Business 2 Business Blog

How to Define Your Insurance Sales and Marketing Funnel

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Insurance Sales and marketing must have a unified picture of the funnel.  All of you insurance marketers know that Sales and Marketing teams often have a very different picture of the funnel.  They (Sales) might disagree about the number of stages a lead passes through before becoming a customer - and they often use different terminology to describe those stages.  

To adopt a Smarketing strategy, sales and marketing must have a unified picture of the funnel and standard definitions of each stage in the process.  For example, Henderson Robb's Smarketing team fills the funnel in these stages:

  1. Visits 
  2. Leads
  3. Marketing Qualified Leads
  4. Sales Accepted Leads
  5. Opportunities
  6. Customers

 

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Focus on the definition of a Marketing Qualified Lead (MQL).  This is the crucial hand-off point between marketing and sales, so it's essential that the teams agree on the terminology.  

Every insurance company's definition of an MQL will vary, but it should reflect a combination of traits and actions that indicate a lead is both a good fit for your company and ready to talk to a sales person.  For one way to examine your funnel to assess lead quality and determine whether a lead is ready for sales follow up visit pages 18-21 in our free ebook, "The Complete Guide to Unifying Your Sales and Marketing Efforts."

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Develop your definition of an MQL based on the combination of fit and interest that's right for your company. Some insurance marketers may focus more on fit because they have a more tightly defined market; other insurance marketers may have a broad customer base and focus more on interest level.  That decision depends on your business model.  Whichever approach you choose, base your decision on data - not on gut instinct. Even experienced marketers and sales people can be way off base in their assumptions about what makes a good lead.

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Posted by Peter Henderson on September 18, 2014 08:00:AM

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