Glossary

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Autoresponder
Email autoresponders are messages that are sent automatically, according to a pre-set schedule. For example, an email autoresponder could be sent to a prospect as soon as they request an insurance quote, with follow-up messages being sent every week for the following two months. Email autoresponders let you make instant contact with prospects, and maintain awareness of your offer without any extra effort.

Conversion
Conversion refers to prospects taking desired action. A prospect converts into a client by deciding to do business with you.

Conversion is often measured against an overall goal – like buying a policy – or against a short-term goal – like getting a free quote.

Conversion rate
Conversion rate measures the number of prospects who take the requested action of your sales and marketing campaigns. It is usually expressed as a percentage.

For example, if you run a direct mail campaign with 100 recipients, and get 2 responses, the conversion rate is 2%.

Conversion rates are a key measure of sales and marketing success.

CRM software
Customer Relationship Management software stores important info about your clients and prospects. Most CRM packages let you sort customer data, track customer progress through your sales cycle, and run reports on your sales and marketing campaigns.

CRM tools usually consist of a database containing customer info along with tools to manage that information. Every ProspectZone account includes our BrokerOffice lead management tool for free. Your leads are imported automatically into the BrokerOffice database.

Exclusive leads
An exclusive lead is a prospect’s information that gets shared with only one agent. When you buy exclusive leads, you don’t compete with other agents in the ProspectZone network for the customer’s business. Because they’re only shared once, exclusive leads cost more than shared leads.

Filters
Filters are controls put on your lead subscription to determine what kind of leads you receive. Your leads can be filtered according to state, zip code, age, uninsurable status, whether they are currently insured, and whether they have a family. Filters let you concentrate on the markets and kinds of prospects you want to work – so you don’t have to pay for leads that you can’t use.

Filters can be added or removed from your account any time. Adding filters can increase your cost per lead. And strict filter criteria can cause you to get fewer leads.

Incentivized leads
Incentivized leads are gathered through promotions, free give-aways, special discounts, and other offers. Examples include free screensavers or music downloads, online "surveys," and contests to win items like free iPods, computers, or gift certificates.

Incentivized leads are not a good investment, mainly because their interest is in the special offer they signed up for, and not in getting an insurance quote. Conversion rates for incentivized leads are usually very poor.

ProspectZone insurance leads are never incentivized. We collect information only from people who have genuine interest in getting an insurance quote from a professional agent.

Individual Health Leads
An individual health lead is information about a prospect who needs a health insurance policy for themselves or for members of their family. While the market for individual health has traditionally been small, recent years have seen strong growth in the number of individually insured people.

Internet lead
An internet lead is information about a potential customer that is generated through the internet. Reputable companies generate leads with consumer-oriented websites that offer a real service – such as insurance information and free quotes. Reputable lead companies never incentivize leads.

Lead generation
Lead generation refers to finding potential customers that are interested in paying for your service. Lead generation is a crucial part of almost all businesses.

In traditional offline marketing, lead generation is done through advertising, networking, direct mail, and phone campaigns. In online marketing, common lead generation strategies include creating websites and running email campaigns.

Lead management
Lead management minimizes busywork while maximizing returns. All lead information – including the prospect’s name, address, location in the sales cycle, along with other useful notes – is kept in one place. This means you can do less busywork, and have easy access to a lead’s info whenever you need it. And by tracking leads and campaigns, you’ll see which efforts are giving you the highest returns.

Software has made lead management easier than before – and much more productive. Every ProspectZone account includes our BrokerOffice lead management software, free of charge.

Life Leads
A life lead is information about a prospect who is interested in buying a life insurance policy.

Offline Marketing
Offline marketing involves building awareness of your services and generating leads using the traditional media. Offline strategies include print ads, radio and television ads, phone campaigns, and direct mail. Offline marketing can be very expensive – and results can vary widely.

Online Marketing
Online marketing uses the internet to create awareness of your services and generate leads. Online strategies include building websites, pay-per-click ads, search engine placement, email campaigns, and buying online leads. Online marketing can be very targeted, so you focus your budget on highly qualified prospects – people interested in your service who want to hear your offer.

PPC
PPC stands for Pay-Per-Click, a form of online advertising. PPC ads are placed in search engine results, with the highest bidders getting the most prominent placement. PPC ads are an effective way of getting web traffic, but the cost of a PPC campaign can add up quickly.

Quote Engine
A quote engine is a software program that can quickly create comparative quotes from multiple insurance carriers- often in as little as 60 seconds.

ROI
ROI is short for return on investment. This measurement of business expense is crucial to maintaining profitability.

SEO
SEO, or Search Engine Optimization, is a way of improving your website’s rank in search engine results. SEO is done by targeting various keywords and phrases – such as insurance quote – and writing content around those phrases. Professional SEO work can cost thousands of dollars, and often yields mixed results.

Shared leads
Leads that are sold to multiple agents. They cost less than exclusive leads. On average, ProspectZone shared insurance leads are only sold 2.13 times.

Uninsurable Leads
Uninsurable Leads are individuals who cannot obtain private insurance because of illness or other high medical risk. Uninsurable leads are ideal for agents who offer memberships in discount medical programs.