It is very important to have Brand touchpoint metrics – that is, goals and measurements to determine your Brand's effectiveness when it comes into contact with customers. It's important to know for certain whether your insurance Brand building efforts are paying off for the Brand; but ultimately, you're not building a Brand for it's own sake. You're building a business. With that in mind, we're going to add a few more insurance Brand metrics to your measuring goals.
Insurance Brand Growth Blog
According to Investopedia, return on investment (ROI) is a performance measure used to evaluate the efficiency of a number of different investments. Your ROI measures the amount of return on an investment related to that investment’s costs. It is part of your marketing analytics and serves as a benchmark for your marketing strategies.
We are often asked to peek ‘under the tent’ of diverse groups of companies in the insurance industry. Usually, we are engaged to offer our guidance to help an insurance company hone their marketing and sales processes to be more methodical, measurable and ROI-focused. To give you some context, our work is often with Program Managers, Managing General Agents (MGA’s) and niche carrier products like: Builders Risk, Professional Liability, Lessor’s Risk, Vacation Rental, Medical Malpractice, etc.
Numbers matter when it comes to your insurance agency. When you set a goal to sell ‘x’ number of policies throughout the year, measuring where you ended the year will show you how effective your strategy was during that period. If you hit your target, then it’s safe to say your strategy is working; however, if you missed your goal, then your strategy for leads may need some tweaking.
The same premise applies to content marketing for insurance. You can measure the return on investment (ROI) of content marketing by measuring where you started based on where you are now.
Here’s a scenario so many of us are familiar with:
It's time to review how well this quarter's initiatives are paying off.
How is the website performing? Let's look over the analytics data.
What about those print ads? Better bring up the statistics from call tracking.
How is the Brand performing? Hmm...good question!
There's a definitive method to measuring nearly every marketing investment, but Brand metrics aren't always so straightforward. If you've been investing at all in Brand Development, you already understand that your Insurance Brand is a tangible asset – perhaps, one of the most important assets you have. However, as with any investment in business, the day will come when you need to answer the big question: has this been successful?