“How much revenue is the marketing department responsible for bringing in?”
Every C-suite has asked that question.
A few years ago, many marketing professionals couldn’t give their boss a definitive answer. Nowadays, marketers in the insurance industry are expected to be fluent in the metrics and analytics involved in their company’s marketing campaigns. Thankfully, marketing analytics tools have made it a much easier task to track marketing metrics, allowing companies to calculate exactly how much revenue is being made from their campaigns.
As an insurance Brand, it can be difficult to convince the C-suite how valuable your inbound marketing efforts really are. If you calculate the right metrics and monitor the right analytics, you will have no problem providing your boss the results. Use these 6 marketing metrics as a starting point to guide you on the path of measuring and implementing impeccable results for your insurance marketing campaigns.
1. Source of Traffic: Set up tracking codes in order to determine how your visitors landed on your website. Did they click on a banner ad that drove them to a landing page offer? Did they find you in a Google search? Were they directed by an external link? Identifying these sources will allow your Brand to determine what digital marketing efforts are worth keeping.
2. Unique Page Visits: How many new visitors are you receiving each month? This metric will help you determine how many website visitors keep coming back for more, and how many new eyes are landing on your pages.
3. Social Media Engagement: Are consumers liking, commenting, and sharing your social media posts? Are they using relevant hashtags to talk about your insurance Brand? Are your social media pages driving traffic to your website? Are they spreading the word on social media? Social media marketing is word-of-mouth, and it’s more powerful at attracting new business than ever before. Track how engaged your consumers are with your Brand on social media, and determine best practices to increase engagement month after month.
4. Bounce Rate: This metric measures the percentage of visitors to a particular website who navigate away from the site after viewing only one page. A high bounce rate usually indicates that visitors couldn’t find what they were looking for, or that your site isn’t user friendly. Tracking this metric will help you identify where you are losing visitors’ attentions on your website. Reduce your bounce rate by using targeted keywords, optimizing SEO, and implementing calls-to-action.
5. Conversion Rates: Your conversion rate is the percentage of people who take a desired action, such as fill out a lead generation form to download an offer from your organization. The most effective way to increase your conversion rate is through lead nurturing. Once a visitor has expressed interest in your organization by filling out an online form or signing up for your newsletter, continue to send them related content that will guide them through the buyer's journey. Doing this will keep your organization at the top of their minds, enticing them to take action on your offers. Ultimately, this nurturing process will convert more visitors to leads and leads to customers, resulting in a higher conversion rate.
6. Return on Investment (ROI): This might be the single most important marketing metric. In an article from Forbes, marketing professional Paul Farris defines ROI as “the financial value attributable to a specific set of marketing initiatives, divided by the marketing invested for that set of initiatives.” Not all ROI calculators are one in the same. There are many different ways to calculate this metric, and many different methods to marketing. As a Brand, you have to find what works best for you.
Although this is not an exhaustive list, it is a good start to analyzing important marketing metrics. For more information about improving your marketing metrics, download our free eBook, Increasing Your Inbound ROI, 3 Metrics That Matter: Landing Pages, SEO, and Blogging.
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.