3 KPI for insurance businesses to track online performance
The ending of the year means it’s time to evaluate the overall performance of your business. Those who have been running online campaigns already might realise that setting and tracking your KPIs are essential to your business.
No one wants to support an activity that’s losing their company money and failing to deliver results. By tracking the right marketing KPIs, your company will be able to measure the previous performance of particular campaigns, then make adjustments to various strategies and budgets in the future.
Today, we show you the important KPIs which insurance businesses should be tracking to measure online marketing performance. Let’s check them out!
1.Sales Revenue
Keep in mind, no company wants to waste its budget on something that isn’t generating money. Thus, knowing your sales revenue is important as it shows how effective your online marketing campaign is.
You can calculate your sales revenue from a particular online marketing campaign as a percentage by utilising this formula:
(Total revenue acquired through particular online marketing campaign / Total revenue for the year)
x 100
This simple formula allows you to compare the performance of each campaign you launch over the course of a year to show whether you should allocate money to other marketing activities or not.
2.Lead-to-Customer Ratio
After all of your marketing efforts, you cannot finish a job without evaluating how many leads your sales team generate. You need to calculate both your sales qualified lead conversion rate and sales accepted lead conversion rate.
But…What’s the difference between the two?
Sales Qualified Leads are leads considered as high-potential prospects. Most companies define qualified leads as a lead who ‘filled out a form’, ‘ready to buy’ or ‘high purchasing power’.
Sales Accepted Leads are simply low-potential leads, who your sales have either contacted directly or scheduled a call with, and fail to close any sale.
Obviously, Sales Qualified Leads should outnumber Sales Accepted Leads as it shows your campaign can attract many qualified leads, but if Sales Accepted Leads outnumber… you are in trouble and need to meet with your sales team to determine why.
3.Landing Page Conversion Rates
A landing page that doesn’t generate leads is useless, no matter how much traffic it gets or how beautifully designed it is, so monitoring your conversion rate is a must.
You can measure the performance of a landing page via A/B testing some of the changes below to see which delivers the highest conversion rate:
- Change your CTA color
- Make your written content more persuasive
- Shorten your form
- Add social proof (i.e. reviews, social counts, awards, etc.)
- Etc.
These KPIs are examples of criteria you need to address before evaluating any campaign. However, there are a lot of complicated and hard-to-understand KPIs that require expertise to interpret.
At Heroleads, our optimiser team was trained to analyse all complicated data and are eager to drive your campaign to success online. Don’t hesitate and consult our experts today!
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