Friday, June 2, 2023

Insurance Agency Lead Scoring

Many insurance agencies have not yet formalized their lead scoring systems. It’s a worthwhile endeavor for all agencies, and one that should be revisited every year while tracking the return on investment of their marketing programs.

What is lead scoring? It is a methodology used to rank prospects against a scale, and then assign a value to determine the interest level and distribution. For example, let’s say a trucking insurance lead appointment comes into your agency. This lead to the owner of 15 power units, they use company drivers, and they are unhappy with their carrier. Perhaps your lead scoring system falls on a scale of 1 to 10, and this lead has a score of 8. What can get high score? And what types of leads are excluded from the profile, and what score will they receive? Perhaps prospects need to score an 8 to appear on your maker scorecard.

Is lead distributed to producers by region? Does your lead management process vary by type of lead, product or prospect? For example, are commercial leads separated by large and small business, industry or product? Are profit leads parsed by more and less groups than 50? And does your agency have a tracking system in place to determine how many leads are shown for appointments, moved into the pipeline, received quotes, and ultimately converted into new business?

Salespeople, sales managers, manufacturers, and other business people often refer to prospects in vague terms such as: new, hot, hot, cold, potential, qualified, etc. Other team members. Agencies may consider creating a simple prospect scorecard to address this issue and measure their lead scoring. Formalizing lead scoring provides benefits such as:

  • Helps producers idealize properties to create a buyer persona

  • Creates a simple numerical system to leverage your buyer personas

  • Assigns a numerical value to rank your best prospects

  • Creates a simple qualifying acronym to determine the probability of closure

What should be included in the Prospect Scorecard?

Use the Prospect Scorecard to quantify your approach to pipeline creation. Some characteristics of your ideal customer might include revenue, growth rate, customer type (business or consumer), and market niche. For example, are you targeting companies with $5m to $10m in revenue? Are your best prospects fast growing firms, trucking companies, manufacturers or consumers?

If you’re selling to consumers, are they high net worth, middle-income, millennials or seniors? Are your prospects in a specific niche market such as banking, insurance, biotech, consulting, education, etc.? Create a scorecard with your ideal attributes and a customized qualification acronym to help you determine if you’re selling to the in-profile prospect.

Insurance agencies and brokers who are trying to reach the next level with their insurance marketing and lead generation, but lack the internal resources to achieve their marketing goals, can reach out to a skilled insurance agency marketing firm. Are.

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