If you have not been collecting data to help you improve your clients’ experience, you are probably doing your business a disservice, and are not growing it as much as you could be. Insurance is a competitive industry, so you need an edge to keep your customers – after all, they’re the lifeline of your business! You’ve got to make sure your customers are engaged and happy, but in order to do this you need to know exactly what it is that will keep them satisfied; the edge you need could be data-driven tools and data analytics that will help you improve customer experience. Find out just how data analysis can be used to improve customer experience and ultimately grow your business, as well as which data collecting platforms to consider.
Target the Right Customers
Have you ever heard of the Pareto Principle? Or maybe you have heard of it as the 80/20 rule? Either way, it has a lot of applications, but you’ll probably be most interested in this one: according to this principle, 80% of revenue comes from just 20% of customers. That means it’s important to not only find your target market and get valuable leads, but also to determine which of your customers are the loyal 20% who will stick around and come back to you for help with their insurance needs.
You can use data collection to find the most profitable customers and prioritize them, as well as get information that will help you decide which products to cross-sell and up-sell to customers who are more willing to spend more money.
Get Insight Into How Customers View Your Brand
Satisfied customers will spread the good word about your business, which will help you grow, and will help make your brand appear more authoritative. How do you know what your customers are satisfied with, and what areas you need to improve on? You can collect formal surveys, look at social media contacts and any other exchanges between customers and your business, and analyze the quantity and quality of your feedback.
Focus Your Marketing Strategy
Collecting data helps you implement better marketing strategies, since you’ll be able to see the click-through rates of links in emails and on social media, meaning you’ll know what is working and what isn’t. Once you know who is viewing what, you can use data analysis to customize marketing campaigns based on factors such as:
- Which technology consumers prefer to use
- Personal beliefs and interests
- Average income and education level
- Age, gender, and location
Data Platforms
You can examine all the data you collect to view the bigger picture of your marketing strategy, and then prioritize your most promising leads and customers and target them directly. Here are some of the most popular data collecting platforms to consider:
- RiskMatch- Described as an insurance intelligence solution that provides agencies and brokerages with the data-driven insights they need to grow their business and stay competitive in an increasingly complex industry.
- Tableau Insurance Analytics- Tableau makes visual insurance analytics available to anyone in your business. With this platform, you can explore in real time and react to change faster.
- InsuredMine- A digital platform of integrated technologies enabling independent agents and carriers to offer an omni-channel experience to their clients. This platform claims that it can help you grow your business by converting more leads, engaging with more contacts, and retaining clients longer.
- Domo– Lets you integrate data from any source, turn data into live visualizations, and extend Business Intelligence (BI) into apps that empower your team with data.
- Apache Hadoop– An open-source framework that is used to efficiently store and process large datasets ranging in size from gigabytes to petabytes of data.
- SpatialKey– a browser-based service that provides data-driven analyses. Geospatial data is used to provide effective business analytics. Users can see interactive analytics and easily create reports.
Using data to analyze your marketing strategy will help you improve customer relations, and ultimately grow your business. If done right, you will find new leads, boost your brand, and create a more effective marketing strategy. To get you started in using data analytics, we have listed some platforms to look into, but if you are looking for leads, Benepath can offer exclusive leads who are ready to buy. We provide you with real-time leads through a secured process, and give you a customized thank you page so your leads will be ready for your call. To get more information, fill out the form below or call 866-368-0377.
