In the digital age, many insurance agencies are left wondering how their businesses are affected by the rapidly changing marketplace. Every day it seems a new competitor appears, looking to steal your meal ticket and siphon your customers away. Whether it be carriers themselves, venture-backed insurtech startups, or even the agency down the road, the competition in the marketplace is fierce.
The savviest players in the industry have outsmarted the competition by exploring and staking their claim on digital frontiers, namely Google. This is not uncommon knowledge, actually, on Google Ads, the insurance industry is one of Google’s largest buying segments. The problem is, some of the biggest insurance advertisers on Google aren’t even in insurance!
Every day, insurtech brands and lead aggregators (techies who are really good at digital insurance marketing) dominate these channels to become the first choice for insurance in your local marketplace. They reach your prospects on their desktops, mobile devices, email accounts, and even when they watch videos online. They reach your prospects when they are researching insurance and ready-to-buy a new policy. And they consistently and efficiently acquire your customers, oftentimes up to 40% less than the industry average customer acquisition costs.
The number one way to combat everyone from siphoning your customers is to adapt. It’s not too late to get on the train.
Here are a few reasons why Google Ads may be the missing link in your marketing strategy:
In 2019, when a consumer needs to buy a new insurance policy for their boat, home, or new contracting business, where are they most likely going to go?
If you answered “Google” then you are correct. In fact, in insurance, approximately 74% of consumers will go on the internet before buying a policy.
When prospects begin their quest for a policy, it will start with a search for insurance on Google and likely end within the first 3-4 results listings.
Simply stated, search engine optimization (SEO) cannot get you there. Understand that Google knows which words and key phrases carry ‘commercial intent’. Meaning, if a financial transaction is likely to occur shortly after a Google search, Google wants a piece of the transaction.
Therefore, if you want to attract online prospects in your local area who are ready to buy, you have to go direct, you’ve got to advertise with Google.
Improve Sales Productivity
When you advertise on Google, you are employing Google’s algorithm as a salesperson to prospect for hot and ready-to-buy leads. Essentially, you just brought on a team of agents who will scour the web and reach searchers all across your service areas. These agents aren’t restricted by time and geographic locations, plus, they’ll never get tired or call in sick. With your Google Ads campaign, you can prospect for new buyers, 24/7/365, a feat even the greatest producers cannot replicate.
Secondly, inbound leads generated from Google are high-quality because they have a high-intention to make a purchase. How do we know that? Well, because your advertisements only appear after people have searched for terms based on buying insurance. Unlike other marketing channels, these prospects engage you and you know without a shadow of a doubt that they are ready and looking to buy insurance in the near future.
Accurately Report & Attribute
If you still aren’t convinced that you need Google Ads at your agency, then keep on reading my friend.
One of the largest problems in every agency is marketing attribution or which of our marketing investments are driving the biggest results?
There’s a famous marketing quote that stats:
With Google Ads (and digital ads as a whole) you get unmatched transparency in your results reporting. You’ll have a clear idea of how much you invested, how many quotes it sent your way, and how many of those quoted turned into new customers.
Not to mention, based on the robust data these platforms provide, you’ll have an exact idea of which half you wasted. That way, you’ll be able to form opinions around where to expand and contract your investments.
Wrapping It Up
Want to become the first choice agency for insurance in your local market? You’ve got to go where your prospects have gone, online! Attract the exact kinds of prospects you want to do business win on autopilot. Expand the reach of your agency statewide or even nationally. And understand down to the penny, the return on investment for your marketing outlays with Google ads.