How do insurance agents use marketing analytics?
Insurance agents use marketing analytics to track the effectiveness of marketing tactics and track the ROI of different marketing efforts. There are plenty of different software tools that can help agents manage and track marketing data. Some agency management systems even have analytics tools built in. Insurance agents can use the data to inform decisions about how to communicate with prospects and clients. Making data-driven decisions helps agents move from simply using digital tools to really optimizing them to work for their agencies.
Why should insurance agents use marketing analytics?
- Get a full picture of how your marketing is performing. Marketing analytics can reveal which channels are drawing in the most leads, how often those leads are converting, how much you are spending per lead and conversion and much more. Having a clear view of the data can help you see where you need to improve your efforts and set realistic goals.
- Improve ROI. When you’re tracking data, you can test out different messages, channels and CTAs to see which ones give you the best returns for the lowest cost. You can constantly improve and refine your marketing.
- Uncover new opportunities. Tracking analytics can help you find gaps in your marketing strategy and find better ways to reach your customers.
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If your agency is struggling with converting leads, you can look into the data to see at what stage you lose the customer.
Are you losing them right at the beginning after your first interaction, or are you losing them after quoting? Analysis shows that if you’re losing prospective customers right at the beginning, you may not have engaged or excited them enough for them to choose to do business with you. On the other hand, if you’re losing after quoting, it means that either the price or the product was not competitive enough.
Data helps you proactively make wise decisions. Rather than just going with your gut feeling or waiting around for the phone to ring, you can see the most effective ways to turn your prospects into clients.