Marketing insurance products can be a different process than marketing services because it is harder to educate and motivate the end customer. A marketer usually wants to focus on conversion and creating a long-term strategy that leads to repeat business, but customers only have one-off purchases. That is why it is recommended to use an insurance marketing strategy as your guide for educating and guiding customers.
Insurance marketing strategy allows insurance agents and agencies to direct one-to-one communication with their insurance prospects. A marketing plan for insurance is also required for your insurance business to flourish in the modern competitive world of the internet.
Digital Marketing Ideas & Strategies for the Insurance Industry
Define Your Target Audience
It’s difficult to create a marketing strategy until you define your target audience. Many agencies have an increasingly older customer base, so many of the marketing strategies they’ve used in the past to acquire new customers are no longer going to work. Gen Xers and Millennials are extremely tech-savvy. Many of them may not understand why you would ever walk into a bank, let alone work with an insurance agency in person instead of simply going online to Geico,
Make sure you determine your ideal customer personas and then develop marketing messages to appeal to those personas. Then, distribute your marketing messages on the relevant social media and advertising platforms to attract your ideal customers.
Create The Digital Customer Journey
Your website must be highly organized for the customer journey. This means quickly guiding the customer to the information they need to make a decision. The most important information should be easily accessible. Navigation should be intuitive. Customer testimonials should be present. Calls to action should be abundant. Visitors should not struggle to contact you by email, phone call, snail mail, or smoke signal. Your insurance agency website needs to accommodate every person’s preferred method of contact.
Connecting with an actual person who can offer a high level of customer service is paramount. Most people don’t want to communicate with a chatbot or a phone tree. Your website visitors expect pages to load quickly and be optimized for mobile devices.
Create High-Quality Content
Most consumers research quite a bit before they spend $1,000 on an insurance policy. Consistently creating high-quality and unique insurance information on your website will potentially capture these lurking visitors. Research analytics to understand the information your target customers are looking for when they switch to a new insurance agency. Explain what it’s like to work with your agency. Constantly publish rate comparisons for the major insurance carriers. Your website should be an informative place where potential buyers can go to get all the information they need to make a decision.
Devise And Implement An SEO Strategy
SEO is a critical piece of an insurance marketing strategy. Insurance agencies are facing more competition than ever before. As I mentioned, they are often competing against the national and international carriers, local competitors, and the rapidly growing number of dating sites like NerdWallet. There are various SEO strategies you can implement to rise above your competitors to become the top insurance agency in your market, but it’s not easy.
SEO has gotten extremely complex. It’s not something your webmaster can learn on the fly. It’s probably best to consult with an insurance marketing agency. It’s also not a one-time fix or cheap, but the benefits far outweigh the efforts to get there. SEO will increase your visibility in Google, which will generate organic traffic and ultimately convert your lookers into bookers. It is critical to the success of your overall marketing strategy.
Use PPC Advertising
Insurance agencies are up against the stiff competition. Every person looking to purchase insurance is looking for the best deal, which means they’re probably spending a lot of time searching on Google. Pay-per-click (PPC) advertising is a way to get your insurance agency in front of these people who are searching for the best deal, specific policies, or simply an insurance agency nearby.
But most people ignore ads, right? Think again. According to a survey by the research and ratings website Clutch, 75% of people say paid ads make it easier to find the information they are searching for.
Creating PPC campaigns for your insurance agency is not easy. Gone are the days when business owner could easily run their own Google ads. The ad platform is so complicated now that even experienced analysts get confused. There are many options — geo-targeting, device targeting, bidding strategies — not to mention writing attention-grabbing ad copy and landing pages. It’s best to find a reputable digital marketing agency to work with. They can stretch your ad budget much further than you can on your own.
Go Grassroots in the Community
Most agencies seek to capture the market close to the office. It’s easier to build relationships with customers when you can meet with them. There are a lot of ways to become known and visible within the community that surrounds your insurance agency.
Look at broad marketing strategies such as billboards, bus benches, and grocery store advertising as a way to get your agency name and your image out in the world. This develops general credibility but really, it’s a shotgun approach.
More active approaches to marketing will build community goodwill and have a more targeted approach to drive the leads in. Visit local high schools to speak to students about the dangers of drunk or distracted driving. Hold workshops that discuss the benefits of life insurance at a local church. Get a booth at the local chamber of commerce event.
Piggyback Off the Brand
Big brands such as Allstate, Farmers, and State Farm spend a tremendous amount of their annual budgets on marketing. If you have an agency with one of these companies, you know the limitations of being a captive agent. But there are advantages to the marketing funnels these big brands pump money into, and you can piggyback off these funnels.
Allstate agents can host local community cleanups that partner with the city council, using the Allstate tagline, “You’re in good hands.” Farmers’ agents can hold regular insurance and financial workshops, bringing Farmers University directly to consumers. State Farm agents can have fun with, “Jake from State Farm,” an agent who’s wearing khakis and the signature red shirt in the office and to all community events.
When you have the brand behind you, use its well-paid marketing department to create the programs that you only need to execute.
Build a Referral Network
A referral network is one of the best ways insurance agencies grow their business. Strategic partners for insurance agencies include real estate agents, mortgage lenders, estate planning attorneys, and even other insurance agents. If your agency specializes in a specific type of insurance – for example, worker’s compensation – many other agencies are instead focused on auto and home insurance, and they can refer business clients to you.
When it comes to building strategic partners, plan it out and be consistent. Take a box of donuts to a mortgage lender’s office once a week with a stack of your cards and a note thanking them for thinking of you. Offer to sit in open houses with real estate agents. Add value and partners will emerge to provide you with solid referrals.
Spend Ad Money In Local Social Media
Social media ads allow the insurance agency owner to target specific clients. It also gets them in front of Millennials in ways other traditional advertising might not. Use the tools social media provides to set demographics for certain products. For example, target young families with small children for life insurance prospects.
Insurance marketing is an important part of your business. You need to market it hard so that you can sell with ease. These marketing tactics are just a few of the different strategies to get your insurance agency to stand out from the pack. It’s an extremely competitive industry on Google, and standing out requires a well-planned and ongoing strategy, but the reward of new customer growth makes it all worthwhile. What you can’t do is sit on the sidelines and watch your website slowly sink into Google search results.