We’re using averages from our 15+ years of experience in the industry to give you an idea of what it can look like for you. *DISCLAIMER: The exact numbers used in this blog post will likely differ from your agency’s.
#Engagex insurance prospecting how to
We’ll show you how to calculate the cost of both in-house and outsourced appointment-setting before calculating the return. To calculate the ROI of your customer insurance reviews, you first need to look at the investment, or the cost, of meeting with your customers. Many variables influence retention rates, and it isn’t easy to pinpoint just one thing.įortunately, though, it’s not difficult to calculate the ROI of customer insurance reviews when it comes to cross-selling and up-selling your current customers. The retention aspect can be hard to measure, as it’s similar to the marketing scenario I mentioned above. Many agents we’ve spoken to have similar ideas about regularly meeting with their customers to review their policies (about once every 1 - 2 years). Still, we don’t know how many times (and what other types) of exposure they had to our company previously that could have influenced them to finally inquire for more information.ĭoes this sound like something you’ve experienced in your marketing efforts? We can usually see what approach they took action on. This makes it difficult to pinpoint precisely which marketing channels and methods are most effective. The concept of customer engagement only fully emerged in the digital era.Calculating the ROI of your many agency functions isn’t always as easy as plugging in a few numbers.įor example, in my own marketing efforts, I’m constantly faced with the reality that it takes multiple instances of exposure (or touchpoints) to a company before a potential lead will take any action. Engagement became more prevalent and more visible as two-way communication between customer and brand developed over online channels. Engagement isn’t only digital, of course – it can also happen in person and through traditional communication channels.īut what exactly do companies and thought-leaders mean when they talk about customer engagement? Well, it varies. Out on the web, definitions are scattered, but they serve to highlight a few different dimensions of customer engagement.Ĭ’s definition paints CE as incremental and holistic, something made up of many small interactions, each with an influence on the whole:Ĭustomer engagement is the extent of the relationship a customer has with a brand. It can be strengthened – or diminished – with every interaction. From making a purchase to writing a review to join a loyalty program, the depth of customer engagement increases and becomes more mutually beneficial the more closely a brand can connect with customers’ preferences.Īcademic Linda Hollebeek, writing in the Journal of Strategic Marketing, defines it in terms of personal investment:ĬBE is defined as ‘the level of a customer’s cognitive, emotional and behavioral investment in specific brand interactions’.
Further, three key CBE themes are identified, including ‘immersion’, ‘passion’, and ‘activation’.Īmazon Web Services links engagement with loyalty, and frames it as a business-led activity:Ĭustomer engagement strategy refers to the practices that organizations employ to keep users coming back to their applications. Maximizing customer engagement is vital in today’s digital marketplace, where an ever-increasing number of brands are competing for a finite amount of customer attention.Ĭustomer engagement is the emotional connection between a customer and a brand. Broadly speaking, customer engagement (CE), or customer-brand engagement (CBE) encompasses the customer’s relationship with a business. When we look at customer engagement we’re exploring the quality of that relationship – positive or negative – how customer participation occurs, and how often it happens.įor most companies, an exploration of the topic will also involve trying to understand how customer engagement relates to the success of the business in terms of sales, loyalty, and whether the customer is a detractor or promoter of the brand. Highly engaged customers buy more, promote more, and demonstrate more loyalty. Repetition and frequency: Whether the interactions are frequent and similar, or sporadic and varied.Proactiveness: Whether a customer engages with a brand of their own accord, without prompting.Longevity: The length of time over which interactions are spread.Providing a high-quality customer experience is an important component of your customer engagement strategy.ĭimensions of customer engagement could include:
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