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What is Compiled Data?

By Chris Bibey
What is Compiled Data? Feature Image
6 minute read

One of the biggest aspects of the insurance industry is marketing. 

Half the battle of creating a good marketing plan is knowing who to target. 

Trends are constantly changing and it can be hard to keep tabs on your ideal prospects. That’s where compiled data comes in.

Compiled data has the ability to take your marketing strategy to the next level.

By using compiled data you can get a feel for where your current and prospective clients are doing business, spending their time, plus much, much more. 

You can also use compiled data to fill in your list of aged insurance leads creating a solid prospect list filled with responsive potential clients.

Let’s take a look at compiled data and see exactly what it can do for you and your business.

What is Compiled Data?

Consumers leave information about themselves scattered all over the internet. 

Compiled data is pulled from an array of sources. 

These sources include public records such as:

  • telephone directories
  • credit bureaus
  • government agencies
  • postal services

 Also, information from surveys, insurance claims, and shopping returns are used to compile data.

This data is often used for marketing purposes and sold to other companies so that they too can use this information for marketing purposes.

What Kind of Information Can You Find in Compiled Data?

You can find out a ton of information about a person with compiled data. This can include the following:

  • Email Address
  • Phone Number
  • Physical Address
  • Household Size
  • Credit Data
  • Marital Status
  • Age
  • Gender
  • Much More!

If you know the demographics of your ideal customer, compiled data is definitely for you. You’ll be able to pull a targeted list of prospects based on demographics and secure their contact information from there.

How Can Compiled Data Benefit Your Business?

Compiled data can be a great addition to your list of aged insurance leads. 

You’ll be able to create a highly valuable marketing list that is full of prospects who are responsive and interested in the products that you have to offer. You can also discover more about your prospects, helping you to create a solid marketing plan.

For example, you know that your insurance products appeal the most to married couples with young children who live in a certain city. You can then target these customers while learning much more about their habits. Through compiled data, you can also secure the contact information of these prospective clients. You will be able to experiment with different marketing methods to best determine what works for certain sets of prospects.

Along with the above, there are other ways in which compiled data can benefit your business. Consider the following.

More Informed Decisions

It’s simple: The more data you have access to, the easier it is to make informed decisions. 

Of course, that’s only true if you have a strategy in place for using data. As an insurance agent, you can use data to make decisions regarding:

  • The best way to find new customers
  • How to increase engagement among leads and customers
  • How to improve customer service throughout the sales cycle
  • Ways to better manage your marketing strategy
  • How to track social media engagement 
  • The prediction of sales trends

For example, you could review loads of data to gain a firm grasp of which types of leads are most likely to engage via cold calls. Not only does this help with lead engagement, but it can do the same with prospecting and improving the customer service experience.

Good decisions save you time and money while improving the likelihood of growing sales and revenue. Conversely, bad decisions can cost you time and money, which puts you at a disadvantage. 

More Efficient Problem Solving

In a perfect world, you’d never run into a problem you can’t immediately solve. But in the real world, you know this isn’t how things work. 

Did you recently experience your slowest sales month of the year? Did your lead funnel dry up? Are you struggling to determine where things went south?

A careful review of compiled data can help you solve many of the problems you face. For instance, if leads from a specific source are no longer converting, review the applicable data to determine if anything has changed. 

Better Understanding of Your Market

If you’ve never compiled data, you may not fully understand the knowledge you can gain of your market. And with that knowledge comes the ability to make more timely, cost-effective decisions (see above).

Use data to answer questions such as:

  • Who is your target audience?
  • Where does your target audience live?
  • What’s the median age of your prospects?
  • How much money does your average customer earn?

Answering these questions doesn’t just help you understand your market. It also helps you create an ironclad sales and marketing strategy that’s built to match your audience. 

Greater Personalization

Most insurance agents don’t think about personalization when marketing and selling their product line. Instead, they focus on making contact with as many leads as possible. 

You’re missing a big opportunity if you don’t personalize your approach. The right data can help you do just that. 

Get this: 99% of marketers say personalization helps advance customer relationships, with 78% claiming it has a“strong” or “extremely strong” impact.

Why not take advantage of this? Use the data you compile to personalize your outreach, whether it be on the phone, online, or even via direct mail.

Maybe you’re a car insurance agent and you know that your target audience generally has two or three children in their household. Personalize outreach by letting them know that you have a variety of discounts for teen drivers. Even if it doesn’t hit home right away — such as if their children are under the age of 16 — it’ll eventually come into play. 

In Conclusion

There is a host of information you can get by using compiled data. 

With compiled data, you can target potential customers by age, gender, credit information, and income level just to name a few.

You can build a fantastic list by using compiled data in conjunction with your aged leads. You’ll then have a plethora of prospective clients who are interested in the services and products that you have to offer, taking you one step closer to turning these prospects into clients.

If you’re ready to buy leads, boost your sales productivity, or simply learn more about compiled data, you’re in the right place. Spend some time on our website. We’re confident you’ll find everything you’re looking for! 

Photo by John Schnobrich on Unsplash

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About Chris Bibey

Chris Bibey is a freelance writer with 15+ years of experience in the insurance and finance industries. Clients include Sales Hacker, Outreach, Discover, PayChex, and Moran Insurance. He has also worked as Head of Sales for Verma Media.

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