Global Courant
Many insurance companies have not yet formalized their lead scoring system. This is a worthwhile endeavor for all agencies, and one that should be reviewed every year while tracking the return on investment of their marketing programs.
What is Lead Scoring? It is a method used to rank prospects against a scale and then assign a value to determine interest level and distribution. For example, let’s say an appointment with a truck insurance leader arrives at your desk. This lead is with a 15 power source owner, they use company drivers and they are not happy with their courier. Maybe your lead scoring system falls on a scale of 1 to 10 and this lead gets an 8. What could get a higher score? And what types of leads fall outside the profile and what score would they get? Perhaps prospects need to score an 8 to show up on your producer scorecards.
Is the lead distributed among the producers by area? Does your lead processing process differ per type of lead, product or prospect? For example, are commercial leads separated by large and small companies, by industry or by product? Are benefit leads parsed by groups over and under 50? And does your agency have a tracking system to determine how many leads were shown before the appointment, placed in the pipeline, received quotes, and ultimately converted into new clients?
Salespeople, sales managers, producers, and other business people often refer to prospects in vague terms such as: new, warm, hot, cold, likely, qualified, etc. These terms do little to better understand a sales pipeline or to assess the likelihood of purchase. other members of the team. Agencies may want to consider creating a simple prospect scorecard to solve this problem and quantify their lead scores. Formalizing lead scoring offers benefits such as:
- Helps Producers create ideal traits to form a buyer persona
- Creates a simple numerical system to leverage your buyer persona
- Assigns numerical values to rank your best prospects
- Creates a simple qualification acronym to determine the probability of closing
Use a prospect scorecard to quantify your approach to pipeline construction. Some characteristics of your ideal customer could be: revenue, growth rate, customer type (business or consumer), and market niche. For example, are you targeting companies with $5 million to $10 million in revenue? Are your best prospects high-growth companies, transportation companies, manufacturers, or consumers?
If you sell 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 custom qualification abbreviation to help you determine if you’re selling to an in-profile prospect.
Insurance agencies and brokers who want to take their insurance marketing and lead generation to the next level, but lack the internal resources to achieve their marketing goals, can contact a competent insurance agent marketing agency.
Lead scoring for insurance companies
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