Many insurance providers have not yet formalized their lead scoring system. This is a worthwhile endeavor for all those agencies, and another which must be revisited each year, while tracking the revenue of their marketing programs.
What is lead scoring? It is a methodology familiar with rank prospects against a scale, and assign something to determine interest level and distribution. For example, let’s pretend a trucking insurance lead appointment finds your agency. This lead has been an owner of 15 power units, they choose company drivers, and perhaps they are unhappy using their carrier. Perhaps your lead scoring system falls on the 1 to 10 scale, which lead is scored an 8. What might get a higher score? And kinds of leads are over and above profile, and what score would they receive? Perhaps prospects should score an 8 to show up on your producer scorecards.
Is the lead distributed to producers by territory? Does your lead handling process vary by sort of lead, product or prospect? For example, are commercial leads separated by small and large business, by industry or product? Are benefit leads parsed by groups over and under 50? And does your agency employ a tracking system in place to discover how many leads showed to the appointment, moved into your pipeline, received quotes and ultimately convert into home based business?
Salespeople, sales managers, producers along with business people often make reference to prospects in vague terms like: new, warm, hot, cold, likely, qualified, etc. These terms do little to increase understand a sales pipeline or convey chance of purchase for some other members of the group. Agencies can consider setting up a simple prospect scorecard to settle this issue and quantify their lead scoring. Formalizing lead scoring offers benefits including:
Helps Producers create ideal attributes to make a buyer persona
Creates an effective numeric system to leverage your buyer persona
Assigns numeric values to rate your best prospects
Creates an easy qualification acronym to discover likelihood to close
What needs to be included within a prospect scorecard?
Use a prospect scorecard to quantify your method of pipeline building. Some attributes of your ideal client might include revenue, growth rate, client type (business or consumer) and market niche. For example, are you currently targeting companies with $5m to $10m in revenue? Are your easiest prospects fast-growing firms, trucking companies, manufacturers or consumers?
If you’re selling to consumers, is it high net worth, middle-income, millennials or elderly people? Are your prospects in a very specific niche market like banking, insurance, biotech, consulting, education, etc.? Create a scorecard together with your ideal attributes plus a customized qualification abbreviation that may help you determine if you’re selling to an in-profile prospect.
Insurance agencies and brokers considering getting to the next level because of their insurance marketing and to generate leads, but lacking the inner resources to accomplish their marketing goals, can reach a proficient insurance company marketing firm.