How Does Lead Tracking Benefit Insurance Agencies?

Nicholas Ayers

Nicholas Ayers

Better Agency Co-founder

Leads are absolutely vital to the success of any business, and tracking them is essential to their nurturing and generation. With lead tracking, agencies can know where their clients are in relation to completing a transaction and what steps the company needs to take to push those leads closer to a sale.

With lead tracking, agencies can better filter their leads, cater to them, collect more pertinent data, personalize their marketing and transaction processes, save money, and much, much more.

Let’s take a closer look at lead tracking and its many benefits.

What is lead tracking?

Lead tracking, as its name would suggest, is the process by which businesses and individuals track their sales leads. It’s how agencies can actively monitor their potential customers’ position in the sales process and determine what marketing strategies to employ to help move those leads through to the next step in that process.

What are leads in insurance?

Generally speaking, leads are any individuals, groups, or organizations with interest in your product or services. But the definition of what makes a person a lead is very fluid depending on what requirements your business sets. Some businesses consider a person a lead as soon as they show any amount of interest in your products or services, but others set the bar higher and claim that a person isn’t a lead until they have completed some sort of transaction with the business.

Insurance leads are somewhere in between these two definitions. For most agencies in the industry, the term “lead” is generally applied to any prospective clients who have requested quotes for insurance. This definition means that customers who peruse your agency online in a traditional window-shopping sense don’t count toward the leads you’ve generated, but any who visit and request a quote can be called leads even without a complete purchase of any services.

Why is it important to track leads?

Lead tracking is essential to the success of a business. With it, you can better understand who your clients are so that you can meet them where they’re at. It provides agencies with more effective lead nurturing, a certain level of personalization, and the chance to save money.

Let’s look at six of the top lead tracking benefits.

1. Can better filter your leads

By tracking your leads, you enable yourself and your marketing team to be able to better filter out those who will never make a purchase, segment those who would, and market in the most effective ways to your leads. Lead tracking helps you do this by keeping a close eye on every person or entity who chooses to interact with your company. It can let you know which types of leads are more likely to choose certain interactions over others and give you more insight into how to meet clients where they are.

2. Effective lead nurturing

Once you have insurance leads, the next thing you need to do is nurture them. This means that you need to develop those leads into purchasing, interacting with customers. It’s how you develop strong working relationships with your clients and customers to keep them engaged with your agency. Lead tracking allows you to nurture your prospective clients effectively because it shows you what stages of the buying process leads are in, what they’re interested in, and what aspects of your marketing are maybe less effective so that you can rectify them.

3. More accurate data collection

When you’re able to track your leads, the accuracy of your data collection exponentially increases. Lead tracking systems can collect, sort, and analyze data all in the name of improving your existing lead generation strategies. Lead tracking systems can collect data from every level of the marketing and sales processes to create data-driven strategies that enhance each customer and agency.

4. Personalization

Personalizing your interactions with customers in marketing or sales is a great way to build that relationship and develop your lead into a buyer. Lead tracking helps you personalize these areas by improving your understanding of your customers and simultaneously understanding your agency.

Additionally, when you keep up-to-date records of leads you are tracking, you can adjust and edit your messages and advertising campaigns to suit each stage of the sales process your leads are moving through.

5. Lead scoring

Lead scoring is a method of ranking your existing leads based on how ready they are to purchase from you. You can set a few predetermined criteria and data points to differentiate between different sales levels to separate your leads with it. For example, you could have one score for those who have visited your site and browsed your services. Another is for those who complete a quote and others for purchasing or completing transaction stages.

By scoring leads this way, you can know where each of them is in the sales process exactly and take action to intentionally move them from one point to the next with direction and clarity. Lead tracking systems come with lead scoring functionality to help make this process as straightforward and painless as possible for your agency.

6. Saves you money

When you have lead tracking, you don’t have to spend extra money on data analytic programs to show you where your leads are or how they are processing through your sales funnel. You can also save money on all the man-hours that would have gone into manually tracking your leads and gathering their data to analyze your best marketing programs.

Start Lead Tracking Today

Lead tracking provides agencies with innumerable benefits that can enhance the business’ reach and client base. From cutting back costs to providing more accurate data and improving customers’ understanding of your company and services, lead tracking provides companies with undeniable advantages. It’s no wonder that insurance companies all over are choosing to use the system.

To learn more about lead tracking, contact Better Agency today!

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