When it comes to building an insurance client base, lead generation is only half the battle. Once you have made an initial connection with a lead, you must convince that lead to “convert,” or become a client, before you will bring in any revenue. The ratio of leads that end up becoming clients is known as your “conversion rate.” Raising this rate helps to build your business and increase the overall profitability of your insurance agency. Below are some tips on how to maximize your agency’s conversion rate.
1. Collect relevant data about leads and conversions.
Before you can maximize your conversion rate, you must first calculate it. Collect data about all leads your agency generates, as well as every lead that converts. Use this information to calculate your current conversion rate.
2. Nurture all leads that show promise.
Some agencies focus all of their time and attention on generating leads without following up. However, leads that are not properly nurtured often lose interest or choose another agency. For this reason, it is important to nurture all qualified leads.
3. Develop a sales process that will be used to process all leads.
Have a well-defined, documented sales process that your agents can use to handle every lead they generate. This process should include instructions for evaluating generated leads, interacting with leads based on their level of interest and ultimately encouraging conversion.
4. Make conversion easy.
After you have nurtured a lead to the point of conversion, he or she will attempt to make a purchase. To ensure that you don’t lose a lead who is ready to convert, it is important to make the purchase process as simple and easy as possible. Tips for simplifying the purchase process include:
- Providing leads with a variety of ways to make contact with your agency, including telephone numbers, email, social media and via your agency’s website.
- Respond to all communications from leads in a timely manner.
- Reach out to potential clients in multiple ways.
- Deal with any obstacles to communicating quickly and effectively. For example, if your website malfunctions, repair the problem as soon as possible to prevent client frustration.
5. Re-calculate your conversion rate regularly.
After you have implemented a plan to raise your conversion rate, you should continue to monitor it on a regular basis. This will allow you to evaluate the success of your efforts and make changes as needed. By simply following these tips on how to maximize your conversion rate you will be well on your way to closing the gap between a lead and a conversion!
