Lead Generation Case Study: How We Generated Leads for Insurance Development Services
Our client, a software development company, wanted to find new developing markets for their insurance website development services. They came to us to check their marketing hypothesis with a lead generation campaign and investigate new markets
As the markets in the US and Europe are already saturated, our client thought that developing markets could be a more promising place to advertise their services.
Before launching a full-fledged ad campaign, our client decided to check if there was demand for their services in African and Asian markets, as they had done preliminary research and found that demand for insurance software was currently high in these regions.
For this lead generation campaign, our goal was to find decision-makers who would be interested in our client’s services. Our client would then schedule calls and launch the sales process to sign new contracts. To achieve this goal, we needed to:
- Decide on a target audience with our client
- Form campaign expectations
- Create custom message scripts and follow-up messages
- Write content on insurance software development
Our client has already conducted preliminary market research, so we took their hypothesis and target audience as the basis for our campaign. To make the lead generation process more effective, we offered to support the campaign by creating content on insurance software development.
How we worked
Our first step was to interview our client on their expertise, insurance software development experience, and expectations of the campaign. It was a challenge to form expectations, as our client had never done cold lead generation before. We agreed on the number of contacts we would process and set an average expected conversion rate.
We also discussed the target audience of our campaign and divided it into two segments:
- CTOs, CMOs, and CIOs of insurance companies, who could be interested in creating an app for their customers.
- Independent insurance specialists who plan to create their own insurance product.
Our target countries and regions were:
- South Africa
After we segmented the audience, we created an article with detailed information on insurance software development, from brief market statistics to must-have features and a rough estimate of the development cost. We planned to add this article to one of our follow-ups to increase the conversion rate and demonstrate our client’s expertise.
We planned three months for this lead generation campaign and chose LinkedIn and One2Lead as our primary platform and tool for lead generation. In One2Lead, we created two market segments with personalized message scripts and started sending invites.
As LinkedIn allows you to send only 150 invites per day, we used two accounts to accelerate the lead generation process: those of our client’s CEO and sales manager.
The biggest challenges we faced were the size of the market and the complexity of market segmentation.
Three weeks after the campaign started, we analyzed the intermediate results and realized the campaign needed more segmentation, as there are many types of insurance, each with their own requirements and challenges.
To add more personalization to our messages, we offered to create four separate presentations, one for each of these insurance niches:
- Auto insurance
- Health insurance
- Real estate insurance
We also put more emphasis on the South African market after we saw the answer rate was higher there.
After analyzing the replies of our potential leads, we decided to power up our campaign with another piece of content: an article on HIPAA compliance, as it appeared to be one of the major issues that concerned insurance business owners.
Over the three months we ran this campaign, we created two articles, three presentations, and personalized message scripts for each segment of our target audience. In total, we processed 4,250 contacts. Of those, 1,900 accepted invites.
|Invite conversion rate||44.7%|
|Response conversion rate||5.8%|
|Positive response conversion rate||1.7%|
In the end, we provided our client with 71 relevant leads who were interested in their services and wanted to continue communicating.