New Business
Using metrics to compare actual results with projected goals helps to evaluate the success of your efforts and make changes, if necessary. Your marketing efforts should be the result of knowing where your new business comes from and how much revenue you make from the new business.
Utilize Domo, Eloqua, Dynamics CRM, and AMS360 to evaluate the success of your marketing efforts.
New Business:
What is your total new business premium?
Where did the business come from?
This is where asking every person “Where did you hear about us?” is SO important. Often, the response is listed on a quote sheet or in AMS, but the responses aren't compiled and analyzed.
Here are 10 basic tracking categories
Track the number of new clients who come from each of the following sources.
Cross-sell efforts
Client referrals
Mortgage referrals
Real estate referrals
Walk-ins
Online/google
Facebook
Print ads
Carrier referrals
Other
This can be tracked within AMS360 by completing the referral source field in a prospect/client account.
Select: Customer Overview > Edit Customer > Profiles > Complete Referral Source Field.
*Enter the referral source category the same way each time to get clean reports.
You can also track referrals on a deeper level. Break out referral leads by producer, individual mortgage companies, real estate agencies, etc. This helps you understand which centers of Influence are high quality referral sources and where to spend your time enhancing relationships.
Close ratio by category.
Learning your close ratio can also be a big boost. It's clear where you should spend your time if you know, for example, that your close ratios for mortgage companies and certain captive agent referrals are near 80% and other methods are at 25%.
Monthly close ratio by producer.
This is an excellent training tool. If you know your agency closes referrals at 55%, but that your other three producers are closing referrals at 70%, 50%, and 35%, then you'll know where you should focus your sales training internally. Sounds easy, but you can't do this if you don't track close ratios!
If you have team members who are involved in sales/service, but they do not use Dynamics CRM, you can also create an Excel spreadsheet to track this information.
Name | Lines Quoted | Premium Issued | Agency Commission | Referral Source | Carrier | Referral Source |
|---|---|---|---|---|---|---|