How Insurance Companies Can Create a Winning Digital Marketing Strategy

How Insurance Companies Can Create a Winning Digital Marketing Strategy

In the 21st century, digital marketing is one of the most efficient strategies for reaching new prospects and clients. Because of this many insurance companies have sought to install new digital marketing tactics in search of new leads and calls. The problem is, at most agencies, these initiatives were doomed to fail from the start. In most cases, you either relied on your team in-house and strung together a series of digital marketing campaigns or you hired a marketing expert that didn’t take the time to align the marketing with the nuances of your business.

In either case, your in-house team or external experts failed to hit the mark because you were lacking the proper plan.

 

Why Your Agency Needs a Strategic Plan

 

Your digital marketing strategy gives your agency direction. With a plan in place, you’ll have the details you need to help your company effectively find the right prospects using online platforms. Your digital strategy plan should give you a clear idea of the following:

 

  • Your vision for your agency’s growth and short and long term goals

  • Who your ideal prospects are

  • Where to find your ideal prospects online

  • How to attract your ideal prospects online

  • How to report, measure and track your digital marketing performance

 

If you’re the owner of an insurance company or a marketer within an insurance company looking to start digital marketing or improve your current online marketing, I am going to share with you the exact steps I used to help my clients develop a strategy for their new online initiatives.

Remember, the more time you spend thinking about your goals, getting to know your audience, and planning how you’ll approach your digital marketing, the more likely you are to achieve success

These frameworks will help you generate more leads from your ideal clients whether you are just getting started or have been marketing online for years.

 

Your Agency’s Vision

 

Digital marketing can be used to achieve several different goals and outcomes. For insurance agencies, digital marketing can help you find new clients, target higher-value clients, cross-sell your current clients, and automate your agency. Regardless of the goal, all digital marketing initiatives are implemented to drive more revenue. Therefore, use the following questions as your guiding light in this new project:

 

  • What is the target revenue you want to add in the next 12 months?

  • Why is it imperative that you add this revenue?

  • How committed are you and your team towards achieving this new revenue goal?

 

The answers to these questions will give you a general idea of how many new sales and quotes you need as well as determine if you can hit this goal. 

Understanding your short-term and long-term revenue targets will decide the type of strategy you will take. Should you go aggressive and seek out new markets and clients? Should you play defense and focus on retention? Does your agency need new branding or digital transformation? From here, you can further ensure you’re taking the right approach and refine your figures by doing a deep-dive into your past results.

 

  • Is your revenue increasing, static, or declining in comparison to previous years?

  • What is your current quote, close, and retention rate?

  • Who are your clients now?

  • How long do they stay with you on average?

  • How did you attract them to your agency?

  • Why did they choose you over our competitor?  

The answers to these questions will create an avatar of your average client and give you a general idea of where your agency currently stands within the marketplace.

 

What does your ideal insurance client look like?

 

Most insurance companies assume they already know their clients. They know which areas they come from. They know what they look like. They believe they know what their clients want and the best way to approach them. While they might be right, today’s consumer preferences and habits change rapidly. Whether you are looking to expand your market share in new areas or continue to reach local clients, a calculated approach is required in digital marketing.

 Create a clear avatar of your ideal client by answering these questions:

  • Which products and services will they purchase?

  • Why do you want to attract this type of client?

  • Why will they decide to buy from your company?

  • How much will they spend annually on an average basis?

  • How long will they remain your client realistically?

Once you understand the value of selling a new ideal client, you can backtrack your numbers to find your exact targets. With these numbers, you can then put a plan together to find and attract these ideal prospects.

 

Example: 

Target Revenue: $1,000,000

Average Profit: $200

Average Relationship: 3 years

Close Rate: 50%

Quote Rate: 50%

CLV = $600


# of New Clients Required= $1,000,000 / $600 = 1,667 new clients

# of Monthly New Clients Required = 139

# of New Monthly Leads Required = 556

 

Where Do These Prospects Congregate Online?

 

There are tons of digital marketing channels to choose from. This is a blessing and a curse. It is imperative that you identify the marketing channels that align the best with your business. As a note, your prospective clients are on the internet more than ever. New and current clients will engage you from their mobile devices, tablets, and desktop computers alike.

The largest online platforms are Google and Facebook. Sites and apps like LinkedIn, YouTube, Instagram, and Twitter are all second-tier. 76% of prospective clients will start their search for insurance online using Google. 60% of these people that use Google will also be Facebook users. These are the two platforms where your ideal clients hang out the most.

People can find you as they scroll through Facebook, while on the other hand, some clients will find you on Google as they look for insurance.  Regardless of whether they are scrolling their feeds or performing searches at the moment, a digital agency has a strategy in place to attract people on these platforms beyond simply having a profile.

 

 

How to Attract New Insurance Clients Online?

 

In digital marketing, all roads lead to online content creation. Whether your company will be using paid media, earned media, or organic media, there will always be a component of creating attractive content.

Before we begin, place yourself in your client’s shoes. What do you do when you have a question? What do you do when you want to purchase a new product or service? Chances are, you started on Google. Google then captures your intent to find this service and places you in front of the companies that Google deems best fit.

On the other hand, you have Facebook. Facebook has a massive audience and targeting features that can put your company in front of prospective clients based on their interests and likes. Facebook also owns Instagram. The difference is, when your prospects come across your content on these platforms, they aren’t necessarily in the market for insurance.

This does not prevent you from finding success on Facebook, it just means that your content has to be compelling enough to capture your prospect’s attention and get them to act.

Keep in mind, regardless of the online platform, your marketing will have to be engaging, address your prospect’s biggest problems or challenges, and have a compelling offer to take action. Mundane or run-of-the-mill content won’t cut it in one of the most competitive spaces for online marketing.

 

 

How to Track, Measure, and Improve Your Results

 

If you can’t track it, you can’t measure it. Some agencies don’t realize that their agency data is a goldmine. On the other hand, some agencies have too much data or too little time to use their data to solve problems. One of the biggest benefits of digital marketing is the ability to more accurately track, measure, and optimize the performance of your campaigns.

          Tracking –

            Set benchmarks and monitor your online business analytics

          Measure –

Utilize a sophisticated CRM to assess deal flow, manage revenue targets, and growth planning

          Improve –

Review your analytics to identify marketing gaps and new opportunities

 

Conclusion

 

All in all, not having a clearly defined digital marketing strategy is the number one thing holding agencies back from success with digital marketing. Your plan not only has to create a clear picture of your avatar and growth, but craft an offer that highlights your agency as unique, and finally, gives you the opportunity to track and improve your results.

If you’re eager to build a truly effective strategy to help grow your business, let’s chat about your strategy here: Book A 15-Min Strategy Call 

Camille Bob III

Camille D. Bob III is a Google Ads wiz and founder of Insurance Funnels, a leading Google Ads and marketing funnel agency exclusively for insurance agencies. His mission is to help 10,000 agents build digital insurance agencies with Insurance Funnels. Get the Insurance Funnels Blueprint here.

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