Return on Investment.

I remember learning about return on investment (ROI) in my high school economics class.

Yet when you are a business owner you really start thinking about ROI.

In marketing your agency, there are a few considerations to make to truly track your ROI.

First, similar to your phone system or your building, you can’t do business without them. It would be silly to think “What’s the ROI of my phone system?”

Well in today’s world it’s silly to not have a website, business cards and LinkedIn profile. We need to treat these items as have to haves in order to be in business.  Now how we enhance our presence and make it ridiculously amazing is what we can measure.

To really dive deep into tracking your marketing returns you need to first identify your measuring stick.

We recommend every agency start by getting a baseline measurement of your marketing. In order to track marketing success today we need to change our thinking from dollar for dollar growth to paying for gains.

Lead generation now happens after a series of activities occur. 60% of new leads will have already researched you before picking up the phone.

In order to generate an opportunity you need to be found.

We have a handy ROI tracking sheet that you can download to get started.

Once you have your baseline you can now set your strategy. You need a marketing strategy for the following activities within your agency:

  • Awareness
  • Sales Process
  • New Client Onboarding
  • Engagement
  • Retention

Awareness is literally making sure people know you exist.

You could have the best service, team and rates in the world, if I can’t find you, I don’t know you are an option for me.

Awareness activities should include:

  • Networking Events
  • SEO
  • Online Reviews to drive traffic
  • Website
  • Direct Mail
  • Cold Calls
  • Canvasing

You need to be out and about where people can see you, interact with you and learn about you. Your awareness marketing ROI needs to be calculated very simply. Website traffic. In today’s world even to get a phone number you are googled.

If your awareness is working your website traffic starts to increase. Each month you should see your website hits increase and grow so you can own your community.

Sales Process

Awareness should lead to hot leads.

The more people are researching you the more opportunity you have. Part of insurance marketing today is strictly a numbers game.

The more awareness you generate the more leads you will obtain.

During the sales process you need a technology assisted sales process. This means your automation must help drive closing ratios and help to promote you as the winner of the policy.

However, all the automation in the world will not replace a crappy sales process. We need to get sharp on quoting over the phone, asking for the business and moving quickly to solve the needs of the lead.

To measure your sales process it’s simple:  # of quotes vs. # of sales. Then you keep forcing this number as high as it can go.

New Client Onboarding

Even the best sales process can’t begin to cover all the reasons your agency is ridiculously amazing.

Even if it could, you still need to remind people. Your new client onboarding process should introduce the service team, your markets, your products, your people and your referral program.

New client onboarding, when done right, solves three main problems:

  • Generating post sale referrals
  • Introducing the service team
  • Selling any additional account rounds that were not sold at the point of sale

While I do think mail and email are critical to a new client onboarding process I think more important is a 30 day follow up phone call. You simply make sure everything went smoothly, intro the service team and then follow up on referrals and policies.

Part of sales is following a smooth process so you don’t have to remember everything. Remember, simple is ok. You can track your new client onboarding process by referrals generated and additional post sale policies sold.

Client engagement and experience are critical.

Let’s be honest a second.

No one likes buying your product.

No one.

I’m sorry you’re up there with taxes, the dentist and oil changes.

Now even these businesses can be cool if they try.

For example, my dentist is open until 8pm and have a picture of the beach on the ceiling. I dig that. They are determined to give me a great experience. So how does your agency do this?

Please don’t say we answer the phone… that is freaking expected in 2017.

You need to define YOUR client experience.

Don’t follow the herd, be you. You should include monthly email touchpoints, birthday and anniversary memories, thank yous and more.

Your metrics to track your client engagement should be emails opened and social media likes.

Retention is the ultimate in tracking, keeping people happy with their insurance when Geico is spending $1 billion dollars to take your business is not simple any longer.

We retain customers when we build valuable relationships with them.

Only 13% of your book of business is loyal to you, and I mean truly loyal.

We need to continue to drive loyalty and turn our customers into evangelists. Your metric on this is number of referrals and online reviews.

Yes you now have about 20 new metrics to track but it’s critical you understand tracking varies based on what area in the pipeline you are looking at.

When all of your marketing metrics rise, your agency thrives.

Download our free handy infographic to help you understand your agency’s marketing ROI.

Thank you,

Kelly Donahue-Piro

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