The insurance industry is spending big on local marketing, but the results that individual providers are seeing depend almost exclusively on the tactics they use. Changing customer demographics, economic developments, and a crowded marketplace have the entire industry searching for the right advertising mix.
Small and mid-size insurance companies are already spending more on marketing than businesses in nearly every other industry. But with fewer ways to track the results of their offline initiatives, more agents are beginning to doubt the effectiveness of the marketing channels and methods they’ve used for decades and are gravitating towards increasing online marketing investment. This trend can be seen among health insurers, in particular, with eMarketer forecasting that the industry will spend $2.55 billion on online and mobile advertising by 2019.
Standing Out Online
With more than 1.1 million searches per month in the insurance sector, standing out online is no easy feat. When consumers search for insurance on the web, they’re more likely to use general keywords than branded terminology. (Think “auto insurance,” as opposed to “State Farm motorcycle insurance in Topeka.”) This can cause consumers to be confused about the differences between insurance providers, and makes it difficult for brands to stand out.
The challenge for small and mid-size firms, and even larger insurance companies, is how to compete with Internet-based agencies in local search and reach consumers at the most optimal moment of need. Insurers may find that performance-based pay per call leads are the solution they’ve been looking for.
Generating Real Results
As the demographics of insurance buyers change—only 24% of millennials use local insurance agencies, with the rest purchasing policies online, while the number of women making insurance decisions is rising quickly—insurance companies are having to shift their marketing messages and methods to reach their target customers.
Utilizing a strategy that involves generating call-based leads for businesses, pay per call providers are paving the way for insurance companies to target specific categories and geographic locations. These strategies also allow businesses to only pay for leads that convert. Soleo tracks every call that is handled through its platform to provide customers with detailed analytics on call volume, duration, and bid price, to help guide future business decisions. These strategies complement the traditional brand awareness campaigns that the insurance industry is known for.
Timing is Everything
Although chance encounters via SEO, SEM, social media, and email campaigns can produce website clicks, they don’t target consumers at key points in the purchase cycle nor result in conversions at a mass scale. A pay per call program improves ROI by deploying advertising budgets more effectively. Using pay-per-call, the advertiser makes a competitive bid they’re comfortable paying for that call, and then pays only when the call meets their qualifying requirements. It’s a much more targeted approach that doesn’t eat into margins.
For more information on how to turn Soleo’s intent-driven calls into leads for your business, contact us at firstname.lastname@example.org and download the infographic below.