Insuring Speed to Contact:

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1 CASE STUDY Insuring Speed to Contact: Goji Closes Customers Faster Than The Competition a publication from

2 Before we adopted LeadiD, we really didn t know we had a problem. We were buying leads that were fraudulent, low quality or very unlikely to convert. We can actually cut these leads out of our buying strategy, and that has helped us lower our customer acquisition costs. BLAIR BALDWIN, SVP OF STRATEGY & ANALYTICS, GOJI

3 CASE STUDY Agent morale quickly diminishes when customers say they never filled out a form or they filled it out two weeks ago, says Ashley Halverson, Senior Marketing Manager at Goji. Goji was founded in 2007 to make shopping for auto insurance refreshingly clear and easy through a quick online interaction. Goji.com customers navigate through choices of carrier, cost and coverage. It is now the largest independent auto insurance agency in the United States. Goji, a model of efficiency, is Without clarity into the lead generation process, Goji was often subject to fraud, aged leads, a negative customer experience, and ultimately, wasted spend. A lot of leads we were buying were fraudulent, low quality, or very unlikely to convert, says Blair Baldwin, SVP of Strategy & Analytics at Goji. consistently first among competitors to contact prospective customers. However, technology to ensure first place in line is not enough in the highly competitive world of insurance sales. Challenge Buying high quality leads from providers and aggregators is a major component of Goji s customer acquisition program. Goji s challenge was to differentiate good leads from bad ones prior to purchase. The marketing department had no transparency into the origin and history of the tens of thousands of leads sourced monthly. Consequently, a sizable portion of the leads Goji received had a low propensity to convert.

4 Solution The auto insurance provider implemented LeadiD and in short order, Goji gained new transparency and intelligence about its customer acquisition process. With LeadiD in place, Goji knew definitively what is happening on third party lead forms. Goji discovered that out of the 500+ LeadiD data elements available, two particular data points, the age and the duration of leads, were highly predictive of the propensity of a lead to convert into an auto insurance policyholder. Lead Duration: The amount of time it takes a consumer to fill out a lead form, from the moment the first form field is filled out to the moment the form is submitted. For Lead Duration, Goji found that when the consumer filled out an online form requesting an insurance quote, it takes a certain amount of time, no less and no more. A lead form that was filled out in less than two minutes was probably not a real person, likely the work of a bot, or automated program. A lead form that was filled out in more than sixty minutes indicated a lack of interest. Customers who took two to sixty minutes to fill out the lead form had a much higher likelihood to convert. Lead Age: The actual, measurable time from the instant a consumer submits an online lead form. Lead Age was another telling metric. It turned out that a lot of the leads Goji was buying were actually much older than advertised. Goji was able to correlate lead age back to conversion rate and discovered that leads that were more than five minutes old had a much lower propensity to convert. Armed with new intelligence, Goji took action on the data, using LeadiD s filters to reject leads that fell outside the ideal duration and age parameters and reinvest those dollars in better leads. One of our big initiatives is creating more efficiency on the sales side, says Ashley Halverson, Senior Marketing Manager. Cutting unprofitable leads out of the mix ensures that our agents are more productive. If we avoid leads with a low propensity to close and replace them with leads that have a high propensity, we lower our acquisition costs, explains Baldwin.

5 CASE STUDY Lead Duration Leads that took less than two minutes to complete have a low chance of closing because it s likely that they are fraudulent. Leads that took longer than 60 minutes to complete show lack of interest. Lead Age Leads that are less than 5 minutes old show the highest rates of conversion because the advertiser gets to the consumer the moment they are in-market and before the competition. * 2 min 60 min *Note that there is a dip in conversion between 5 and 30 minutes, ostensibly because another company has gotten to the consumer first and is engaged in a sales call during that interval.

6 Result Goji now has greater transparency into the leads that it buys. Armed with LeadiD s data intelligence for lead age and lead duration, Goji can eliminate up to 20% of leads that have a low likely hood of converting and reallocate those dollars to buying more high quality leads. Additional results: Agent morale has improved as low intent or fraudulent leads are eliminated from the mix Lead quality assessed on a lead by lead basis, rather than simply comparing one provider to another Identification of non-human leads prior to purchase Stronger relationships with lead providers Ability to optimize spending LeadiD is a really important component of our overall marketing budget because it helps us optimize our marketing spend. We make more money using LeadiD, than not using it. adds Baldwin. I am ten times more likely to test out a new vendor with LeadiD-certified auto insurance leads because I know that LeadiD works. Ashley Halverson, Senior Marketing Manager, Goji Goji increased its marketing spend on quality leads by 20%

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