Marketing automation tools allow you to collect large amounts of data about how your marketing targets interact with your website and marketing emails. Without a way to sort through that data, though, it’s useless. To make sense of that data, you should find a marketing automation tool that incorporates “lead scoring.”
What it does
Lead scoring is the automated process of bringing the people who are most likely to want to buy insurance from you to your attention. Instead of needing to make sense of individual interactions with your email marketing and website, lead scoring looks across all email and website interactions to predict who is the most likely to want to buy from you.
How it works for prospects
Your marketing automation tool will generate a list of prospects in the order of their score. You can also set a score threshold at which you will receive a notification if a prospect reaches that threshold. Prospects accumulate points through interactions with your marketing emails and website.
You can value different kinds of interactions more than others. For instance, if your score threshold for notification is 15 points, a prospect opening an email may add one point to their score, while a click on an email link would add three. Then, if the prospect goes to your website and downloads a marketing PDF, you might want to add another 10 points to their score because downloading that PDF may indicate they are very likely to be interested in buying insurance from you.
Lead scoring allows a prospect’s score to slowly rise over time. A person may not stand out from the results for one mailing if he simply clicks on a link in an email, but if that person clicks on links in five consecutive emails, his lead score will indicate that you should call him because of his continued interest in your marketing emails.
How it works for current customers
Although we have used the term “prospect” so far, lead scoring can also be a useful tool to identify cross-selling opportunities to your current customers. Monthly newsletters can be effective tools to build customer relationships and identify how you can meet the needs of your customers.
When these newsletters are used in conjunction with lead scoring, you can learn which customers may be interested in buying new lines of insurance from you based on which articles they read. For example, if a customer who only buys home insurance from you reads articles about car insurance in your newsletters, he may be interested in buying car insurance, too.
Why it matters
Email marketing and website analytics can be powerful tools because of the amount of information they collect. However, without lead scoring to focus your sales efforts, you will still mostly be guessing who you should call. Lead scoring allows your agents to target interested buyers more often, resulting in your agency selling more insurance faster.
If you want to talk about how your agency can leverage marketing automation tools and lead scoring, contact us to schedule a consultation so we can tell you more about what lead scoring can do for your agency.