As we usher in a new year, new opportunities to grow your business through marketing emerge. Throughout this blog, we have shared marketing strategies to help you grow your book of business, like outbound and inbound marketing, SEO, email marketing, and more. But marketing is constantly evolving, new technology and techniques are being developed, and additional terms are emerging as a result. Q1 is the time to focus on selling and winning new groups. For this reason, we’ve compiled the 10 marketing terms for insurance agencies to navigate 2019.
Lead Generation And Lead Nurturing
You already know a lead is an entity that has shown interest in your agency’s services in some way. For example, it could be requesting a quote or downloading a guide. Thus, lead generation is the process of stimulating and attracting interest to your agency. In other words, converting prospects into leads.
In recent years, due to new online and social techniques, lead generation has had a strong focus on qualifying leads before passing them to sales. At this stage, lead nurturing comes in play. Lead nurturing is the process of developing relationships with your leads at every step of the customer journey. When a prospect becomes a lead, you can start nurturing the relationship with a strategic lead scoring model before passing it to sales. This process will help send leads to sales that are ready to buy and will create a more effective and efficient system.
A/B Testing, also called split testing, is the marketing process based on dividing your audience and comparing a number of variations of a single piece of marketing. This allows you to test what variation performs better and improve your marketing efforts. For example, you can create one email with two different subject lines or copies, you can show version A to one half of your audience and version B to another. A/B testing is also frequent in calls to action and landing pages.
In marketing, social proof is what we commonly know as word-of-mouth. Social proof is based on the psychological phenomenon of social acceptance. As humans, we seek validation from a trusted crowd and we use their opinions to make an informed decision. For example, when HR administrators are searching for insurance brokers, they will consider peers’ opinions and what they have said about who they work with. In your insurance marketing strategy, you can implement social proof to validate your services by requesting a testimonial from your groups.
Call to Action
A call to action (CTA) is a cue on a website that tells users to take a specific action. They are written as a command, such as “subscribe” or “sign up”, and they usually take the form of a button. Calls to action are designed to help the user move through the sales funnel. They are key elements to convert prospective clients into leads, and that is the reason why they made it to our marketing terms for insurance agencies list. To establish a compelling call to action it’s necessary to create a good design, place it in a part of the website with high visibility, and make it short, with actionable text and a clear benefit for the user.
A chatbot, short for chatterbot, is a computer program designed to imitate human conversations over the internet. Chatbots acquire the form of interactive agents that human users can talk to, and the conversation happens through a messaging feature integrated into websites, instant messengers, or applications. Chatbots are included in our marketing terms for insurance agencies because they are increasingly being used to capture leads on webpages. Automating online chatbots save time an effort by giving responses to customer inquiries. But chatbots are not only being implemented to answer questions, they can also be used to collect information about users or even organize meetings. In your insurance agency website, you can add a chatbot, using for example Drift or Intercom, to answer easy questions about the plans and services you offer.
Third Party Data
You know data is information about potential customers that you collect in your own database or in platforms like Google Analytics. Second-party data is someone else’s data. For example, you could use second-party data when working with another company. If you organize an event with them, you can use their customer database to send the email invitation. But what is third party data? Third-party data is information collected by an entity that has no relationship with the users the data is being collected about. Therefore, there are third-party data providers, such as Miedge, Clearbit, and Zoominfo, you can buy data from to discover more about your potential customers.
PPC is Pay-Per-Click. This term is relevant in our marketing terms for insurance agencies when considering paid online advertising strategies, but not in the organic results sphere. PPC is a marketing model in which advertisers pay an amount (fixed or determined by auction) each time one of their ads is clicked. These types of ads are displayed as search engine’s sponsored links. PPC is a way to “buy visits” and generate traffic to your website, rather than trying to get visits organically.
Measuring is one of the most important steps in a marketing campaign. Consequently, Engagement Rate is included in our marketing terms for insurance agencies in 2019. As you know, to engage is to attract someone’s attention or interest. Therefore, Engagement Rate is a metric that measures your audience’s level of engagement with your website or a specific piece of content your agency has created. For example, in your insurance agency blog, take a look at the average time on page in your Google Analytics dashboard. This way, you’ll know how much time users spent reading that specific blog post. If your content takes 4 minutes to get read, and your average time on page is 1 minute, your content is not engaging enough to your users.
Engagement rate is also linked to social media, where you can receive direct feedback from users. To illustrate, if you want to calculate the engagement rate for your Facebook posts, you can divide the number of people that engaged with it through likes, comments, and shares by the number of total impressions, and multiply that number by 100 to get the percentage. Working on your engagement rate can be beneficial for your agency to create strong relationships with users and increase your conversion rate.
Click Through Rate
Click Through Rate (CTR) is a ratio used to measure how many people clicked on a specific link related to the number of total users who view an ad, email, or page where a link was displayed. In other words, the number of clicks divided by the number of impressions. Click Through Rate is expressed as a percentage and it is a relevant metric to measure the success of a campaign, but CTR does not assure a good conversion rate. For example, your insurance agency might send an email to prospective groups with a link to your services page. If a high number of prospects click the link, your CTR will be high, but it doesn’t mean that they will end up signing a contract.
These are the 10 marketing terms for insurance agencies to help navigate 2019 and ahead. Use this post as a reference guide to ensure the effectiveness of the marketing programs you put in place this year. Need guidance in where to start? Download our free digital marketing guide to see how you can generate more leads, increase revenue per group, and grow your business in 2019.