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Digital marketing: rocket fuel for growth in insurance business

Digital marketing can provide a major boost to the growth of an insurance business. It not only allows you to connect with potential customers but also provides a way to target specific demographics and craft unique marketing messages. In addition, digital marketing is often more cost-effective than traditional marketing techniques, making it an attractive option for insurance businesses.

Covid-19 has changed the nature of the insurance business and how customers purchase insurance policies. In the past, most insurance policies were purchased through face-to-face interactions with insurance agents. However, the pandemic has forced many people to stay home and conduct their business online. This shift provides an opportunity for insurance businesses to connect with potential customers through digital marketing.

Yet, many insurers haven’t fully embraced digital marketing. They are still relying on traditional methods. This is a mistake. If you want your insurance business to grow, you need to take advantage of digital marketing. This does not mean abandoning traditional marketing methods altogether. Instead, you should use a hybrid strategy that combines both traditional and digital techniques. For instance, digital marketing can be used to create awareness about your brand and drive potential customers to your website or social media pages. You can then use traditional methods, such as personal selling, to close the sale.

In this article, we will look at why digital marketing is beneficial for insurance businesses and how you can use it to drive growth. We will also examine some of the challenges you may face when using it and how to overcome them.

Also Checkout: Digital Sales Advisor Series

The benefits of digital marketing in the insurance business.

There are several reasons why digital marketing is beneficial for insurance businesses. Let’s explore some of the most important benefits below.

Benefits of digital marketing in the insurance business

Acquire customers at scale:

In the past, insurance businesses would have to rely on the personal network to acquire customers. Not only is this a time-consuming and expensive process, but also limits the number of potential customers that can be acquired. Digital marketing provides a way to acquire customers at scale. Through targeted advertising and lead generation campaigns, businesses can reach a large number of potential customers quickly and efficiently. Digital marketing also allows you to track the performance of your campaigns. This data can be used to fine-tune your marketing strategy and improve results

Lower customer acquisition costs

Another advantage of digital marketing is that it can help you lower your customer acquisition costs. This is because digital platforms, such as Google and Facebook, allow you to target specific demographics with your ads. This ensures that your ads are only seen by people who are likely to be interested in what you’re selling. In addition, you only pay when someone clicks on your ad. This means that you’re not wasting money on ads that are seen by people who are not interested in your products.

Improve customer retention

Digital marketing can also be used to improve customer retention. This is because it allows you to keep in touch with your customers and provide them with timely information about your products and services. In addition, digital marketing platforms, such as email and social media, make it easy to stay in touch with your customers and provide them with valuable content

More personalised offerings

Digital marketing also provides a way to create more personalised offerings. This is because you can use data collected from your customers to create targeted marketing campaigns. For instance, if you know that a customer is interested in a particular type of insurance, you can create an ad that is specifically tailored to that customer. This personalization can help you improve your conversion rates and increase customer loyalty.

The challenges of digital marketing for insurance businesses

The insurance business has always been a competitive one, and the Covid-19 pandemic has made it even more so. Many insurers are struggling to keep up with the changes in the market and the needs of customers. Let’s look at some of the challenges you may face when using digital marketing.

Ad Hoc strategy

One of the challenges you may face is the need for a comprehensive digital marketing strategy. This is because insurance is a complex product and requires a detailed understanding of the customer. In addition, a successful digital marketing strategy must be able to target the right customer with the right message at the right time. This can be a daunting task, but several companies specialise in developing comprehensive digital marketing strategies for insurance businesses

Increased competition

Another challenge you may face is increased competition. This is because the insurance business is becoming more and more competitive, and companies are looking for any advantage they can get. This means that you need to be able to differentiate your products and services from your competitors. Digital marketing can help you do this by providing a way to reach a large number of potential customers quickly and efficiently.

Inadequate budgets

Most insurers hold back when it comes to investing in digital marketing. This is because they believe that traditional marketing methods, such as print and television advertising, are more effective. However, this thinking is outdated and fails to take into account the fact that going digital is much more cost-effective. In addition, digital marketing allows you to track the performance of your campaigns. This data can be used to improve your campaigns and get more bang for your buck.

Lack of skills

Digital marketing requires a different set of skills than traditional marketing. For instance, you need to be able to use data to develop targeted campaigns. In addition, you need to be able to use social media to reach a wider audience. Many insurers lack these skills, and this can be a barrier to entry into the digital marketing arena.

Having said that, it is not difficult to overcome these challenges. To begin with, you can train your insurance advisors with digital marketing and sales courses specially designed for the Insurance Industry. The rewards of understanding digital marketing are well worth the effort. 

Digital marketing strategies for insurance businesses. 

To begin we will look at some of the digital marketing strategies that you can adopt to improve sales.

Search Engine Marketing

Search engine marketing (SEM) is a type of digital marketing that uses search engines to connect with potential customers. SEM includes both paid and organic search marketing, which means that businesses can use ads to promote their products or services as well as earn placement in the search results through SEO. Paid search marketing allows businesses to pay to have their ads appear in the search results. This can be done through various means, such as bidding on keywords or using Google AdWords. Organic search marketing, on the other hand, is a way to earn placement in the search results without paying for it. This can be done through SEO, which is the process of optimising a website to rank higher in the search results

Social Media Marketing

Social media marketing is another type of digital marketing that uses social media platforms to connect with potential customers. Businesses can use social media to share content, interact with customers, and promote their products or services. Social media marketing can be used to improve brand awareness, drive traffic to a website, or generate leads.

Content Marketing

Content marketing is a type of digital marketing that focuses on creating and sharing content that is relevant to a target audience. Content marketing can be used to improve brand awareness, drive traffic to a website, or generate leads. The most important part of content marketing is creating high-quality, valuable content that will engage the reader and encourage them to take action.

Email Marketing

Email marketing is a type of digital marketing that uses email to connect with potential customers. Email marketing can be used to improve brand awareness, drive traffic to a website, or generate leads. The most important part of email marketing is creating high-quality, valuable content that will engage the reader and encourage them to take action.

Paid Advertising

Paid advertising is a type of digital marketing that allows businesses to pay to have their ads appear in the search results or on social media platforms. Paid advertising can be used to improve brand awareness, drive traffic to a website, or generate leads. The most important part of paid advertising is creating high-quality, valuable content that will engage the reader and encourage them to take action.

Making digital marketing a sales engine.

Digital marketing can be a powerful sales engine for your business. By adopting the strategies we have discussed, you can improve brand awareness, drive traffic to your website, and generate leads. In addition, you can use it to improve the performance of your campaigns and get more bang for your buck. With the right approach, digital marketing can help you take your business to the next level. If you are not sure where to start, or if you need help implementing an online marketing strategy, contact us today. We would be happy to help you get started on your journey to success.

In the meantime, we will get you started with a few tips on how to make digital marketing work for you:

1) Define your goals:

Before you can start implementing a digital marketing strategy, you need to know what you want to achieve. What are your goals? Do you want to improve brand awareness, drive traffic to your website, or generate leads? Once you know your goals, you can create a plan to help you achieve them. For instance, if you want to improve brand awareness, you can create a social media campaign or start a blog.

2) Research your audience:

Once you know your goals, you need to research your target audience. Who are they? What do they like? What do they dislike? What are their needs and wants? By understanding your target audience, you can create content that appeals to them.

3) Create valuable content:

Content is king. No matter what kind of digital strategy you implement, your success will depend on the quality of your content. If you want people to read your blog posts, share your social media updates, or click on your ads, you need to create content that is valuable and interesting.

4) Promote your content:

Once you have created valuable content, you need to promote it. You need to adopt an omnichannel marketing approach to ensure that your target audience sees your content. This means that you need to be active on multiple channels and engage with customers across multiple touchpoints.

5) Analyse your results:

Finally, you need to analyse your results. What worked? What didn’t work? What can you improve? By analysing your results, you can fine-tune your digital marketing strategy and ensure that you are getting the most out of your efforts.

Learning by example

Let’s say you want to sell a retirement policy.

Goals:

  • Improve brand awareness
  • Drive traffic to the website
  • Generate leads
  • Improve performance of campaigns
  • Get more bang for your buck

Audience:

  • 35-49 Age Group
  • Financial planners

Content:

  • How to plan for retirement
  • The benefits of a retirement policy
  • The best retirement policies for different needs
  • How to choose the right retirement policy
  • The top 10 retirement myths debunked

Lead Collection:

  • Forms on the website – Name, Email, Phone Number, Budget, Timeframe
  • Free resources – Ebook, Guide, Checklist, Worksheet, Calculator, Toolkit
  • Thank you page – Call-to-Action (CTA) to book a consultation or sign up for a free trial

Promotion:

  • Paid social media campaigns – Facebook, Youtube and Google Ads
  • SEO – content optimised for better online discovery
  • Email marketing – Newsletters with retirement tips
  • Content syndication – Article placements on popular websites
  • Influencer marketing – Posts from industry thought leaders

Analytics:

  • Facebook Analytics – Views, Impressions, Audience Profile, Engagement, Response, Conversion Tracking, etc
  • Google Analytics – Sessions, Users, Pageviews, Pages/Session, Avg. Session Duration, Bounce Rate,
  • Youtube Analytics – Views, Impressions, Watch Time, Engagement, Audience Retention Email Marketing – Open Rate, Click-Through Rate, Unsubscribe Rate, Spam Complaints
  • Web Analytics – Sessions, Pageviews, Pages/Session, Avg. Session Duration, Bounce Rate, Conversions (Goals)

Wrapping Up.

In conclusion, digital marketing is a powerful tool that can be used to improve sales in the insurance business. However, it is important to consider the challenges that come with it before adopting a digital marketing strategy. With the right approach, digital marketing can help you reach a larger audience, save money, and increase sales.

Of course, it is impossible to cover everything there is to know about digital marketing in one article. However, we hope that this has given you a good overview of the basics of digital marketing and how it can be used to grow your insurance business. If you are looking to train yourself or your team in-depth, we have designed a digital marketing course especially for insurance advisors, contact us to know more!

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