Three effective marketing strategies for insurance.

Posted October 2, 2017 in by

Working in insurance marketing can undoubtedly bring a unique set of challenges that not all industries experience. For example, the very reason insurance is purchased is to protect against something that people don’t want to happen. So, how do you effectively market insurance when it is something people don’t really want to think about? Check out these three insurance marketing strategies to help you answer that question.

 

Talk about Price.

The first of the three insurance marketing strategies is talk about price. Depending on the industry of insurance you’re in, people may over estimate the price significantly, or they may have no idea how much coverage they actually need for adequate protection. Even if a consumer can afford your insurance, they may not think that they can. So there’s a good chance that no amount of creative marketing campaigns will ever convince them to buy insurance. For example, Maserati could tell me a million times how safe and wonderful their cars are, but I know I can’t afford one— so I would never consider test driving one, let alone go to their website to research their cars.

Obviously there are challenges to talking about price in insurance. Depending on lifestyle and plan (and other factors), one person’s cost may be more or less than someone else’s. However, if your compliance department will let you, it’s not a bad idea to put out some information on “starting at” or “as low as” to generate awareness around the expense. This will give people the idea that it is more attainable. At a time when wage growth has been relatively stagnant, you are asking people to use what little money they do have on your products or services. Because of that, they need some sort of context to help them get over the hump.

 

Question (or challenge) based PPC.

Next, try out PPC by targeting questions or challenges that surround insurance. People are going to have questions when it comes to obtaining insurance: How much does ___ insurance cost? What kind of ___ insurance do I need? Etc. If you want to get these people’s attention while they are in the research phase or buying phase, PPC is a great place to start. This will help you directly intercept that business while it’s happening. If you go this route, make sure the page you send them to is relevant for the ad you set up and the keyword you bought. In addition, some of these words can be pretty expensive, so depending on your budget you may need to get creative with your long tail keywords and conversion points (like worksheets and calculators, rather than quote engines).

 

Capitalize on life events.

The third and final of the three insurance marketing strategies is to capitalize on life events. Almost all types of insurance revolve around protecting x because of y. For example: buying car insurance to protect yourself—because you’ve turned 15 and have begun to drive. As a marketer, if you can understand your customer’s challenges—and effectively find out where these people go during, and just before, these major life events you will have a better chance of reaching your customer. Let’s work through a situation using the car insurance example above.

 

Example

There are two likely scenarios that will occur due to a 14 year old turning 15:

  1. A 14 year old will turn 15 and will need to find their own car insurance.
  2. A parent’s child will turn 15 and they will want to add him/her to their car insurance plan.

Strategy 1: Capitalize on situations that occur because a 14 year old turns 15.

  • Target interests around life event.

The teen is probably more interested in looking into the types of cars they want than insurance companies, but knows it’s something they have to do. A place like Kelley Blue book might be a good place to start for advertising or guest blogging opportunities. The teen is also likely looking at local dealerships and buy/sell/trade sites and groups. They may also be looking into driving courses, which could be an advertising or sponsorship tactic as well. A 15-year-old is probably spending a lot of time on social media, where many times people give or are required to include their birth dates. This makes it pretty easy to hyper-target people who recently turned 15.

  • Create content around life event.

A teen probably hasn’t had a lot of experience dealing with the intense jargon of the insurance industry (ex. deductible). This could be an effective way to educate around their particular questions. Ex. On a typical teen’s salary, how much does insurance cost? What does premium mean for a teen? Etc.

Strategy 2: Capitalize on situations that occur because a parent’s child turns 15.

  • Target interests around life event.

Think about where parents of 15-year-olds might be hanging out online and in person – most likely a lot of freshman or sophomore high school events, parenting teen blogs, etc. These could all be ideas for advertising, or sponsorship opportunities at a local level.

  • Create content around life event.

Adding information or content to your website that talks about “how to add your child to your car insurance plan” is pretty obvious, and including content around common questions they might have on the topic is a great start. Make sure you are obtaining the right marketing information from your customers early on. In an ideal customer experience, they wouldn’t need to reach out to your company to figure out their situation – you would proactively reach out to them. For example: You know their child’s age or birth date and when they hit 15, you would have marketing materials (like an email or direct mail piece) ready to send the parent about how to add the child to their insurance plan.

Life events by definition are pretty monumental experiences. Many times these experiences are the catalyst for purchasing insurance protection. By targeting these key moments in consumers’ lives (and thinking through the events in their entirety), you’ll be more likely to effectively obtain and keep business. 

 

Hopefully this gives you a few places to start when designing your next insurance marketing strategy. If you need help with keywords, PPC or marketing, it’s what we do.

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