential lead. Everyone wins!
Average Client Retention Rates
Knowing how long your clients stay with you is a good measurement of how successful your business and marketing strategies are. Divide the total amount of years all your clients have been with you by the number of clients you have. This number will tell you the average length of time you retain clients. Moreover, you'll have a better sense of how profitable your company is when you know how long your clients stay with you on average.
Your social media campaign is the "conversation," and the transactions that occur are the "conversion." A conversion can be what pushes a customer further down the sales pipeline. This could constitute as filling out a contact form, clicking an email, signing a petition, cashing in a coupon, or making an actual purchase.
A class conversion example used in marketing courses is the abandoned online shopping cart. If a visitor leaves his cart before making a purchase, the company might try providing a special offer, such as free shipping or a discount. Their goal is to convert the visitor into a loyal shopper, and at the end of the day, conversion matters the most. The rest is just supplemental efforts to increase conversion for your business!
Using marketing metrics to their fullest potential and using many of them can help you assess your company's success. When used correctly and consistently, marketing metrics impact your company's operations and goals in a positive way. Looking at the data gathered from marketing metrics clearly lay out areas of improvement and areas where achievement is possible.
What's your agency's most important marketing metric and why? Comment below!