What metrics should be used for establishing ROI?
To create the customer journey we must use consumer data to build and insure how the customer will act at each stage of his insurance life cycle. Insurance marketers are still in The early stages of understanding the internet and all that it means. We need to be positioned with innovative products, distribution methods, partnerships, and omnichannel marketing to take affinity marketing to the next level. Create and build trust with your target audience and establish an emotional connection with consumers. Educate and create curiosity thru social media to get all ages out of their seats and engaging g with your brand. Tell a cohesive story across all media channels so your customers can like it tweet it and be your brand ambassadors. Humanize the relationship.
Walt Disney said it best: “…we must keep moving forward opening new doors and doing new things because we are curious and curiosity keeps leading us down new paths…”
To that point, I spoke at this years PIMA Mid Year Meeting and enjoyed participating in a Q&A session, the content of which I will share with you in a serialized manner, over the coming weeks.
MODERATOR: What metrics should be used for establishing ROI? Does each channel have different criteria?
Adrea: No one size fits all, so we cannot state a formula that can be applied for success.
Response rates vary by channel:
Direct mail 1.1%
Paid Search .22%
Some media are harder to define in terms of metrics. Social media is more for relationship branding than applications.
Once you have response to your campaigns, all parties involved need to determine what the actual goal is. While the most profitable ROI results in a new policy holder who purchases the largest coverage amount on multiple policies. Realistic goals need to be set.
Most often digital campaigns are two-step initiatives with a goal towards lead generation. This is great for providing a quote and creating a relationship with the consumer. Direct mail has the greatest capacity for one-step efforts with the ability to provide for a full application and information.
Once you have consumer’s information and interest in your product, you can create drip marketing campaigns that have a greater overall effect.
In summary, the whole is greater than the sum of its parts.