DELVE GOES DEEPER: Insurance Marketing
Opportunities for Improving Marketing Efficiency and ROI
Explore a three-pronged approach to driving improvements in overall marketing ROI.
This is the third post in our Insurance Marketing series, sharing tools to help insurance providers identify their most profitable audience segments, increase their marketing ROI, and drive conversion and revenue growth.
As mentioned previously in this series, “doing less with more” as an insurance marketer comes down to how well you can reduce targeting low-value audiences, overspending on ad reach and bidding, and improve conversion rates.
According to McKinsey & Company, “Personalization will be the prime driver of marketing success within five years.” Moreover, DELVE research indicates that marketing efficiency gains from ad personalization can reduce acquisition costs by as much as 50%, increase revenue by 5-15%, and increase marketing spend efficiency by 10-30%.
How can insurance providers get ready for and capitalize today on the future of personalization?
1. Incorporate advanced analytics to improve conversion optimization.
The idea here is to focus on both demand source and demand quality. By understanding your demand sources, you can target your marketing mix to those channels that generate the most revenue and profits. By understanding demand quality, you can target audiences with high conversion potential to stretch your marketing budget and improve ROAS, CPL, and CAC.
2. Focus on optimization throughout the customer journey (not just acquisition campaigns).
This not only means identifying and targeting high value prospects and customers, but also suppressing audience segments.
3. Implement best practices for driving immediate improvements in ROAS, CPL, CAC and overall marketing ROI, including:
• Audience Suppression
• Conversion Probability
• Attribution Modeling
• Hyper-local Targeting
• Dynamic Creative
• Platform Audits
• Bidding Automation
There are multiple benefits to applying these advanced techniques to digital advertising and broader marketing campaigns. This includes targeting the right audiences, buying only the reach you need, and aligning ad creative to life stages and motivators that drive conversion.
As we move further into this series, we’ll DELVE deeper into how each of these tactics improve marketing efficiency and ROI.
Ready to DELVE deeper? Get in touch with the DELVE team today.