Video Part IV - Compressing the Sales Process with Video Testimonials and Securing that New Customer Relationship

Two ways to use the inexpensive Eyejot video email service to differentiate your insurance agency by making a distinguishing impression on new customers,  and compressing the sales process by using video references.  For more, check out the video:

There are 3 levels of the Eyejot service, the first is free, the top level Pro Plus is $100 a year. Try it out at the free level, to get comfortable, but the uses and benefits at the $100 level will pay for itself over and over again.

Search Optimizing Your Insurance Agency Website

The atmospheric noise about website search engine optimization and search ranking has increased significantly in the last year or so.  Insurance agencies are just as caught up in the chatter as other businesses.  Search optimization (SEO) and rank are complex topics, with signficant business implicaitons, so much so that our company, Confluency Solutions, has set aside at least six separate segments of an upcoming best practice series to deal with that single topic.  At the risk of over-simplifying the matter, I'm going to try and deal with the fundemental issues in this one post.  I'm going to do that in three parts by discussing SEO budgeting, metrics to measure website effectiveness, and evaluating a blandishment fom a company offering to provide SEO services.

I don't know if the economy is behind this or not (snake oil salesmen seem to multiply when times are tough), but the insurance agencies we support at Confluency Solutions seem to be hearing from more and more individuals and companies that can 'get you higher search rankings'.  There are legitimate providers of search optimization services (SEO), of course, and I don't mean to besmirch the reputation of the several companies that deliver top notch optimization services.  I'm just musing on our willingness to listen to money-for-nothing pitches when we are casting about for ways to replace lost income.

The role of SEO for an agency website is complicated because quality of traffic has such a bearing on insurance agency profitability.  Most retail businesses, for instance, do not share this challange.  If someone arrives at www.widgets.com, places an order for a widget in exhange for a few dollars, the costs and profit associated with that transaction are pretty much known right then and there.

When someone requests a quote via the www.mostexcellentinsuranceagent.com site, cost and profitability may not be known for sometime, and sometimes not at all.  Here are a few traffic quality questions that insurance agencies need to concern themselves with:  

• How many quotes will I have to provide for each sale?  Will my conversion rate be too low?
• If I spend too much time quoting the wrong kind of business, or quoting prospects that don't convert, how much other income have I forgone from other sources (opportunity cost)?
• How long will I keep that new customer?  How much service burden will they place on my staff?

First of all, let me try and address the question of how much you should budget for SEO.  I'm skipping right past the question of whether you should optimimize at all - you should.  Let me fram the budget issue in terms familiar to an insurance agency.  

Suppose a personal insurance customer pays $4,000 a year to insure a home, cars, and a certain level of life and disability coverage.  If that customer skipped on insurance coverage altogether, they would save $4,000 certain.  If that same customer was involved in a car accident and was sued for $100,000, they would be out a lot of cash in the absence of insurance.  Going in the other direction, that same customer could purchase the most fabulous insurance possible - the highest limits, the lowest deductibles, and buy back all the policy exclusions and limitations - and spend perhaps $20,000 a year in premium.

The right answer for that customer is somewhere between $0 and $20,000 in premium and is a question of balance between cost and risk (and the answer may be $4,000).  For your agency, the $0 in premium is analagous to having no website at all - no money spent, no website traffic.  $20,000 a year might get you a lot of traffic (but not necessarily good quality); so, just with the insurance customer, the right SEO budget answer for your agencyis somewhere in the middle.

Your insurance agency website is an investment in a business tool, and if the investment pays off (ROI), your agency should realize additional commission income in some multiple of the costs associated with the website and SEO.  New income sourced from an agency website is often masked because sales influenced by the website but consummated by phone, for instance.  I'm not going to cover measuring ROI here, but I think it is important to stop and consider there is a level of complexitity to teasing out reliable ROI.  What I am going to cover here are leading edge indicators that will tell you if you are on the right track to acheiving good ROI.  Those indicators are Page Rank, Traffic Counts, and Traffic Quality (I'm going to discuss these in an insurance agency context; for a discussion in a more generalized business context, SEOMoz has an excellent whiteboard on SEO consulting that also addresses these metrics, and I've included that video at the end of this post).

Page Rank

This is the easiest measure to latch onto because we all see it when we do Google searches.  It's also the one measure that is least indicative of SEO success.  Just because one of your web pages ranks in the top 10 in an organic search listing (vs. paid search or local search) doesn't mean you get site traffic, let alone revenue.  Moreover, you would have to ask what 'ranks' and ranks for 'what'?  Search listings return web pages, not 'websites', although search engine algorithms score website quality when performing page ranking.  Individual website pages will rank differently for different search inquiries (that's the ranks for 'what' question).  For instance, searches for these plausible search terms will all display different top 10 lists:  insurance; auto insurance; insurance Asheville NC, Travelers Insurance Asheville NC.  And traffic originating from search on different terms will vary in quality, as we discuss below.

Traffic

This is a better lead edge indicator than page rank because when web searchers click through to your insurance agency website something can actually happen.  That web surfer can come back for another visit, sign up for a newsletter, use an interactive tool, or  - the holy grail - complete an online form or pick up the phone and request a quote.  Without traffic, nothing happens, and since you can have search rank without traffic, traffic numbers are a better measure of SEO effectiveness than search rank.

Traffic Quality

The concept of conversion is not new to insurance agents (e.g., quotes per policy written), and as with quote activity, high conversion website traffic is also better quality.  Not all website visits will result in quotes and commission income on the first go-round, but might produce income later.  Because of that, the definition of conversion should be expanded.  Here are some possibilities:

Average Time on Site; Average Number of Pages Visited; Number of Visits to a Certain Page (like a video, or interactive tool), phone call or email inquiries.

Whatever your definition for 'conversion', those measures, like the ones suggested above, should be harbingers of higher future quote and new income activity.  Traffic from e-newsletter mailings and from local search will exhibit better quality characteristics than organic search traffic, and visitors arriving via organic search, but using different search terms, will also exhibit differing quality  characteristics.  

Finally, on the last topic, evaluating an offer to perform SEO.  Here are some high level considerations that will allow you to dismiss many offers at a glance:

• Did the offer come in an email that resembles spam?  Why would the sender use a gmail or hotmail email address instead of an email domain that matches a company website address?
• If the sender email domain matches a company address, see if you can find a website for that company using that address.  If not, again, why would the sender want to hide?
• If you can find a website for the company, and they are offering SEO for a fee, see how well they rank for a term likely to be used by a company searching for a provider like 'search optimiztion consultants' or 'SEO services'; many spam emails will suggest the term you should search on, and it may not be one that would actually be used by a company seeking SEO help.
• Does the offer guarentee to get you top listings?  Nobody can guarentee that because of all the dynamic elements that go into SEO.
• Is the email offer confined to improving your 'website rank'?  As noted above, search engines 'find' web pages, not websites, and search rank by itself is a weak measure of future ROI. 

At the outset I said this was a complext topic, but I hope this post helps your insurance agency evaluate how to fit SEO into your marketing mix.  If not, (this is the shameless self-promotion part of this post), sign up for the Confluency Solutions newsletter and find out when the best practice series (including a robust treatment of SEO) kicks off.


SEOmoz Whiteboard Friday - Do You Need SEO Consulting? from Scott Willoughby on Vimeo

Leapfish - Advertising or Investment?

One of the nice folks at Kirby Insurance in Baltimore was recently approached by a company called Leapfish and was offered ownership of a keyword relevant to the insurance agency business.

Who is Leapfish and what do they do?  Leapfish is a new entrant into what is known as meta search - basically aggregated results from other search engines and databases in one place.  They were founded in November of 2008.

What's the reason for launching what appears to be yet another search engine?  A short answer can be found in the words of Leapfish founder Ben Behrouzi, from an intereview with  Betanews, "The Internet has grown so much, and there's so much information, yet most people don't go past the first page of Google and Yahoo in their searches. Tons of stuff is getting lost."

Leapfish has introduced a twist on keyword advertising, allowing you to purchase and 'own' keywords for an up front registration fee and a renewal fee of about 5% of the up front fee.  Ownership of the keyword will guarentee placement in Leapfish paid search listings, and keyword owners can resell their keywords at a later date.  MediaPost reported these prices for various keyword sales:  keyword "diet" sold for nearly $8,000 while "Viagra" sold for $7,000 and "annuity" for $2,000.  Leapfish uses a proprietary algorithm to determine keyword value.

What to do if approached by Leapfish (or another untested company) and asked if you would like to spend a little money with them?  As far as Leapfish goes, there is a lot of good press, and a lot of people, like TechNewsWorld, seem genuinely sanguine about their prospects for success.  There are also some other sources who have adopted a skeptical posture, such as MediaPost and TechCrunch.   

In a sense, 'owning' a keyword is a little like owning a piece of Leapfish.  Will they elbow their way into a crowded search field?  Maybe, but they have to hip-check their way past behemoth Google first.  The fact is that purchasing a keyword with Leapfish right now is more like investing in a start up than budgeting for an ad placement.  Your investment may prove to be worthless, but it may also pay off handsomely in the future.  The risk is wrapped up in the success of Leapfish.  

If your objective is push traffic to your website and write business today, then Leapfish is probably not for you.  On the other hand, if you have a little money to put at risk on an investment, then Leapfish may be worth a longer look.

iPods, Soccer, and Insurance Web Marketing

I have sat through a couple of webinars, and read several articles about web marketing in the last few weeks. And I'm afraid every one of them missed the point. When I hear somebody talk about a tool or medium as a thing unto itself (as in web marketing), I suspect they are too enamored of a new technology and prone to believe that the technology itself constitutes a sea-change. And often, the way that sea-change is positioned in these webinars, you would have to believe that you have to abandon all of your former practices and adapt to the sea-change, or drown in the tidal wash.

Take insurance for example. I would suggest that what people want from insurance providers, and what insurance providers need to deliver, has not changed in decades (if ever); to wit: peace of mind, economy, information on demand. The fact that an insurance agent might be using streaming video on YouTube, a blog, or website to serve up what consumers want doesn't change the essential nature of the business, and probably doesn't constitute a sea-change.

I was reminded of this by my fellow blogger, James Hawley, who flipped me a link to an article appearing in the LA Times. The story featured Manchester United goalkeeper Ben Foster's use of an iPod to study the tendancies of an opposing player. What made the story novel is that the iPod was used just moments before Foster successfully defended a penalty shot.

Foster didn't turn into a technologist or web geek. He was still playing soccor the old fashioned way; he was also just using his powers of observation to stack the goal defense odds in his favor, as goalkeepers have done since the advent of the game. That Foster used an iPod to get a tendancy update moments before a shot didn't change the nature of the game, it just made Foster a smarter player, and resulted in a blocked shot.

Should I Include Staff Bios on My Insurance Agency Website?

In general, I think the most effective bios are the ones that support your agency ‘brand’ and unique value proposition (the things that make you demonstrably different and better than competitors). Suppose for a moment that your brand and UVP include these general attributes:

• Professionalism
• Service
• Personal Relationships

A lot of agencies throw around attributes like those above, but have a hard time backing the words up, or describing what they mean. Staff bios can help. For instance:

• Professionalism – Continuing education, designations, and awards all back up and help explain this attribute; so it’s not a bad idea to include that information in staff bios.
• Service – There are two kinds of service, and the first type has no place on you bios since it does nothing to promote a brand or UVP that would differentiate your agency. The second kind of service merits consideration for publication. I would lump services into two categories: meeting minimum customer expectations, and exceeding expectations. Returning phone calls on a timely basis and processing transactions accurately are both expected. If you don’t measure up, you have a problem; but if you do meet these expectations, you don’t get any extra credit. On the other hand, if you have producers, account managers or CSRs, whose job it is to ‘meet with at least 5 customers a month to review their protection needs’ (annual review) that kind of information can be compelling in a bio. Likewise, individual situations where an agency staff member has found better insurance protection for a customer or helped out in a claims situation will make the ‘service’ component of your UVP tangible and meaningful. Inclusion of these little stories in bios is worthy of consideration.
• Personal Relationships – I read an article a few years ago about medical malpractice lawsuits that pointed out the relationship between average time spent with a patient and the incidence of malpractice lawsuits. The condensed version is that doctors who spent more time with patients were sued less often. That is, those doctors who bothered to build some kind of personal relationship benefited by spending less time in court and paying less for their malpractice insurance. Patients, and people in general, will cut you some slack if they like you; they will also be more likely to refer people to you. You definitely don’t want to be gratuitous in presenting personal info in an online bio; be sure any personal information you provide through staff bios actually represents and supports the kind of relationships you have and want to build. And you definitely don’t want to jeopardize anyone’s safety by putting too much personal information on your website. So this one requires some careful thought, but there are very good reasons for including this kind of information.

Active vs. Passive Bios
You may also want to think about how you might use your online bios. For example, you might want to include links to bios as part of your proposals to prospects (here are the professionals that will be your risk management team); or you might want to routinely include a link to a CSR or Account Manager bio as part of a new business ‘welcome package’, or when there is a change in service assignments.

Are Your Agency Employees Blogging? Should you care?

Your employees might just be inadvertently representing your agency while bouncing around on any of several social networks (LinkedIn, MySpace, etc.). Does your insurance agency need a policy regarding blogging, 'Facebooking' or Tweeting on Twitter? The New York Times seems to think they need one, and here it is:

* Don't specify your political views. This includes joining online groups that would make your political views known.
* Don't write anything you wouldn't write in The Times on your profiles, a blog, or as commentary on content you share.
* Be careful who you 'friend'. Since this is a tricky subject, The Times suggests that its reports "imagine whether public disclosure of a 'friend' could somehow turn out to be an embarrassment that casts doubt on our impartiality."
* Using email addresses found on social networks to contact individuals is fine but the standard rules apply: treat the person fairly and openly and don't "inquire pointlessly into someone's personal life."
* The Standards Editor must be consulted before contact is made with a minor.

A complete article about the NY Times and their social networking policy can be found at Econsultancy (head up courtesy of WOMMA).

Liabilities and Exposures Created When Agency Business Email is Forwarded to Personal Accounts

I have had several insurance agency managers and owners tell me recently that they have employees who prefer to forward business emails to personal accounts because they are more comfortable with their personal email service, or they want to work at home and the agency doesn't have or permit web mail access to the agency email.

You cannot stop agency employees from forwarding emails to themselves, but approving of the practice can create some risks for your agency.

• Emails sitting on home computers can potentially be viewed by any family member; and especially where the family includes kids, by friends of family members. It is inevitable that private client information will be contained in some of these emails. Allowing employees to forward business emails creates privacy violation possibilities.
• You have some control over viruses when employees use business email,but not so much when personal email is used. What happens when your employees’personal (business email) transmits a virus that crashes a client’s business email? The possibilities are gruesome and numerous.
• Permitting employees to forward work emails to personal accounts can allow individual employees, over time,to amass a good deal of account information in a repository outside of the agency. That provides a great big hole in any measures you may have taken to protect proprietary account information, and can make it easier for an employee leaving the agency to take accounts with them.
• What about allowing only ‘trusted employees’ to forward business email to personal accounts? Unfortunately, the precedent set can allow another ‘less trusted’ employee to forward email and then claim they didn’t realize the policy regarding forwarding emails was selective.

Employees may still forward emails, but random monitoring of outgoing email should alert you to an violations of a policy against forwarding to personal addresses.