Sifting Through Data to Find Social ROI Gold
January 31, 2019
At the start of 2018, the marketing team for one of our customers made an advantageous discovery. The firm, one of North America’s largest insurance companies, had used the Campaigns feature in Hearsay Social to automatically post social content for its network of agents. Many of the posts linked back to the corporate website.
At the end of 2018, the marketing team found that the posts linking to the corporate blog drew over a million click-throughs. To be more precise, their social selling program was responsible for driving 1.05 million hits to their corporate website.
According to Wordstream, insurance is the most competitive category in Google search engine advertising and “insurance” is the most expensive keyword. Assuming an average $6.00 CPC across all channels, our customer’s price tag to generate the same amount of traffic would have been $6.3 million.
At a time when marketers are under increasing pressure to prove the value of their efforts, the ability to capture and analyze data has become paramount. While digital tools certainly make it easier to mine data and measure results, the right digital tools also can drive efficiencies within the organization – even beyond the marketing function.
In addition to helping identify the most effective content, most responsive client segments, and most risky compliance alerts, digital tools also enable automation of functions, empowering the most highly skilled employees to focus where it matters most, solving problems rather than accumulating data.
Whatever the challenge at hand, chances are good configuring and leveraging digital will help overcome the majority. To name a few:
Obviously, capturing and converting leads is a major goal for any firm, and many advisories look to their distribution teams for help. Often, significant budget is allocated to advertising and purchasing third-party lists for this purpose.
Ironically, most firms are already in possession of personal data for their best targets – in the hundreds of thousands of contacts languishing in advisors’ Rolodexes. The prospects most likely to convert are those who have already had some contact – however casual – with the firm. Digital tools like 1-to-1 Outreach in Hearsay Social can automatically pull email addresses from your CRM, enabling you to retain clients and convert prospects of new advisors who fail and leave your firm. The ability to track response through the platform provides the data needed to measure your results.
Client retention is another goal digital data can help facilitate and measure. It’s well known in the financial services industry that frequent and meaningful communication drives client loyalty – or perhaps more accurately, lack of communication is the primary reason for client attrition, especially among younger clients. Research recently released by Qualtrics cited lack of personalized attention as the main reason millennial clients switch financial advisors. It’s also typical for most advisors to spend 80 percent of their time focused on 20 percent of their client base. That leaves 80 percent of each advisor’s client base at risk.
Digital tools with the ability to automate and personalize messages help busy advisors send the right message at the right time, giving meaningful attention to a portion of their client base that might otherwise be ignored. Since all interaction is documented in the system, the data is available to measure retention increase from year to year.
Digital data can even drive efficiencies in compliance. Through the stack feature in Hearsay Relate, alerts can be ranked by degree of risk. Monitoring the data over time enables firms to identify and separate alerts that are genuinely critical from those that don’t require the same degree of supervision, thus allowing compliance staff to put their time to better use.
The ability to share data can also drive more meaningful and productive conversations between teams. Regarding compliance, many conversations take place based on concerns over hypothetical situations. Data enables teams to monitor specific communication types for trends and patterns and to discuss issues armed with data points rather than abstract ideas.
As leaders in our industry continue to point out, time is today’s new currency. Having the right digital tools that enable automated workflows, conserve resources, increase production – and measure results – are the key to proving ROI and meeting the expectations of today’s C Suite.
Where have you been able to apply digital tools to collect data and measure outcomes? We’d love to hear about your own experiences.