|Location :||Chicago, Illinois|
Driving brand awareness and audience interest using a result-oriented demand-gen strategy and useful KPIs.
Sellers of Property& Casualty Insurance
Property and casualty insurance agents and brokers sell policies that help individuals and companies cover expenses and losses from disasters:
Also be known as fire, casualty, and marine insurance agents or brokers.
There are approximately 208,147 insurance agents and brokers, including property and casualty insurance agents and brokers, employed in the United States.
|Business Development Managers||Channel Growth Managers||Presidents|
|Agency Owners||Insurance Sales Agents||Brokerage organizations|
Target Geography: California and Texas States
Solution: Demand generation marketing and strategy implementation by Lake B2B’s Offsite teams.
The client is a provider of mechanical breakdown insurance coverage and has been in the market for the past two decades. They specialize in covering their clients against major mechanical failures that are often excluded in a basic auto insurance cover. This includes transmission issues, defective brakes, electrical system malfunction, etc. The client company is also into brokerage services in the field of guaranteed-asset protection (GAP) insurance and motor vehicle insurance, namely, the administration of anti-theft warranties and guaranteed asset plans.
Being a consumer-informed product provider, the client’s insurance products and services were top-notch and the market they were looking to target had people actively seeking such services. The client’s target audience included two specific criteria – P & C agents, brokers, owners, and presidents, mainly self-employed individuals or aspiring entrepreneurs, insurance dealers, and freelancers already dealing with some kind of insurance but who wanted to add a new pipeline to their revenues. The first criterion was for the states of California and Texas. The second criterion was for MGAs across the US.
As mentioned earlier, the client’s target audiences are constantly on the lookout for new avenues and opportunities that they can leverage – cross-selling and up-selling to their existing audiences. From these independent titles, many wanted to launch a new venture to gain expertise, operational know-how, and marketing knowledge on running a new venture, and needed hand-holding from a seasoned brand.
This activity is similar to appointing a distributor, franchise, or brokerage partner; however, such a partnership required business match-making and networking with a specific audience persona, keeping the insurance domain in mind.
But, the client was partially using out-of-date marketing practices – newspaper advertisements that relied on generic solicitation. However, they were using digital marketing channels such as online ads with the help of an external agency but the results were far from desirable – the ads were generating impressions but no conversions. The marketing budget was not allocated and aligned to any data in terms of Market Qualified Leads (MQLs), Registered for Product Seminar, Appointments Accepted, etc. This lack of metrics made campaign analysis almost impossible. Blindsided advertising had become a vicious cycle that ultimately led to poor returns.
Demand generation was the need of the hour, but the existing demand-gen funnel was simply ineffective in generating concrete results.
Once the analysis was complete, the loopholes were discovered –
A New Demand Generation Plan of Action Based on Targeted Audience Data
To make demand generation deliver results, the very first step is to identify the most lucrative markets and accounts based on which a predictable pipeline that could be created.
And Lake B2B’s team of seasoned data experts did exactly that – they not only secured the perfect contact intelligence but also put together a bigger picture of the targets.
These experts started by segmenting the audience based on the following segmentation categories –
Such segmentation would help the client undertake Account-Based Marketing across channels, mainly email and LinkedIn, using hard facts. Lake B2B delivered around 2,602 contacts’ details under the first criterion and 902 contacts’ details under the second criterion – a total of 3,504 contacts.
Over 110 contact intelligence fields were covered to offer the client a holistic view of each of their leads. These included –
Using the high-quality data of the audience targeting groups and segments we identified based on the data collated by the demand and lead generation experts of Lake B2B.
Lake B2B lead data experts used this data to engage with the prospects and identify those who are ready to convert.
Nurture email campaign journeys and customer experiences were designed with the purpose of identifying buyer signals.
This planned, data-driven nurture with timed and triggered emails, Tele calls and follow-ups ensured visibility of marketing spend and complete monitoring of the results. The KPIs that were measured to analyze the most prospective customers across segments were a revelation for the client’s channel marketing marketing and sales teams.
Similarly, live events were conducted where the experience was tailored to align with the audience segments. For audiences wary of social gatherings, thought leadership webinars were held where industry influencers stepped in to help the audience understand the product and how it can help overcome pain-points.
Content marketing based on lead magnets succeeded in convincing website visitors to share their email addresses. On the other hand, live events and webinars boosted the client’s opt-ins. Not only this but Lake B2B’s data experts also helped the client identify important metrics that need to be tracked for campaign performance, including –
The performance of the pilot programs were analyzed based on these Key Performance Indicators (KPIs). The discovery made was astounding – email deliverability was a good 95%. However, what put the cherry on the cake were high click-through rates (2.5%) and click-to-open rates that stood at 26%.
This showed that the client’s content was hyper-personalized for their audiences and was successfully convincing leads to know more.
The results were promising even on LinkedIn – Depending on their industry; the client’s campaign engagement rate was 3%, which is very good.
The marketing cycle was not long and tedious but faster than the average time taken in the industry, which assured that the client was outperforming their competitor firms.
Once marketing campaigns were deployed based on the demand-gen strategies and metrics established by the expert team of Lake B2B, the best part of it all was revealed – the client was able to achieve their marketing goals of successful and consistent demand generation within just 22 days of campaign deployment.
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