After speaking with thousands of agents, we've compiled a list of the top five ways to increase lead conversion. We also included implementation strategies for each method. The list covers topics like understanding your CPA metric, use of speed, and strategy to raise your ROI. Our goal is to have you working smarter, not harder.
Converting a lead is about 57 percent lead quality and 43 percent sales quality. We want to help make each agent account not only efficient but also custom to fit their needs. Agents share their information with us, and we use it to identify tracking techniques. Once we relay these techniques back to them, their ROI increases within weeks!
It's important to us that you're maximizing your leads to their fullest potential. We want you to be successful, because that means we're doing our job right. If you want to get a higher lead conversion, the first place to start is the Internet.
Why Internet Leads?
In our day and age, the Internet is a hub for social and professional interactions. More and more consumers are using it to research and purchase insurance policies from vendors. Internet leads also have a proven ability to outperform other marketing options.
Why is this? Well, the Internet is known for giving instant gratification to its users. Doing business online is not only easier but also incredibly faster than real-life marketing strategies.
Since Internet leads are so abundant, they create steady business growth. More leads come through the Internet, and as we meet their demands, we increase the success of our business at the same time. In fact, it is estimated that over 85 percent of insurance consumers start their search online.
Another great thing about Internet leads is that they are more easily targetable. Online marketing tools and metrics can keep track of customers who visit your website. They can also monitor website traffic so you know which customers to focus on and which to save for later.
Be There First
The Internet is incredibly high-speed. This means that consumers can find information faster, and we can contact them faster too. If agents make contact within just five minutes of a lead generating, that lead is 22 times more likely to convert.
And if you're the first to get in touch, that's even better! Nearly 78 percent of prospects close with the company that contacts them first. Having a great lead management software can help you contact and convert more leads!
With a lead management system, you can prioritize, automate, and control your entire sales process all from one platform. Make new, highly qualified leads a top priority. The more qualified a lead is, the more interested and likely that lead is to purchase with you. Use an auto-responder to send scheduled emails and calls to new leads. Turn off your lead flow when you're unavailable so you don't miss any good leads coming your way.
The only way to get a higher lead conversion is to be determined to make it happen. It takes an average of five attempts to contact a lead, so being patient yet persistent will go a long way.
There are three steps for success an agent can use to get leads and get them to convert.
Although the average number of attempts is five, try at least a dozen times to get in touch with a promising lead. It may seem pushy, but it will show dedication.
Once you grab onto a lead, don't let it hang loose. Nurture it. Send your lead follow-up emails, phone calls, text messages, etc. This step is supposed to nurture them toward a buying decision, and you want to be there with them every step of the way.
Schedule future pends. It helps build trust and keeps you connected in a genuine way to your prospect. When you're consistent with your follow-up and meeting strategies, your leads will see that you're loyal and reliable. It even helps to take notes during your calls just so you can remember important details in the future.
Take the Road Less Traveled
We know your business might operate during the standard nine to five business day, but not all consumers buy on that same schedule. Most consumers also work nine to five and need to wait until after work or the weekend to do their shopping.
Though this seems discouraging, it's actually a great opportunity for agents who are willing to work flexible hours. In fact, we've found that leads generate on the weekends are 26 percent more likely to convert. In order to achieve this, you might have to take the road less traveled and make some calls or send some emails in the evenings or on the weekends.
Understand Your Acquisition Costs
Achieving a higher lead conversion also comes from focusing on the right aspects of your lead management. Spending more time on your cost per application (CPA) yields much more beneficial results than looking at cost per lead. Your CPA metric gives you the whole picture.
There are also steps to help you better understand your acquisition costs:
- Calculate ROIs and CPAs regularly
Measuring ROIs and CPAs can give you a better idea of how much you're putting in and how much you're getting out. Take the time to regularly measure and analyze these aspects.
- Identify your strongest niches
Take the information you get from measuring ROIs and CPAs and apply them to different lead types and various providers. This will help you determine your strongest, most qualified leads.
- Adjust your lead budget
Tweak your budget. Put more money towards the leads that give you a lower CPA.
Track Your Progress
Using online metric tools allows you to track lead performance. You can assess which agents should get more leads, and which of your leads are worth trying to close. As discussed, regularly calculating ROIs and CPAs can also help you stay on track of your budget and success.
These three steps for tracking your progress can bring you success:
- Track Your Leads
You can do this by using your lead management program. Or you may even develop your own method for tracking leads.
- Set Benchmarks
Determine your current closing ratios for the different types of leads you work. Use the results to set goals and spot areas of improvement.
- Eliminate Your Weak Spots
A little self-critique never hurts. Find out which parts of your marketing and sales program are underperforming or unproductive. Acknowledge that they need improvement and then put time and effort towards rehabilitating them.
QuoteWizard helps agents lower their marketing costs while increasing their sales. We spend millions driving in-market consumers to our website, where they complete our online quote request. We then match their needs to the agent's targeted lead type. You, the agent, get the details, provided by us. From there, all you have to do is provide a quote and close the business. Everyone is happy.