Are you using insurance marketing data to shape your insurance marketing campaigns? If you're sheepishly replying with a "no, not really," know that many other businesses are in your shoes as well. They're too overwhelmed by data or the everyday work of running an insurance business to focus on data analysis. However, according to Kissmetrics, "Without good analytics, 97% of inbound marketing campaigns fail."
Ouch: here's how to become a more data-savvy business so that you can create high impact insurance marketing campaigns.
What Data Should You Track?
Campaign Monitor breaks down the types of data you need into three rough categories. These include behavior analysis, outcome analysis, and experience analysis.
Behaviour analysis includes information such as:
How many people opened up your email?
When do they open your email?
What links get the most clicks?
It is fairly straightforward to get this kind of data from your email marketing program. It's often right there beside each campaign's results. This data is a baseline for further interaction with your customers. However, without additional information, you won't know why people are acting the way they are or what they did after they engaged with your email.
Understanding the Outcomes of Your Customer Interactions
Outcome analysis focuses on the actions beyond the clicks. You don't want to know how many people opened your email: you actually want to know how many people opened it, got excited about your products, and took action to purchase them. Outcome analysis gives you information about metrics like:
How many people moved from click to purchase?
How much did each person spend?
What's your return on investment for an insurance marketing campaign?
You can get some of this rough information from your sales data. You can also move forward in your quest to ensure that every customer has an outstanding interaction and that every customer has an opportunity to become a repeat customer by mapping and understanding the customer journey. According to Kissmetrics, "customer journey maps allow you to walk in your customers’ shoes by traveling with them as they interact with your company."
Why Do Customers Do That?
Experience analysis focuses on the "why" of customer behavior. If you're always trying to figure out the motivations of your customers, you need to consider an experience analysis. For example, if you're trying to determine what kind of reminder email works the best to prompt renewals and why what works well does work well, you are doing an experience analysis.
To complete this kind of analysis, you need to work with your customers on surveys or test out emails in different scenarios. For instance, you could send out the same email at different times of the day, or you could send out different emails to similar groups of customers and see which one does better. This type of conscious, practical experimentation allows you to more thoroughly examine your insurance marketing strategies and choose the ones that have proven to work over time.
At American Agents Alliance, we want to help you understand your clients and grow your business. Talk with us about learning opportunities for independent insurance agencies, explore our many membership benefits, and contact us today.