Tracking and meticulously reporting your Return on Ad Spend (ROAS) is a cornerstone of modern business management and advertising strategy. This practice holds the power to propel your business towards success by providing a comprehensive understanding of the impact your advertising efforts have on your revenue and overall profitability. In an evolving marketplace, like Insurance where competition is fierce and resources are limited, the ability to derive actionable insights from your advertising investments becomes nothing short of essential.

If you’re an insurance provider spending money on digital advertising, here are some of the most important topline metrics to include in your ROAS report in order to truly understand performance and profitability. 

Metrics by:  Channel |  Product Line | Sales Rep/Producer | Region | Market (if a broker) 

  • Ad Spend 
  • # of Raw & # of Qualified Leads
  • # of Opportunities / Quotes Provided 
  • Lead to Quote Rate
  • # of Closed Won Opportunities / Quotes
  • # of Closed Lost Opportunities / Quotes 
  • Lost Reason 
  • Close Rate 
  • Average Response Time 
  • Age of Opportunity  / Quote 
  • # of Open Opportunities 
  • Forecast Value 
  • Gross Written Premium (GWP)
  • For Brokers: Revenue and GWP by Market 
  • Cost Per Lead 
  • Cost Per Quote
  • Cost Per Policy (1st year) 
  • Customer Lifetime Value 

By including these key metrics in your regular reporting practice, you will gain:

Accurate Performance Measurement: Tracking the full end-to-end ROAS allows you to accurately measure the effectiveness of your advertising campaigns. It provides a clear picture of how much revenue your advertising efforts are generating compared to the amount spent on those efforts. This helps you understand the true impact of your advertising investments on your business’s bottom line.

Optimization: You can identify which specific ads, campaigns, messaging, or channels are driving the highest return on investment. This information enables you to allocate your advertising budget more effectively and optimize your strategies accordingly. You can shift resources towards the most profitable campaigns and adjust or even halt underperforming ones.

Budget Allocation: Efficient tracking helps you allocate your advertising budget more wisely. You can distribute your budget to the campaigns that consistently deliver better returns. This prevents wasting resources on activities that aren’t contributing significantly to your business’s revenue growth.

Data-Driven Decision Making: Accurate ROAS data empowers you to make informed decisions about your advertising strategies. Instead of relying on assumptions or gut feelings, you can base your decisions on concrete data that reflects the actual impact of your advertising efforts on sales and revenue.

Maximize Revenue: The ultimate goal of advertising is to generate revenue. By tracking full end-to-end ROAS, you can fine-tune your campaigns to ensure that they not only drive sales but also generate revenue that exceeds your advertising costs. This helps you achieve the maximum possible revenue from your advertising efforts.

Return on Investment (ROI) Calculation: ROAS is a subset of ROI, but it specifically focuses on the revenue generated from advertising efforts relative to the cost of those efforts. Accurate ROAS tracking contributes to a more precise ROI calculation, which is a critical metric for evaluating the overall success of your business and its growth strategies.

Long-Term Strategy Development: Over time, this tracking provides valuable historical data. This data can be used to analyze trends, seasonality, and customer behavior patterns. These insights help you develop more effective long-term advertising strategies that are aligned with your business goal and enable you to capitalize on things like timing. 

Demonstrating Value: If you’re managing advertising campaigns within a larger organization, accurate ROAS tracking allows you to demonstrate the tangible value of your efforts. This transparency and accountability can build trust and solidify relationships with stakeholders.

Several critical elements must be in position to guarantee the precise collection and analysis of data concerning your actual return on ad spend investment. If you encounter challenges in establishing connections between multiple data sources and implementing accurate conversion tracking, our expertise can assist you. At Goose Digital, we possess extensive experience across a range of systems, even encompassing legacy insurance platforms. For more information please visit: