3 Actionable Data Points Every Agent Should Know
As an insurance agent, you have access to a mountain of marketing data. Each time a customer visits your website, downloads your lead magnet, requests a quote, shares your social media post, or opens your monthly newsletter, you learn something new about your target market and about your agency. But not all data is created equal.
Some of your marketing data gives you all the feelings: excitement and hope - or when the numbers aren’t there - despair and anxiety. So many social media followers! Or so few. So many new website visitors! Or radio silence. Unfortunately, these data points don’t necessarily offer direction for increasing the good feelings and decreasing the not so good. We call this dead end data vanity metrics.
Some of your marketing data does more than offer warm fuzzies. It offers valuable insights on past customer behavior and prescribes new paths to facilitate more of the desirable behaviors down the line. These are actionable metrics.
What makes a marketing metric actionable?
We most often think of vanity in terms of skin deep beauty. Likewise, vanity metrics offer only a surface view of your marketing efforts. Actionable metrics reveal the hows and whys of your marketing successes.
Getting a monthly report showing traffic growth feels good. Getting a detailed follow-up that explains where new traffic is coming from, which pages are keeping visitors on the site longest, where those visitors convert to customers - that feels like things are getting better every day. Let’s take a look at 3 numbers that every insurance agency should know and what they reveal.
Actionable marketing metrics and what they reveal
The conversion experience may vary from one agency to the next, but it’s always a process. A consumer converts to a lead when they click on an ad to learn about your offerings. They convert to a customer when they purchase an insurance plan. They convert to an advocate when they refer you to others. This conversion process makes it important to clearly define and track each opportunity to convert along the buyer’s journey. Your prolific conversion points offer insights into your most convincing appeals and your most compelling user touchpoints.
Leads Per Channel
Assuming you have a robust, multi-channel marketing strategy in place, marketing attribution is a critical data point. Understanding which of your channels is generating the most leads uncovers your most valuable marketing assets. It may also reveal where different channels are on the conversion path of new customers.
Cost per Acquisition
How much does it cost to acquire one new paying policyholder? That may vary even within one business. For instance, customers who convert via paid ads have a higher CPA than those who convert through word of mouth marketing. CPA should be measured at the channel level also to determine which of your marketing efforts are the most profitable. Having a clear picture of CPA helps to optimize marketing budgets for the biggest impact.
Take action today
At AgenciesOnline, we specialize in using meticulous metrics to ensure optimal marketing campaigns and cost-effective media strategies. Contact us today to learn how we can boost your marketing impact through better metrics.