Auto responders
These are software packages that automate many of the common used e-mail functions so that your drudgery is reduced. For example, they can send out predetermined responses to incoming e-mail (such as responses when you are on vacation) or send out predetermined outgoing messages at regular intervals. They can either be installed on your computer or bought as a service from an online provider. They are extremely useful for marketing campaigns and drip marketing as well as sending out reminders.
Conversion and conversion rate.
Conversion refers to the transformation of a prospect into a customer when a sale has been completed. The prospect is said to have been converted. Conversion rate refers to the frequency of conversion and is normally expressed as a percentage. It is a useful measure of your productivity. If you convert two out of every four prospects, your conversion rate is 50%.
Customer relationship management (CRM)
Customer relationship management is the systematic and efficient management of all processes related to a customer. You can manage sales, marketing and service activities to see if they are in line with predetermined objectives. CRM software is a software package that helps to automate and manage this activity. For instance, BrokerOffice, our proprietary lead management system, is software that creates a paperless office for insurance agent customers and is capable of managing all leads that the agent uses.
Exclusive leads.
Exclusive leads are leads that are sold by the lead provider to only one insurance agent. This protection against competition comes at an additional cost. You should however remember that the exclusivity is only between the lead provider and you and the lead is free to shop elsewhere for insurance.
Filters.
Filters are software controls that you can often set for yourself so that only the leads that meet your requirements come through to you. Filters can be set for age, zip code, state, family status, whether currently insured and whether uninsurable though you will have to pay more for each filter that you choose. You should also be warned that setting too many filters can drastically restrict your supply of leads.
Group health lead.
This is a lead who is shopping for group health coverage. Group health coverage is normally sought by employers seeking to provide a benefit to employees though it can be just a group of people who are seeking group discounts…
Incentivized lead.
An incentivized lead is a lead who has been induced to register with the use of incentives like coupons or gift certificates. These are generally poor quality leads with no real interest in buying insurance. No respectable online lead provider would dream of compromising quality by resorting to bribes.
Internet leads.
Internet leads are leads that are generated when prospective buyers of insurance go online to search for their insurance solutions. For instance, in 2007, 32 million Americans went online in search of auto insurance and 12 million of them actually bought insurance. Online lead providers try to attract these leads to lead generation websites where the relevant information is gathered and sold to insurance agents.
Lead generation.
Online lead provider’s try to attract insurance buying traffic to their lead generation websites by using advanced optimization technique’s such as Search Engine Optimization and Pay-per-Click. They aim to have their websites appear high up on the search results when an insurance related term is entered into one of the major search engines. These websites offer valuable insurance information as well as the chance to obtain a quotation quickly.
Lead management.
This is the process of customer relationship management that an insurance agent needs. The necessary information is processed and stored in databases to be used for generating sales activity and automatic reminders for follow-up action. The database can be used for tracking the progress and success of specific initiatives. BrokerOffice, our highly reputed lead management system, is available free to all customers.
Offline marketing.
This refers to traditional marketing methods that use traditional media excluding the Internet. Print, radio and TV advertising as well as direct marketing are all part of offline marketing. These methods have become exceedingly expensive and are practically out of reach for many small businesses. They can also be quite ineffective because of the difficulty in specifically identifying target customers as well as customizing communication.
Online marketing.
This is the process of advertising and marketing based on the Internet. There is a wide range of methods available ranging from search engine optimization to e-mail marketing. Social network marketing and viral marketing are increasingly becoming popular. Effective online marketing is surprisingly cheap and can often be free.
Pay per click.
Also sometimes known as the affiliate model, this is a mode of advertising where advertisers pay the site carrying the ad only when a visitor clicks on the ad. This is extremely cost-effective for the advertiser because he incurs an expense only when somebody responds to his ad.
Return on investment (ROI).
This is a financial measure that is used to measure the attractiveness of an investment and to choose between competing modes of investment. It’s usually expressed as a percentage and measures the return on your investment. If you earn $100,000 on an investment of $1 million, your ROI is 10%.
Search engine optimization (SEO).
SEO is the process of planting key words and phrases in your website content that are picked up by search engines in response to search terms that are entered. The object of his to ensure that your website ranks high in the search results, preferably on the first page. This is really a process of educated guess work because the search algorithms that the search engines use are highly confidential.
Shared leads.
These are leads that lead providers sell to multiple agents often up to 20. To prevent overselling, responsible lead providers such as us limit the number of agents to whom the leads are sold. Our own average of between two and three agents is among the best in the industry.
Uninsurable leads.
These are leads for health insurance that are unacceptable to health-insurance carriers for a variety of reasons. This may be due to existing preconditions or other medical reasons that preclude insurance. Insurance agents can however generate a reasonable revenue stream by selling discount cards and medical programmers to these people to mitigate their medical expenses. Because of the amount of scams that abound, you should be sure that your discount products come from reputable companies.