When marketing your insurance company, it’s imperative to avoid those things that can weaken the impact you have on your audience, which hurts your bottom line by diminishing your ROI. Marketing mistakes have the power to weaken the methods you use for finding new insurance clients. Let’s take a look at nine of the biggest, most costly marketing mistakes that may not only cost you revenue from insurance sales, but also leads that could become new insurance customers.
1. Non-Integrated Insurance Marketing Strategies
Don’t make the mistake of believing that “omni-channel marketing” is merely a buzzword. Consumers expect to find brands not only when they want to, but where they want to, using whatever mediums or devices they prefer. They are already exposed to a multitude of insurance marketing messages across a variety of channels—from new digital mediums such as social media, to old standbys like print and radio. If they’re looking for information or deals on a channel you’re not using, they might end up finding your competitors, instead. However, when you are reaching customers across multiple channels, you also need to ensure that you’re presenting a consistent brand identity and a cohesive brand message combined with a balance of frequency and reach for effective marketing.
2. Marketing for Insurance Without Social Media
An extension of the previous point, social media often plays a critical role in your customer’s consumer journey. Hopefully you already realize that social media isn’t a fad and something your brand can exist without. Doing so would underestimate the way social has contributed to the business marketing field and how it can boost your audience awareness and engagement.
Potential insurance leads may seek customer support through Twitter or explore your corporate culture on LinkedIn, for example. Social Media is also playing a larger role in brand and product and service discovery. You also need to remember that social review sites like Yelp are extremely influential in consumer decisions. How you engage with satisfied and unsatisfied customer reviews can go a long way in influencing future customers as well.
3. Creating Content Strategies Without SEO & SEM
Sometimes marketers make the mistake of believing that one method of being found on the Internet is more imperative than another. We’d like to emphasize again that consumers live in an omni-channel world. That means that SEO and SEM should work in conjunction with each other.
SEO (search engine optimization) ensures that your web page will appear higher in search results from organic searches related to your industry, products, and services. According to Enquisite, organic searches lead to 8.5 times as many clicks as other methods. If you don’t put effort into your SEO, quite simply, your business will be harder for customers to discover. The lower you appear in results, the more money you’ll end up losing.
SEM (search engine marketing) is as valuable as SEO, helping to put your business Internet ad front and center, figuratively speaking, when consumers conduct a relevant organic search. While strategic, targeted Pay-Per-Click ads may get fewer clicks (only 41% for the top three paid spots), the clicks they do get make the investment worthwhile: PPC ads are 1.5 times more likely to result in a conversion.
4. Lacking a Mobile-Friendly Website
Speaking of what helps your page rank well, Google responded to changing consumer mobile habits (mobile accounts for 52% of SEM clicks) in early 2015 by changing the algorithm used to rank web pages in mobile search results. The new algorithm gives preference to those sites deemed to be mobile-friendly. In May 2016, the search engine giant went on to amplify the effect of the mobile-friendly signal. This is due in no small part to the fact that mobile use is on the rise, not only for search, but all levels of purchasing.
5. Believing Traditional Advertising is Ineffective
Proclaiming traditional advertising channels as dead is a quick way for new channels to gain attention and traction. However, we’d like to emphasize yet again that the omni-channel experience is what defines your brand for customers and traditional advertising is still a very effective tool.
Audience segments that you might expect to reject traditional advertising—Millennials vs. print, for example—are often likely to prefer it and cite its influence in their purchase decisions. Another faulty assumption is that there are no touchpoints that bridge traditional and digital methods. For instance, individualized codes can help you track print coupons, and QR codes or unique so-called vanity URLs can help you direct customers to digital touchpoints.
Rely on solid market research that reveals your actual customer attributes and plan accordingly. Consider all channels, including traditional ones like print and broadcast with your insurance agency marketing. Don’t miss out on the many opportunities for finding new insurance clients by avoiding channels based on assumptions.
6. Insurance Marketing Without Tracking Response
What it comes down to is this: If you aren’t tracking your marketing channels with benchmarks and then measuring those efforts against your bottom line, then you’re running your marketing on assumptions alone. There’s a lot of marketing efforts that can feel successful that don’t actually have a positive effect for your business. Tracking is what gives you the real evidence of what is actually working so that you don’t waste your time and money. This may be as basic as a spreadsheet with defined metrics, or it could make use of various tools that can monitor digital performance and combine it with other data for more intricate explorations of customer behavior. And remember, just because a tool is digital doesn’t mean it can’t be used in conjunction with traditional mediums—Google Analytics can actually help you track attribution to print advertising.
7. Not Watching the Competition
There’s a lot you can learn from the competition about what might and might not work for your consumer audience. If you have the time and the staff, monitoring other insurance agencies a little more closely can give you valuable information, such as which marketing approaches or promotions worked, and which didn’t. Integrate this knowledge into your regular market research and planning and leverage your competitors’ marketing to your benefit.
8. Not Knowing Your Target Audience
This is a cardinal sin of marketing, especially in an era where audiences not only want, but expect, deeper levels of personalization. In an era where a defined audience can be so easily targeted, one-size-fits-all strategies no longer produce sufficient results. You need to truly understand who your customers are, what they need, and how they prefer it so you can develop meaningful audience segments and effectively target them. The more your advertising creative can speak directly to unique consumer motivations and needs, the more likely that consumer is to convert.
9. An Undefined Marketing Strategy
While this may be the last major marketing mistake in today’s list, it’s probably the biggest mistake you can possibly make. No matter how well you understand or utilize current marketing tactics, none of it will come together in a meaningful, beneficial, measurable way if you don’t have a planned, documented strategy. By deploying a thought-out, strategic marketing plan, you enhance your ability to anticipate, manage, measure and succeed. Your customers also benefit, because a strategic marketing plan produces better marketing approaches that lead to engagement and conversion.
Don’t miss out on finding new insurance clients or improving the ROI of your marketing efforts by letting these costly marketing mistakes undermine the way you reach your audience.
Correct Your Insurance Marketing Mistakes
Whether you want to improve your insurance sales or increase the number of new insurance customers and leads, you need to avoid costly marketing mistakes like those listed above. Take action now to either redirect the strategy you have in play or to more strategically plan your next campaign.
- Review the list of mistakes above and use it as a launching point to audit the strategy you have in place. Are you making any of these mistakes?
- Are there mistakes on this list you haven’t made yet? Develop a plan that will also allow you to implement ways to avoid them.
- Note the things you are doing well so as you adjust the way you’re marketing your insurance company, you don’t stop doing the things that bring real success.
- Which mistakes can you fix now? Develop an implementation strategy that enables you to put these fixes into action as soon as possible.
- Which fixes will take more time or money to implement? Develop a plan that lets you fix them as quickly as possible without hurting your business.
Contact Valpak Marketing Solutions to learn about the many affordable, customized marketing solutions available to you.