Or more accurately, how to lose money by not being on Google. It's simple to lose money by not ranking in Google's search results... don't invest in SEO.
When you have a few minutes, conduct an experiment. Go to Google (make sure you're not logged in if you have a Google account), and search for one of your top keywords. If you don't have a keyword, use the line of business you are promoting right now with your city or geographic region if your agency is in a small town. Some examples: "Carrollton home insurance" or "Fort Worth auto insurance." Is your agency on the first page of results? If it's not, you could be losing money.
SEO services can take up a lot of your marketing budget. To determine if investing in SEO makes sense for your agency, you first need to calculate your potential return on investment.
Is SEO right for my agency?
It's a simple process to find your missed opportunity:
1. Take your keyword or phrase and plug it into the Google AdWords Keyword Tool. I put in "Fort Worth auto insurance" and found out that my phrase is being searched 880 times a month locally.
2. Roughly half of searchers click on the first website in the results. So multiply your number of searches by 0.5. For my example, this gives me 440.
3. If you know your website's conversion rate for new leads, multiply the number you got in step 2 by your conversion rate. This is the number of new leads you're missing out on by not being ranked first for your keyword. Let's say my insurance agency website converts 3% (a normal conversion rate) of visitors into leads. So that's 13 potential leads I'm missing out in a month.
4. You can even take it a step further and multiple your potential leads by your agency's close rate. My fictional agency has an above average close rate of 50%. So by not ranking in Google, I'm losing out on 6 new policies a month.
Is 6 new policies a month worth investing in SEO? At an average commission of $100 for auto policies, possibly. It depends on the SEO provider you're considering. It's definitely worth it if I can improve my website's conversion rate.
Some food for thought:
If you don't know your website's conversion rate, spend some time looking at your website analytics to determine where your traffic comes from in a month. Then take a look at where your leads came from in that same month. How many of your leads came from your website?
If your website is getting traffic but not producing many leads, it might be time to think about updating your insurance agency website design and adding in some important features like quote forms and free reports to help turn your website into a lead generation tool. Before you spend a lot of money on SEO services, you definitely want to make your website the best it can be because it won't matter how much traffic you're getting if your website doesn't convert that traffic into leads.
About the Author
As vice president of marketing, Becky Schroeder oversees ITC’s growth through marketing and drives the overall marketing strategy for the company and its products. Her specialties include advertising, social media, email marketing, content marketing and public relations. Becky has a master’s degree in integrated marketing communication from Emerson College in Boston and a bachelor’s degree in journalism from Texas A&M University. Becky is a big Texas A&M football fan and enjoys cooking, reading and spending time with her husband and their three daughters.Follow on Twitter More Content by Becky Schroeder