Embracing data analytics is one of the smartest ways to get to know your customers better and grow your insurance business. And as complicated as it sounds, it's really not hard to do. (Credit: fizkes/Shutterstock.com)
Anyone who has ever worked in sales knows that customer acquisition is an expensive exercise. This is especially true in the insurance industry; in fact, the word "insurance" is currently the number one most expensive keyword available for purchase for a Google AdWords cost-per-click (CPC) campaign. At a $54.91 CPC, you're probably not going to want to start from scratch with an insurance keyword campaign too frequently.
Liri Halperin-Segal, CEO of AI platform provider LeO. (Source: LeO) To help put that $54.91 figure in perspective, note that the average cost per click in Google Ads is between $1 and $2 on the search network. Why are insurance keywords the most expensive by far? Simply put, ours is a business with very high lifetime customer value. Google assumes that our industry will be willing to pay a lot to acquire a new customer because the long-term payout is so beneficial. But is your agency actually acting on all the potential that lies in the customer relationships you already have? What should you be doing today to ensure that you're not leaving opportunities on the table?
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