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A TALE OF TWO CARRIERS Part II
can’t measure it, you cannot manage it,” 1 and my personal take on that when it comes to a marketing funnel: That which is measured tends to improve.
On the other hand, a number of Carrier A’s recruiters seemed to expect a level of initiative on the prospect’s part as well as higher interest in contracting with much less interaction, relatively speaking. When discussing potential pitfalls in the follow-up process, we were not surprised to find out that very few metrics were kept. Funnel metrics were just too simple and inadequate; limited to the number of agents who contracted and a count of subjective assignments of “good leads” and “bad leads.” There are two lessons I learned from this experience. The first thing I learned was that without an existing benchmark, one can’t possibly evaluate how well or how wrong something is going. Without having worked with Carrier B, their tight metrics and their outstanding follow-up, I would have not spotted the holes in Carrier A’s process. As an analogy, you cannot see what is wrong with your puzzle if you don’t have the box to compare it to. The second thing that I learned is that there seems to be a strong correlation between having numerous metrics and good producer contracting numbers. It’s all in the funnel management. The lesson may seem simple, yet it is powerful. This story is not about whether or not one has any metrics at all.This is about how well one could manage with metrics. Without ways of measuring key elements in a system, one simply cannot hope to predict any sort of bad outcome before it’s too little too late. As I bring this story to a close, I’d like to borrow from the works and expertise of management consultant and author Peter Drucker: “If you
We return this month to a distant galaxy in which two bold adventurers have enlisted the help of our services to tackle the wild frontier of marketing. Despite the seemingly similar circumstances we found each carrier in at the beginning of our tale, their journeys have gone in two very different directions. In comparison, both carriers had very similar spending for the year, their response and lead numbers were in the same ballpark and the method by which we delivered their prospects or recruitment opportunities was the same. But their contracting numbers? They were polar opposites. As I shared, Carrier A had deployed their campaign and things seemed to be going well — until we were told that their contracting numbers were very low. By contrast, Carrier B’s contracting rate was significantly higher. Upon comparing and contrasting, it became apparent why Carrier B’s outcome was so much more successful. Carrier B’s recruiters had a proactive approach with prospects and had a sharp response time.The time elapsed from when we delivered each recruitment opportunity to a recruiter having a conversation with the producer was very short; sometimes immediately after. At Carrier B’s offices, the number of times their recruiter would try again was monitored and so were the number of conversations. When asked for feedback, Carrier B’s personnel rapidly rattled out metrics — numbers that clearly showed a progression of leads through their funnel. Carrier B exhibited relentless follow-up, a manager monitored funnel metrics and recruiters had multiple interactions with each prospect. Results manifested as incoming contracts and producers going on to write business with them.
As business owners and as marketing executives, there’s a desired, even dreamed of, state of predictable growth: having the ability to predict within reasonable margins of error the new business a marketing investment will bring about. But without funnel metrics it is difficult, if not impossible, to measure return on marketing investment or diagnose what could have gone wrong when a campaign hasn’t resulted in business growth. We believe our Funnel Analysis will help you take one great step towards optimizing your process. So we conclude our tale with the inevitable question: How does your funnel process stack up? Visit www.agentlinkmarketing.com/funnel-analysis.
Footnote: 1) Source: www.druckerinstitute.com/2013/07/measurement-myopia
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