{"id":10921,"date":"2024-02-26T06:41:00","date_gmt":"2024-02-26T06:41:00","guid":{"rendered":"https:\/\/realesta.co\/inprojects\/lbb\/?post_type=case_studies&#038;p=10921"},"modified":"2024-03-27T10:12:07","modified_gmt":"2024-03-27T10:12:07","slug":"insurance-channel-marketing","status":"publish","type":"case_studies","link":"https:\/\/realesta.co\/inprojects\/lbb\/case-studies\/insurance-channel-marketing","title":{"rendered":"Insurance Channel Marketing"},"content":{"rendered":"\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-top py-5 px-4 floating-div has-white-color has-text-color has-background has-link-color wp-elements-367438d63b705edfa54e83342600ffca is-layout-flow wp-block-column-is-layout-flow\" style=\"background:linear-gradient(295deg,rgb(6,147,227) 19%,rgb(155,81,224) 85%);flex-basis:33.32%\">\n<h5 class=\"wp-block-heading\">2000% Increase In Channel Partnership Form Fills.<\/h5>\n\n\n\n<h5 class=\"wp-block-heading\">560 Event Footfalls Registered For Product Seminars.<\/h5>\n\n\n\n<h5 class=\"wp-block-heading\">5% Conversion to Accept Further Appointments.<\/h5>\n\n\n\n<h5 class=\"wp-block-heading\">400% Increase Premium MQLs Generated Compared to Generic Solicitation.<\/h5>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"side-table\"><tbody><tr><td><strong>Industry<\/strong> :<\/td><td>Insurance<\/td><\/tr><tr><td><strong>Location<\/strong> :<\/td><td>Chicago, Illinois<\/td><\/tr><tr><td><strong>Challenge<\/strong> :<\/td><td>\t\nDriving brand awareness and audience interest using a result-oriented demand-gen strategy and useful KPIs.<\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.68%\">\n<h4 class=\"wp-block-heading\">Audience Targeting Criteria:<\/h4>\n\n\n\n<p>Sellers of Property&amp; Casualty Insurance<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Home<\/td><td>Automobiles<\/td><td>Boats<\/td><td>Motorcycles<\/td><\/tr><tr><td>Factory<\/td><td>Church<\/td><td>Equipment<\/td><td>Hospitals<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">Know the Key Targets:<\/h4>\n\n\n\n<p>Property and casualty insurance agents and brokers sell policies that help individuals and companies cover expenses and losses from disasters:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fires<\/li>\n\n\n\n<li>Burglaries<\/li>\n\n\n\n<li>Traffic Accidents<\/li>\n\n\n\n<li>Emergencies<\/li>\n<\/ul>\n\n\n\n<p>Also be known as fire, casualty, and marine insurance agents or brokers.<\/p>\n\n\n\n<p>There are approximately 208,147 insurance agents and brokers, including property and casualty insurance agents and brokers, employed in the United States.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Target Titles and Accounts Sought by the Client:<\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Agents<\/td><td>Brokers<\/td><td>Business Owners<\/td><\/tr><tr><td>Business Development Managers<\/td><td>Channel Growth Managers<\/td><td>Presidents<\/td><\/tr><tr><td>Agency Owners<\/td><td>Insurance Sales Agents<\/td><td>Brokerage organizations<\/td><\/tr><tr><td>Distributors<\/td><td>Franchisees<\/td><td>Dealerships<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Target Geography:<\/strong>&nbsp;California and Texas States<\/p>\n\n\n\n<p><strong>Solution:<\/strong>&nbsp;Demand generation marketing and strategy implementation by Lake B2B\u2019s Offsite teams.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">MEET THE CLIENT<\/h4>\n\n\n\n<p>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.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">THE CHALLENGE<\/h4>\n\n\n\n<p>Being a consumer-informed product provider, the client\u2019s insurance products and services were top-notch and the market they were looking to target had people actively seeking such services. The client\u2019s target audience included two specific criteria \u2013 P &amp; 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.<\/p>\n\n\n\n<p>As mentioned earlier, the client\u2019s target audiences are constantly on the lookout for new avenues and opportunities that they can leverage \u2013 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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>But, the client was partially using out-of-date marketing practices \u2013 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 \u2013 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.<\/p>\n\n\n\n<p>Demand generation was the need of the hour, but the existing demand-gen funnel was simply ineffective in generating concrete results.<\/p>\n\n\n\n<p>The client approached lead data experts from Lake B2B to address their concerns. The experts immediately started with a thorough market research and analysis. The entire process was a race against time since the client wanted to see results within a month.<\/p>\n\n\n\n<p>Once the analysis was complete, the loopholes were discovered \u2013<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The client had no proper (personalized) marketing strategy in place that also measured the performance of marketing activities.<\/li>\n\n\n\n<li>The client was not leveraging multiple channels to target their audience.<\/li>\n\n\n\n<li>No concrete events or conversion metrics were in place that measured campaign performance.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">THE SOLUTION<\/h4>\n\n\n\n<p><strong>A New Demand Generation Plan of Action Based on Targeted Audience Data<\/strong><\/p>\n\n\n\n<p>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.<br>And Lake B2B\u2019s team of seasoned data experts did exactly that \u2013 they not only secured the perfect contact intelligence but also put together a bigger picture of the targets.<\/p>\n\n\n\n<p>These experts started by segmenting the audience based on the following segmentation categories \u2013<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Size of the firms owned by these business owners<\/li>\n\n\n\n<li>Employee size of the targeted business owners\u2019 firm<\/li>\n\n\n\n<li>Type of insurance products they dealt in<\/li>\n\n\n\n<li>Any other ancillary services in their portfolio<\/li>\n\n\n\n<li>LinkedIn IDs of the targeted contacts<\/li>\n\n\n\n<li>Insurance intent and research intent<\/li>\n\n\n\n<li>Revenues of the firm owned by these owners<\/li>\n<\/ul>\n\n\n\n<p>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\u2019 details under the first criterion and 902 contacts\u2019 details under the second criterion \u2013 a total of 3,504 contacts.<\/p>\n\n\n\n<p>Over 110 contact intelligence fields were covered to offer the client a holistic view of each of their leads. These included \u2013<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Email IDs<\/li>\n\n\n\n<li>Zip Codes<\/li>\n\n\n\n<li>Direct Dials<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Size and Revenue<\/li>\n\n\n\n<li>Company Website<\/li>\n\n\n\n<li>Social Media Handles<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Assets Size<\/li>\n\n\n\n<li>Technology Tracking<\/li>\n\n\n\n<li>Affiliations, and more<\/li>\n<\/ul>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Lake B2B lead data experts used this data to engage with the prospects and identify those who are ready to convert.<\/p>\n\n\n\n<p>Nurture email campaign journeys and customer experiences were designed with the purpose of identifying buyer signals.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Lake B2B generated specialized lead magnets for the client.<\/li>\n\n\n\n<li>Different landing pages for different audience segments were created.<\/li>\n\n\n\n<li>The content was tailored to match the audiences\u2019 pain-points and needs.<\/li>\n\n\n\n<li>Information-rich product guides, eBooks, whitepapers, presentations, Infographics and swipe files were created.<\/li>\n<\/ul>\n\n\n\n<p>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\u2019s channel marketing marketing and sales teams.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">THE RESULT<\/h4>\n\n\n\n<p>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\u2019s opt-ins. Not only this but Lake B2B\u2019s data experts also helped the client identify important metrics that need to be tracked for campaign performance, including \u2013Close Rate Per ChannelMarketing Cycle LengthCost Per Acquisition (CPA)LinkedIn Engagement RatesEmail Deliverability RatesEmail Click-to-Open and Click-Through Rates<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column border-black is-layout-flow wp-block-column-is-layout-flow\">\n<p>The performance of the pilot programs were analyzed based on these Key Performance Indicators (KPIs). The discovery made was astounding \u2013 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%.<\/p>\n\n\n\n<p>This showed that the client\u2019s content was hyper-personalized for their audiences and was successfully convincing leads to know more.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column border-black is-layout-flow wp-block-column-is-layout-flow\">\n<p>The results were promising even on LinkedIn \u2013 Depending on their industry; the client\u2019s campaign engagement rate was 3%, which is very good.<\/p>\n\n\n\n<p>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.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"featured_media":24495,"menu_order":0,"template":"","categories":[],"tags":[658],"company_size":[],"industry":[],"sub_industry":[],"class_list":["post-10921","case_studies","type-case_studies","status-publish","has-post-thumbnail","hentry","tag-marketing","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Insurance Channel Marketing With Customer Data - Lake B2B<\/title>\n<meta name=\"description\" content=\"Go Data Driven for Insurance Channel Marketing. Grow Insurance Resellers, Distributors, Appoint Insurance Franchisees and Partners With Leads Data.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insurance Channel Marketing With Customer Data - Lake B2B\" \/>\n<meta property=\"og:description\" content=\"Go Data Driven for Insurance Channel Marketing. 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Industry : Insurance Location : Chicago, Illinois Challenge : Driving brand awareness and audience interest using a result-oriented demand-gen strategy and useful KPIs. Audience Targeting Criteria:&hellip;&hellip;","_links":{"self":[{"href":"https:\/\/realesta.co\/inprojects\/lbb\/wp-json\/wp\/v2\/case_studies\/10921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/realesta.co\/inprojects\/lbb\/wp-json\/wp\/v2\/case_studies"}],"about":[{"href":"https:\/\/realesta.co\/inprojects\/lbb\/wp-json\/wp\/v2\/types\/case_studies"}],"version-history":[{"count":0,"href":"https:\/\/realesta.co\/inprojects\/lbb\/wp-json\/wp\/v2\/case_studies\/10921\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/realesta.co\/inprojects\/lbb\/wp-json\/wp\/v2\/media\/24495"}],"wp:attachment":[{"href":"https:\/\/realesta.co\/inprojects\/lbb\/wp-json\/wp\/v2\/media?parent=10921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/realesta.co\/inprojects\/lbb\/wp-json\/wp\/v2\/categories?post=10921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/realesta.co\/inprojects\/lbb\/wp-json\/wp\/v2\/tags?post=10921"},{"taxonomy":"company_size","embeddable":true,"href":"https:\/\/realesta.co\/inprojects\/lbb\/wp-json\/wp\/v2\/company_size?post=10921"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/realesta.co\/inprojects\/lbb\/wp-json\/wp\/v2\/industry?post=10921"},{"taxonomy":"sub_industry","embeddable":true,"href":"https:\/\/realesta.co\/inprojects\/lbb\/wp-json\/wp\/v2\/sub_industry?post=10921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}