– Written by Freddie Warner –
In the fiercely competitive insurance industry, companies are perpetually striving to improve their visibility and draw in new clients. Major insurance services, like car insurance, are searched nearly 10 million times annually on Google, according to figures from Google Ads Keyword Planner. As a result, paid media strategies have become essential tools for insurance firms seeking to broaden their reach and secure a strong return on investment. Be sure to explore our car insurance search trends report for further insights.
Given the ever-changing nature of digital landscapes, it is vital for insurance providers to embrace thoughtful media strategies that integrate the latest trends and technological advancements. This article highlights some of the most effective paid media strategies for insurance companies.
Let’s be honest – insurance isn’t exactly the most exciting topic out there.
When you search for the best insurance deals online, what do you typically encounter? Almost every advertisment presents the same narrative: they all boast about offering the best and cheapest deals. While this information is undoubtedly important, how can you build brand equity when everyone is delivering the same message?
This is why we always encourage our clients to think outside the box. Of course, it’s crucial to highlight your unique selling points in advertisements and ensure the customer understands what you offer. However, is there room for a bit of creativity? Could you acknowledge the dullness of insurance or humorously critique the repetitive messaging seen in every ad? Could you leverage ad extensions, like image ads that defy the norm? Even if users don’t click on your ads, presenting someting distinctive admist the search results can significantly contribute to building your brand in a way that makes you stand out from the noise.
It’s inevitable that the major players will be present in your auctions. You’ll find yourself bidding against large, well-known brands in the insurance sector (perhaps the likes of an opera singer or meerkats might come to mind?). This isn’t necessarily a problem, but do be mindful that if you’re using generic keywords (such as ‘compare insurance providers’), capturing a high share of voice and securing a top spot on the page will be challenging.
Therefore, we advise our clients to exercise caution when it comes to these keywords. While it is possible to get you noticed in searches, it will come at a premium cost and your conversion rate will need to be exceptional. This is why we explore alternatives beyond the generics.
How do we tackle this issue? As with any strategy, we conduct thorough research on our clients and gain an in-depth understanding of their services. Suppose one of our clients offers insurance for cars. Which keyword is more competitive: ‘car insurance’ or ‘insurance for Vauxhall Corsa’? The former will likely attract more searches but will also be part of a crowded auction. The latter, though it has less volume, is likely to face less competition and allows for the creation of tailored ad copy (and if feasible, a bespoke landing page) that can offer a more personalised user experience. This approach can subsequently enhance conversion rates.
Often, when we suggest Microsoft ads to clients, the reaction is, “Who uses Bing?”. You might be surprised to learn that Bing boasts 1.1 billion users, so it’s certainly not something to dismiss lightly.
Why consider Microsoft ads? Generally speaking, Bing attracts an audience of older, affluent professionals. Therefore, in the realm of insurance, tapping into these higher-value customers could be precisely what your business needs.
Additionally, with typically less competition in the search auction and lower cost-per-clicks, using Microsoft ads can help you secure higher positions for the essential insurance search terms.
Receiving leads is undoubtedly valuable, but in the insurance sector, understanding the ‘quality’ of those leads is critical. Unlike e-commerce, where each sale’s value is clear, leads generated through forms on your website can vary greatly in quality and potential opportunity. This is where ‘offline conversions’ become essential.
In essence, offline conversions involve capturing leads once a user completes a form on your site and that data is transferred to a Customer Relationship Management (CRM) system. The classification of these leads typically falls into the following categories:
Why is this significant? Consider a scenario where a particular keyword generates leads but seldom results in a sale. Would you prefer this or would you rather focus on keywords that might yield fewer leads overall but convert more effectively into sales?
This is where offline conversions demonstrate their effectiveness. By importing CRM data back into advertising platforms, you can refine your bidding strategies to target keywords that generate more sales, thereby enhancing your return on investment.
To fully leverage offline conversions, it’s vital to ensure your conversion goals are correctly configured and that your website forms capture the right data.
If you’re uncertain about how to set this up or need assistance, Passion can help. We can configure enhanced conversions to ensure that the correct information flows through your forms and upload any offline data to the platforms. Please get in touch if you are interested.
We often observe that the fourth quarter of the fiscal year is a crucial and bustling period for insurance-related searches. Therefore, we recommend that clients allocate a substantial portion of their annual media budget during this time. Naturally, macroeconomic factors, like the state of the economy, significantly influence the market. While it’s impossible to forecast with complete accuracy, reviewing trends over the past three to four years can help ensure you have sufficient budget set aside for these peak periods.
The insurance market is both vast and complex, presenting challenges for newcomers. It is important to think creatively and identify opportunities that your competitors may not be exploiting. This could involve developing an innovative keyword strategy or crafting unique messaging that ensures you stand out. For all our clients, we prioritise the correct setup of conversions before initiating any paid media activity. This step is essential for the platform’s AI to accurately learn and optimise, a practice we highly recommend.
Diversification is key. Do not rely solely on Google. Consider utilising Microsoft ads as an additional platform and make it a point to examine historical search interest data. This information can significantly enhance your media strategy during crucial times. Stay informed about economic factors that could influence the performance of your campaigns.
Avoid getting overshadowed by generic insurance advertisements. Reach out to us today for a complimentary consultation. Our team of specialists will assist you in developing a successful paid media strategy, attracting your target customers and delivering tangible results.