E-commerce platforms have transformed the B2B insurance model in the past decade. With increasing technological advancements and e-commerce features being widely adopted, the B2B insurance industry has been able to meet customer expectations and bring newer prospects for its clients.
With e-commerce revenue estimated to reach $479 billion in the US alone by 2022 and the global e-commerce market expected to reach $24,265.12 billion by 2025, B2B insurers have begun to invest a large share of their capital in optimizing their e-commerce platform.
This article will discuss the critical e-commerce features B2B insurance agents should know to scale in this industry and maximize revenue.
1. Configured catalog system
B2B buyers do thorough research compared to B2C clients because they make business decisions involving stakeholders and important decision-makers in a company. Hence, a user-friendly e-commerce platform with an integrated catalog featuring policies that show all the relevant information is crucial to acquiring clients.
A configured catalog will also help existing clients log in and see the plans and policies that they can upgrade to or sign up for newer approaches. You can customize what your customers see accordingly and streamline the purchasing process.
Gone are the days of printing product catalogs or sending out policies and offers through pdf catalogs. Time is of the essence for B2B clients who wish to go with companies that make things seamless and time-saving. Hence, incorporating an improved catalog in your company website can go a long way in bringing in clients and increasing your revenue.
2. Search engine optimization (SEO)
To sustain n the increasingly competitive insurance industry, your insurance company should create a buzz in the market with effective e-commerce strategies. SEO is one of the essential e-commerce features to focus on to acquire your target audience and turn cold leads into potential long-term clients.
By incorporating high-ranking keywords in your company website and optimizing your page, you can increase your website traffic organically and automatically maximize your conversion rate.
B2B clients are expected to know about you and your clients before they consider requesting a quote- hence, effective SEO strategies for leveraging your e-commerce platform are of utmost importance. Optimizing your website from time to time can increase your chances of ranking on google's first page and get better client response.
Here are a few powerful tips to improve your website and reach out to B2B clients you are on the lookout for:
Strategic keyword research
Optimized keyword research can target your audiences according to demographics and industry type, narrowing your sales funnel and drawing quality leads.
By performing site audits, you can understand your website's performance from an SEO perspective, make relevant changes to your on-page and off-page SEO content, and increase your google rankings.
Knowing your competitors will always keep you ahead of the curve. By performing detailed competitor analysis and understanding your competitors' keywords and SEO strategies, you can improvise your SEO strategies accordingly and beat them.
3. Email marketing
While the e-commerce industry has facilitated the insurance business largely, one of its drawbacks is that it cannot provide the store shopping experience or face-to-face interaction benefits. This is where email marketing steps in as one of the crucial aspects of e-commerce platforms to incorporate an element of personalization for clients.
In today's market, B2B clients expect as much customization as a B2C client, only the line of authority is different. According to a survey by Oberlo, emails with personalized templates and subject lines have 50% higher open rates, and that of welcome emails is 82%.
This shows the increasing value of email marketing, especially for B2B clients who would instead communicate through email than an unscheduled phone call. Hence, B2B insurers must invest in email marketing software to reach out to their clients in a customized manner, putting them at the center.
With email marketing software, you can choose from an array of templates and schedule your marketing campaigns to reach out to your clients at the right time and manner.
Moreover, insurers can quickly turn cold leads to clients through emails that promote policies and offers that may attract clients who've visited your website to request a quote.
4. Self-service functionalities
B2B insurance companies deal with stakeholders and essential decision-makers in organizations who like to stay informed about updates and renewal dates and enjoy quicker responses just as much as B2C clients.
Marketers are investing in intelligent conversational functionalities to make interaction seamless and less robotic. With self-service functionalities such as AI-integrated chatbots, mobile applications, and self-service tools that guide clients in the onboarding journey, insurance companies can improve the customer experience to a great extent.
AI-integrated chatbots can pick up customer trends and behaviors from conversations and respond to customers more efficiently.
The B2B insurance industry revolves around clients who must be prioritized for consistent business growth. With self-service e-commerce tools, insurers can reach out to clients at all times and provide spotless service with increased personalization.
5. Customer relationship management tools (CRM)
From a streamlined workflow to effective interaction between client and agent, Customer Relationship Management tools are like a one-stop shop for all your e-commerce marketing needs.
With multiple advantages and huge prospects to improve your business performance, insurers have started widely implementing CRM tools to provide better customer service and increase revenue growth.
Automating daily operations and optimizing customer data are the two most essential functionalities of CRM tools that automatically improve business performance and help revenue growth.
CRM tools also provide data security, which B2B insurers must take care of as they accrue a wealth of company data that cannot be compromised at any cost. Moreover, CRM tools can provide audit reports and analytics on customer data to understand customer requirements and provide more personalized customer options.
One of the essential functions of integrated CRM tools is enabling insurers to capture customer data from different channels, such as social media channels, self-service portals, websites, e.t.c. With the help of CRM tools, insurers can gain a more comprehensive knowledge of their existing customer base, increase customer retention and develop a wider net for new acquisitions.
6. Generating surveys and feedback
With increasing competition, there is an increased need amongst insurers today to generate positive client testimonials and feedback to stay afloat in this vying industry. Surveys and feedbacks play a massive role in bringing in clients and generating revenue.
Do you know that a survey by BrightLocal mentioned that 73% of clients are likely to go on board with a company based on positive customer reviews? Survey tools are necessary to leverage your website and drive clients.
Feedback is equally vital in bringing in qualified leads and allows for opportunities. If you ask for customer feedback, your customers will feel valued and are less likely to shop around as they approach the time of renewal. With customer feedback, you can also learn about your areas of improvement and make relevant changes.
Feedback not only help your e-commerce insurance business and vastly increases customer retention.
While positive client testimonials and feedback play a significant role in driving clients, negative feedback carries an element of authoritativeness. It creates the impression that you care for your clients and are willing to make the necessary improvements and increase your business performance with time.
7. Google Analytics
You can only improve your business when you know your current standing in the market and your area of opportunities. While CRM tools can help you improve your business performance through audit reports and optimized customer data, you can use Google Analytics to re-evaluate your website performance.
Popularly used across B2B and B2C companies, Google Analytics has become an elixir for online e-commerce platforms. Small businesses to Fortune 500 Companies use Google Analytics to improve their website performance and learn about the traffic that flows into the website from different channels.
From website traffic and conversion rates to audience behavior, demographics, and page performance, Google Analytics will help you understand how your website is performing and provide you with detailed, integrated reports to make necessary improvements.
It's like taking a shot in the dark if you don't understand how your website is performing on the internet and channel your marketing capital for better sales and revenue growth. Hence, it's imperative to keep track of your site data to optimize your e-commerce business as and when required, in alignment with industry best practices.
Grow your sales with effective e-commerce strategies
The insurance industry is set for success in the next decade, and one of the key elements for driving this success is user experience. By improving your customer experience, you can grow your B2B insurance to great heights and acquire clients who add value to your company.
We hope these e-commerce features will help your insurance business grow and probe you to stay ahead of your competitors in this increasingly competitive market. For the best B2B insurance software and marketing campaigns, join Asteya today and acquire qualified leads.