In the age of online technology, many insurance agents are left wondering how their business is affected by the shifting marketplace.
Typically, one of three responses you hear when speaking with insurance agents about the implications of technology and insurance marketing:
1.”I don’t think that online stuff works!”
2. “Is this the end of the insurance agent!?”
3.”How can I use technology it to improve the way I sell insurance!?”
Firstly, agents with response #1 are usually tech skeptics who intend to continue using offline marketing methods. Those who respond with concerns about being replaced tend to consider technology a powerful threat. The 3rd response is the one that forward-looking agents will opt for if they want to take a strategic approach to marketing.
Secondly, agents who ask “How can I use the internet to improve my business” know that technology, when utilized correctly, can enhance their day-to-day operations. They embrace the changes and use them to their benefit.
The most common tool that agents use every day is the Google search bar. The vast majority of agents use it to browse for information, while some agents go further and use the search bar to sell.
Actually, insurance industry Adwords advertising accounts for approximately eight billion dollars in Google revenue. In AdWords, the insurance industry is one of the largest and most competitive segments.
Surprisingly, Google Adwords hasn’t received the same fanfare with local-area insurance agents. Yes, for the local agent, the insurance segment can be expensive and difficult to compete within. However, with effective campaign management, local agents can compete against the titans. This brings up the question, could advertising on Google AdWords be the missing link for your insurance business?
Here are 5 reasons why AdWords could be the missing link in every insurance agent’s marketing strategy:
It’s The Most Effective Marketing Medium
It’s a shark tank for a reason
The Google AdWords model is simple: when online shoppers engage with your ads, you pay a fee. This makes Google Adwords one the most effective marketing channels ever. The combination of a “need-to-have” service and strong, longstanding brands is one reason AdWords is a natural fit for the insurance industry.
Moreover, today, many people search for insurance services online before they make a purchasing decision. Often times the purchasing decision comes down to recognition and awareness. With AdWords, agents are placed in front of potential customers direct to their desktops and mobile devices each time insurance keywords are entered in the search bar, each time reinforcing brand awareness.
The most important reason every agent should be using AdWords is that it allows them to expand their selling reach.
As a result of establishing an AdWords presence, the agent can be found in the online marketplace. Through digital advertisements, they build a lead engine that funnels hot leads directly to them. Agents are no longer constricted by time- the ads allow you to sell insurance virtually 24/7/365.
Secondly, inbound leads generated from Google are high-quality, high-intent leads. This form of advertisement is the most efficient as you are only advertising to interested parties. Remember, Adwords is based on keywords searched by people browsing the internet. Your advertisements only appear for your selected keywords!
Promote & Differentiate
Prospects searching online are looking for information to help them make the best purchasing decision. Through advertising campaigns, agents can showcase what makes their offering the best fit. Given the competitive nature of selling insurance services, distinguishing your business is key.
While price can be one of the biggest deciding factors in choosing an agent. Many agents showcase deals and promotions can attract the price-conscious shopper.
Furthermore, for some prospects, the price is not of concern, they want an advisor. Some people want to know that they are working with the best. Differentiate your organization by promoting awards and accomplishments or industry expertise to differentiate your offering to these types of insurance customers.
Advertising with strategy
No other marketing solutions offer the reconfigurability that Google does.
Adjust configurations within campaigns to match with your business strategy.
For example, timing ads to generate leads 24 hours a day versus only during business hours or market multiple products with a cross-selling campaign. These ads are also effective in targeting your “ideal client” persona. Direct your advertisements to people based on a number of demographic options. For example, trying to reach millennials? Deliver your ads on mobile devices. Want to connect with the Spanish populations? Deliver ads in Spanish to reach your local Spanish-speaking demographic.
Whatever your strategy, Google ads can be adjusted according to meet your needs.
Insights & Data
Your organization’s data
Today everyone is talking about big data. Data, data, and more data.
How much business data do you really have?
After all, with Google Adwords + Google Analytics integration, Google empowers agents to learn more about their customers and the business they operate. Furthermore, optimize your sales funnel with real-time, accurate data on your sales performance such as conversion costs (cost of acquiring a customer), impressions (customer views), and call recordings. Therefore, with customer data, the possibilities are endless. Use the insights that data provides to improve processes, identify areas of improvement, and increase sales team productivity!
All in all, there are plenty of tools online and offline aimed at helping insurance companies sell more. But the jury has decided, given the benefits of marketing insurance with Google search advertising, a properly managed AdWords campaign should be in every insurance marketer’s tool belt. Leveraging the value of digital advertising can be done on a local level too! However, vigilant oversight and management are necessary to achieve desired results. Agents and companies should seek to speak with a digital advertising professional to ensure the best return on investment for their advertising dollars.
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