In the highly competitive insurance market, companies are constantly seeking effective ways to enhance their visibility and attract new customers. With major insurance services such as car insurance receiving nearly 10 million searches per year on Google, according to data from Google Ads Keyword Planner, paid media strategies have become indispensable tools for insurance providers aiming to amplify their reach and ensure a robust return on investment. Don’t miss our car insurance search trends report for more insights.
With digital landscapes continually evolving, it is crucial for insurance providers to adopt well-considered media strategies that integrate the latest trends and technologies. This article outlines some of the most effective paid media strategies for insurance companies.
Don’t be afraid to have a little fun
Let’s face it – insurance isn’t the most thrilling subject in the world.
If you’re looking for the best insurance deals, what happens when you use a search engine? Pretty much every ad is the same. They will talk about their best, cheapest deals. And of course, this is important, but how do you build brand equity if everyone is saying the same thing?
That’s why we always try and encourage our clients to think differently. Yes, it’s important to promote your unique selling points in ads and make sure the customer knows what you provide, but can you be a little left field? Can you say how dull doing insurance is, or have a cheeky dig at the same, constant messaging you see every time? Can you take advantage of ad extensions, such as image ads which go against the grain? Even if users aren’t clicking your ads, being in and amongst the search results with something a little different could go a long way to building your brand in a way which makes you stand out from the noise.
Think outside the box when it comes to your keyword strategy
It’s inevitable the big boys will be in your auctions. You’ll be bidding against large, well-recognised brands in the insurance space (does an opera singer, or Meerkats, spring to mind?) This isn’t a problem but be aware if you are using generic keywords (e.g., ‘compare insurance providers’) getting that high share of voice and top page spot is going to be tough.
That’s why with our clients, we advise to err on the side of caution when it comes to using these keywords. Yes, we can get you in those searches, but you’ll be paying top-dollar and your conversion rate numbers will have to be spot on. That’s why we look beyond the generics.
So how do we get past this? As with any strategy we thoroughly research our clients and understand their service. Let’s say one of our clients offers insurance for cars. Which keyword is most competitive; ‘car insurance, or ‘insurance for Vauxhall Corsa?’ The former will have more searches but will be in a bloated auction. The latter, although less volume, will most likely have less competition and gives the opportunity to have bespoke ad copy (and if possible, a bespoke landing page) which can add a more personal feel to the user journey and in turn can improve conversion rates.
Don’t ignore Microsoft ads (Bing)
A lot of times when we propose Microsoft ads to clients, we get a response of “Who uses Bing?” and you’d be surprised. 1.1 billion users are on Bing so it’s certainly something to not turn your nose up at.
So why Microsoft ads? In most cases, Bing is the engine for older, affluent professionals. So, when it comes to insurance, higher-value customers could be exactly what you need.
Combine this with (again, in most cases), less competition in the search auction and lower cost per clicks, it can also help you appear in higher spots in the ‘core’ insurance search terms.
Don’t rely on ‘website leads’
It’s great when you are receiving leads, but in the insurance space, it’s crucial to know the ‘quality’ of those leads. It’s not like e-commerce, where you know the value of each sale, leads coming through forms on your website will vary by quality and opportunity. This is where ‘offline conversions’ come into play.
In a nutshell, offline conversions are leads you receive once a user has completed a form on your site and that data is passed through to a Customer Relationship Management (CRM) system. It varies, but these leads generally categorise into:
- Lead (user fills out an enquiry form on your website)
- Qualified Lead (you can service this user based on details provided, hence the user becoming ‘qualified’)
- Sales Qualified Lead (yourself or a Sales Representative has spoken to the user, they have closed the sale and have become ‘sales qualified’. In most cases, a value of sale has passed through into the CRM)
Why is this important? Say a certain keyword is receiving leads, but very rarely converts to a sale. Would you rather that or focus on keywords which may receive fewer leads overall, but convert better to sales?
This is where offline conversions become powerful. By importing CRM data back into the ad platforms, you can optimise bidding strategies towards keywords which generate more sales and in turn, better return on investment.
To make the most of offline conversions, you’ll need to make sure your conversion goals are set up correctly, as well as ensuring your website forms are capturing the correct data.
If you are not sure how to do this all and need assistance, Passion is here to help. We can set up enhanced conversions to ensure the right information is passing through your forms, as well as uploading any offline data to the platforms. Get in touch, if you are interested.
Check historical search trends to decide monthly media pacing
We tend to find Q4 in a fiscal calendar year is an important, popular time for searches related to insurance, so we advise clients to store a healthy chunk of annual media spend during this period. Of course, macro factors, such as the economy, have a big impact on the market, so, although it’s not possible to get it spot on, having a good 3–4-year look-back on trends can ensure you have enough budget during peak periods.
Ready to drive more qualified leads and boost your ROI?
Insurance is a bloated marketplace and a tricky one to enter. So, remember, think outside the box, what are your competitors not doing and can you capitalise? This can be through a clever keyword strategy or messaging that makes you stand out. As with all our clients, we don’t start any paid media activity until we know conversions are correctly set up. This is crucial for the platform’s AI to learn correctly; we strongly advise this. Don’t put all your eggs in one basket and rely on Google, consider Microsoft ads as a platform and finally, always check the history of search interest as this can help elevate your media during critical periods, as well as keeping up to date with any economic factors that can impact how your campaigns perform.
Don’t let generic insurance ads get you lost in the noise. Get in touch with us today for a free consultation. Our team of experts will help you craft a winning paid media strategy that attracts your ideal customers and delivers real results.