Insurance Agents need a strategy for growth and and nowadays, traditional marketing is difficult to measure and doesn’t perform like did 10-15-20+ years ago. Many insurance agencies that purchase online leads feel like they’ve been burned because the ROI just wasn’t there. I’ve heard horror stories of agents buying over 100 leads and not selling one policy! That’s absurd and there’s no reason for this to happen.
There are several reasons agents don’t succeed with online leads, but this blog is going to focus one one area which is the agency sales process. Measuring and monitoring your online leads is going to help you ensure several things are happening:
- Speed to contact: How long does it take you or your team to attempt a contact when a lead is received?
- Contact Rate: How many leads did we contact? And, how many calls did it take on average to reach the prospect?
- Quote Rate: How many leads that we contact, obtain a quote from us?
- Closing Ratio: How many sales did we close?
You’ll be amazed about the increase in closing ratio for your entire insurance agency by tracking these and other metrics. As you see speed to contact slow down, so will your close ratio. If your quote rate plummets, maybe you your agent needs additional sales training. These metrics are very basic and there are many others you can create from these core 4.
However, if you’re not tracking anything right now, start with this. Then, as time goes on you can consider a technology solution to help you track these metrics, keep your staff accountable and give you a full picture of exactly what’s happening with your online leads. If you need to use a spreadsheet, handwritten document or whiteboard to start-it’s better than nothing! Just do it.
Online leads are a great way for Personal Lines Agents to grow their book of business. Drip emails, social media posts and cross-selling other products make every prospect an opportunity to win a client for life. Even if you don’t convert them today, you can take another shot during the next term, and the next one…
If you’d like to learn how to increase conversion with online leads check out our Coaching program designed to help Agency Owners increase agency profits. Contact us today for a free consultation.