Your data should help you improve marketing and sales initiatives, become more efficient and ultimately improve your ROI. But for many, data has become more of a buzzword than a significant business tool.
Insurance agencies struggle seeing results from their data and analytics because the information is often disjointed or distracting.
Your data should help you gain a clear understanding of what’s working and what’s not and measure the true end-to-end ROI of marketing and sales initiatives. And in today’s blog, we are going to do just that!
Let’s discover how data can impact your marketing and sales results.
Are you basing business goals off vanity metrics?
Before we dive deeper into this subject, know that not all data is created equal and not all data is good for all business decisions. There are a lot of marketing and sales metrics to keep track of, but which of these metrics should be used to create your business goals?
Many businesses are tracking marketing and sales metrics such as these:
- Social media likes
- Video views
- Website visits
- End of quarter producer sales
These are good metrics to keep track of but they don’t tell a complete story and they don’t give us insights into how we can improve our business.
Social media likes and video views are great for finding engagement, but do we know if any of these likes lead to sales?
Website visits are important to know but are these visits from potential clients or current clients searching for our phone number? And if they are potential clients, do we know where they came from so that we can double down and boost those numbers?
Sales results are important too, but the sales figure alone doesn’t tell you the whole story. Where did the opportunities come from? Did one producer have a more effective sales process?
When it comes to actionable data, we need to be able to see the whole picture. This is when we can use it to make better business decisions and better utilize our resources.
So what type of data should we be looking at?
End to End campaign ROI
What makes data so important is our ability to measure results and make decisions accordingly. One of the major marketing and sales benefits is the ability to measure campaign ROI.
Do you know if you are throwing your marketing and sales dollars away? Can you see the full picture of the initiatives you’ve tried?
When it comes to measuring the ROI of your campaigns you must look at the full picture.
- How much was invested?
- How many leads generated and how many became sales?
- What was the cost per lead/customer acquisition?
- What’s the expected value or retention of clients based on a campaign?
- Which campaigns consistently produce results?
Data such as this allows you to make better business decisions.
Data shouldn’t just be reserved for online marketing campaigns either. With the right tool, you can also measure campaigns from your offline activities as well.
Not only is this great for you, but if you can show your carriers the results, it will likely open the doors for new co-op opportunities.
It’s time to get smart with your marketing and sales campaigns. Find what’s working and double down. Find what’s not working and stop wasting your time, energy and resources.
It would be naïve to look at a campaign or producer that’s not performing and immediately call it a dud. With data, we can focus our insights and see the why behind why marketing and sales is not working. That’s because data doesn’t just let us see the big picture, it also allows us to see the in-depth insights from our daily activity.
Improving Marketing Results with Data
Do you know what’s working at a macro and micro level when it comes to marketing? Do you know changes to incorporate to see an improvement in your marketing campaigns?
When it comes to marketing, data gives us the insights necessary to sky-rocket results.
Your marketing data can tell you a lot:
- What marketing initiatives are bringing in leads and sales?
- Which pages are performing best?
- Which links were clicked most often?
- What topics are the most popular?
- What type of content garners the most engagement?
- What’s the conversion rate of different marketing mediums?
With this information, you can begin to identify opportunities as well as holes in your marketing.
For example, you may find that people are coming to your website, but not visiting additional pages. So maybe you need to work on a strategy to turn website visitors into leads.
Another example could be that a certain page has a very high lead conversion rate but low page views in general. You may want to think about how you can promote that page from your other marketing efforts to generate more leads.
Once you can see a more detailed view of things, you will be able to make incremental changes where necessary and transform your marketing.
So far we’ve talked a lot about marketing, but data can also lead to improved sales results.
Improving Sales Results with Data
With the right data, your sales team can become more effective, efficient, and profitable. There is a lot of information available that you and your sales team can use to work smarter.
- Which prospects are scoping you out?
- Which prospects are sales-ready and which need more time?
- What behaviors do sales-ready leads tend to display?
- Which producer is performing best overall and who is performing best in specific areas?
- How much activity is necessary to hit goals?
- What stage in the sales process are you losing leads?
Sales shouldn’t be a complete guessing game. With the use of the right data, you can help create a better sales roadmap.
This means improved results from them as they double down on what works and more motivation for them as frustrations minimize.
I want to warn you though, data is not something that magically comes along and makes your agency better. You need to position your agency and processes so that you can benefit from the insights.
How to get the most out of your marketing and sales data
I will be honest, this is a lot to attempt to squeeze into one blog conversation, and all these benefits don’t come without somewhat of an investment. Your agency needs to be in the position to use the data at its fingertips.
You need a marketing and sales plan
Most of this blog talked about understanding what’s working and using data to improve it because data simply helps us paint the picture. In and of itself, data is just random information.
To get the most out of your data, you need to have an active strategy. This way your data can be used to make helpful business decisions.
If your agency’s current business model is “sit by the phone and wait for it to ring,” you may not have any data to benefit from.
You need a dedicated tool
Data can easily become convoluted and disjointed. Many insurance agencies are juggling multiple tools with different insights that don’t paint the true picture of what’s going on. They either don’t give enough insights (like we talked about in our vanity metrics section) or there are just too many tools that actionable data is hard to obtain.
To combat this, we suggest having a dedicated tool.
We used HubSpot for years and now use SharpSpring (want us to demo it for you?). These tools are great because they house all of your marketing and sales tools while providing the necessary data to make improved decisions.
You need to be actively involved
Don’t buy into data for data’s sake.
We see many agents invest dollars into their systems and tools but never spend any time to get the most out of them.
No system or amount of data is going to transform your agency without your hands-on involvement. Data can help transform your agency but only if you are dedicated to understanding and utilizing it.
If you opt to utilize a tool there will be a learning curve. You can also expect data that you’re not sure what to do with.
It is in our daily active implementation and involvement where we can uncover the insights that make data worth the investment.
Not sure what to do next?
This is probably not the first piece of content you’ve read or watched related to data and digital marketing. I’m sure it won’t be the last. It can make your head spin trying to wrap your head around all of this via blogs, videos, and social posts.
If this is you, then it’s time to reach out and talk. No, you don’t need to buy a new product today, but you do need to talk to a real person to help you understand what everything means.