Split testing is a powerful tool for Insurance Agency Web marketing. It provides valuable insights into campaign optimization as well as conversion efficiency. Although split testing can also be used in traditional marketing and advertisement, this article will focus on one aspect of split testing web marketing, which is emarketing for insurance agencies. A/B Split testing is an empirical method to determine the best conversion rate (click through rate) for a website or landing page, banner ad, email campaign, or banner ad.
Two versions of an email (version A and version B) are created for insurance emarketing. They are then compared to determine their effectiveness. The emails are usually identical, with one exception that can or at least theoretically could impact the conversion rate. Version A may have only one call to action while Version B might include two. Version A may have three bullets, while Version B might have five bullets. Variations can be subtle or overt. Insurance agents may also be able to test different fulfillment options. On demand video, live webinars or case studies can all be used to determine which option is most appealing to prospects. Split tests can be used to test the content of outbound messages and/or the fulfillment for calls to action. Insurance marketers can measure key emarketing campaign metrics such as open rate, unique and total click-through rates to name a few. Let’s take a look at an example email campaign.
You might have a list of 4,000 potential customers and decide to send an email campaign inviting them to a webinar about PPACA Compliance & Payment or Play Penalties. Version A uses a brief subject line. Email version B is the same, but it notes the speaker’s name in both the subject line as well as the email copy. Each prospect will receive a split test. The email layout and other elements are identical. The agency can determine which campaign has the highest success rates by analysing the campaign’s response fundamentals. Let’s take a look at some hypothetical analytics.
Let’s assume Campaign A had an Open Rate 20% with 100 Unique clicks and 150 Total clicks. Campaign B had an Open Rate 28%, with 140 Unique clicks and 265 Total clicks. Although the split tests are clear in this instance, the results may not be obvious in others. Split testing can also determine if there is any difference in the campaigns. Split testing is important, provided your agency has the skills and resources to measure and execute the results. It allows you to optimize and experiment with small incremental efforts.
Multivariate testing can be used in place of A/B testing and it tests multiple email iterations simultaneously. Agencies that wish to test multiple email elements simultaneously can organize two or more split tests for prospects. In the above example, agencies can run two A/B testing with four emails each and measure the results. This would give you more detailed results in a shorter period of time. Split tests don’t have to be sent to all of a database. Split tests can be sent to a statistically significant sample and then measured for optimization. If Version B is superior to all the other versions, Version B may be sent to the rest of the list.
Agency emarketing campaigns can be optimized by A/B split testing or multivariate splitting. They can analyze click-through rates and open rates, subject lines and email copy, layout, and call to actions. This is a great way for agencies to refine and increase their emarketing efforts to attract more leads.