In the insurance industry, risks are ever-present. Each day, insurance carriers rely on their underwriting departments to methodically evaluate risk exposures, coverage amounts, and premium values; it’s critical to the success of the industry.
Independent insurance agencies must take this same approach and consider what tools they can use when it comes to insurance marketing. As an agent, you must mitigate marketing risk using proven strategies, such as marketing analytics, to help you measure your return on investment.
What is Marketing Analytics?
Marketing analytics refers to the wealth of technologies and methodologies companies use to measure the success of their marketing campaigns. By using marketing analytics, agencies can assess the success of their different marketing channels, such as blogs, paid search, downloadable thought leadership pieces, and email marketing strategies. You can determine what channel yields the most traffic, leads, and conversions, and arm yourself with the information needed to nurture your current and prospective clients.
The Powerhouse in the Game of Analytics
Not all tools and methods used to assess your marketing strategy are created equal in the insurance business. Unfortunately, mitigating insurance risks leaves little room for error, so getting it right the first time is crucial.
Today’s market is crowded with insurance agency management systems. Many of them claim to do everything from financial reporting to website analytics to marketing automation. While these management systems claim that do it all, none of them are an expert at everything. This presents a real challenge, because nurturing new business is the lifeblood of any successful agency.
Hubspot researched 19,000 marketing agencies to determine what technologies they used to analyze their marketing. 98 percent of the marketing agencies relied on Google Analytics to help them make better decisions about their marketing strategies. And why not? Google is the gold standard when it comes to search. Powered by Google, Google Analytics provides a wealth of information about your marketing efforts, including:
- One place for all of your website marketing data
- Data and insights about your audience
- Team collaboration tools to measure success
With Google Analytics, you get accurate, reliable, timely information you can use to make changes to your insurance marketing strategy.
Important Metrics in Google Analytics
Like all research, it’s critical that you analyze and make business decisions from accurate data. Once you begin using Google Analytics, you’ll immediately notice there is a wealth of information at your fingertips. Unfortunately, too much information can be dangerous. To get started, we recommend you focus on these heavyweights of Google Analytics.
Visitor/Traffic Data. In this section of Google Analytics, you’ll find information about visitors coming to your site. Google shows you how many visitors you had, what pages they visited, and the average time visitors remained on your site. Starting out, this information is helpful because you want to see an increase in your website traffic over time. Fortunately, you can do that in a cinch with Google Analytics by analyzing your website traffic over a period of time.
Pro Tip: Your bounce rate is an important factor when it comes to marketing risk. It can help you determine what factors on your site force people to abandon the buying process.
Traffic Sources. This analytic helps you assess where your traffic is coming from online. Google lets you know whether visitors came to your page through search engine results pages, paid advertising, email or by directly typing your website name into their browsers.
Pro Tip: Using this information, you can learn what marketing campaigns are driving the most traffic to your site.
Conversion Tracking. With conversion tracking, you can measure your website’s objectives over time.
Pro Tip: Monitor your key performance indicators using the conversion stats found in Google Analytics to improve your marketing strategy.
Social Tracking. If social media marketing is a significant portion of your marketing strategy, it’s important that you measure your return on investment.
Pro Tip: By tracking your social media marketing, you can identify which social media platform is most conducive to your Brand image and what effect the use of social media really has on your traffic and conversions.
Landing Pages. Beyond determining where the traffic to your site is coming from, it’s of the utmost importance that you determine where visitors are going. When you track your landing pages in Google Analytics, you see what online real estate is popular with your visitors. You can see if the things that you feel really make your Insurance Brand distinctive are in fact seen as attractive and original to your visitors.
Pro Tip: Armed with information about visits to your landing pages, you can optimize your buying process to convert more customers.
Exit Page. In this report, you’ll learn what page of your website visitors exited on.
Pro Tip: Your exit page report can help you in your analysis of pain points during the buying process.
Of course, Google Analytics is laden with great metrics that give you more insight into your website’s performance. It helps you see what aspects of your marketing strategies threaten your Insurance Brand growth.
To the uninitiated, Google Analytics can be daunting. With the stakes so high, you want to make sure you get it right so that you can convert more of the traffic you receive on your site.
Fortunately, you don’t have to learn how to use Google Analytics in order to be successful in insurance marketing. Our team at Hult Marketing are experts in planning a strategy to fit your goals and implementing a plan to track your progress using Google Analytics and other analytics tools.
Once we’ve assessed and helped you build your Brand’s differentiation strategy, we can create a customized marketing strategy that incorporates analyzing how your website performs using analytics. In fact, our inbound marketing strategy will encompass your entire marketing strategy, including email marketing, social media marketing, and lead generation. We encourage all insurance agencies who are looking to reduce insurance marketing risks and improve their bottom line to call us today.
Want to learn more about analytics and grow your insurance agency? Download our free eBook, Better ROI Using Inbound Marketing Analytics: Email, Lead Generation, and Nurturing.
Integrate your current strategies with fresh inbound marketing ROI based ideas to attract more agents and customers to your market. Let's touch base and I will put the Hult Team’s experience to work for you. You can contact me at 309-673-8191 or firstname.lastname@example.org, and together, we can create a better focus on your Insurance Brand.