Insurance Agent Marketing - All About Close Ratios
Do you track the ratios of your prospects to presentations
, presentations to proposals and then your proposals to closes? These simple ratios can offer tremendous insights into the health of your individual insurance agent sales and marketing efforts or the efficacy of a more comprehensive insurance agency marketing strategy. Further, they can elucidate specific challenges in key areas of your business model. For example, lets say that you offer monthly web seminars which result in 100 registrants per month. Of these 100 registrants, 10 of them move further down your sales funnel and result in individual presentations (10%). Of these 10 presentations, five request proposals (50% of presentations or 5% of webinar registrants), and are deemed "proposal worthy" through your well defined Prospect Scorecard or other measuring system which your company has in place. Lastly, of these five proposals, two close, or 40% of proposals or 2% of the original 100 webinar registrants.Now that you have established your ratios, are you happy with them? If you are, then you may want to increase webinar registrants, allowing more insurance agency prospects to cascade down through your sales and marketing funnel. Or, perhaps you think that a 10% conversion rate from webinar registrants to individualized presentations is too low. You would then need to determine what should be done to influence that metric. For example, perhaps your insurance agency webinars (or agency telemarketing program) need a more compelling call to action, a special offer to move to an individualized presentation, or you could make it easier for the prospect to meet with you by offering an abbreviated one to one web meeting or conference call. There are actually many things you could try to refine your ratios, of course you have to have these in place to do so.
Once you have tracked and measured your ratios for a few months, your insurance agency now has simple and easily measurable metrics for your sales process. Extending these measurements to your insurance agency marketing engine, in this particular case, can be as simple as measuring where webinar registrants arrived from (LinkedIn or other Social Network, ePublishing, eMail Marketing, Referral, etc.) and then tracking the resulting prospects through the sales funnel mentioned above. Many small agencies and other types of businesses fail to measure these key metrics, which is unfortunate, because they are very easy to track and offer great insight
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Insurance Agent Marketing - All About Close Ratios
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