How Retention Rate is Misleading Your Agency

One of the things I see all the time when it comes to agency marketing and agency health is a reliance on the blanket retention rate. A high retention rate is good, while a low retention rate is bad. Some agencies understand that they will have a low retention rate due to their clientele and have modified their business plans and pricing accordingly. However, the vast majority of agencies will live or die based on their retention rates.
While speaking to a particular agency, I asked, “What is your retention rate?” They proudly stated, “Roughly 85%.” Never mind that the principal did not know the exact number (a carrier offered his retention of their customers), a retention rate of 85% is a decent number. However, this retention rate is misleading the agent into thinking all is well with his agency. When I asked a few more questions looking at a three-year sample of the agency, the following picture unfolded.

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Web Statistics and Tools

Setting up web statistics and tools can be very helpful in tracking your website. You can set up webmaster tools for Google, Yahoo and Bing and analytics for Google. The webmaster tools help you see if the various search engines are able to crawl your site and if there are any errors stopping them from doing so. The analytics tool helps you track the numbers of visitors to your site, how many of those are returning or new; which websites are referring those visitors; and overall traffic to your website among other things.

Click on the following links below to learn how to set up these tools for your IWB site:

• Google Webmaster Tools - Watch a video intro from Google.
• Yahoo Site Explorer
• Bing Webmaster Center
• Google Analytics