Insurance Industry: Ways to Improve your Marketing Budget Allocation
The insurance market is a rather complicated and complex industry for marketers. While most of the marketing challenges remain the same, advertisers in this industry have additional obstacles to overcome compared to other businesses. When it comes to budget allocation on the right channels, it all falls down to the same strategy: set up the right tech foundation, know your audience, and make the utmost of your data. However, each challenge calls for specific actions, and below you can see the ways to overcome them.
Challenge 1: Similar products and high competition
The main goal of most marketers is to differentiate their offering and their value proposition from the competition. In the insurance industry, this is rather difficult, as the majority of insurance programs are quite similar. There might be some differences in the policies, but at the end of the day, this detailed information won’t be a major selling point. So how do you tackle this challenge?
As an insurance marketer, you have to consider alternative ways to gain a competitive advantage. This can be achieved by applying a more data-driven approach to your marketing measurement. What if you had the tools to measure the success of all channels and their attribution towards the revenues of your marketing activities? This would definitely get your marketing game to the next level.
To solve this problem, Objective Platform created a sophisticated measurement solution that automatically gathers data throughout your channels, analyses it, verifies it, and restructures it (if needed). This means that as a marketer or CMO, you won’t have to manually go through hundreds of different dashboards and analytical platforms to measure the performance of all channels – especially if you work in a big conglomerate. Our solution considerably shortens the time to insights and creates a single source of truth to give you a holistic view of your marketing performance. Therefore, while competitors try to find a way to measure which channels work better by going into detailed and manual work, you can truly own your data and make data-driven decisions.
Challenge 2: Reaching the right customers
In most industries, marketing messages travel directly from the company to the target audience – whether a business or an end-customer. In insurance marketing, the path is slightly more rocky. In fact, a lot of people buy their insurance programs through an agency, an insurance broker, or even a financial planner. Thus, marketers have to reach these different target audiences and influence their decision. This is where things get challenging. If you are not aware of the channels used by these audiences, how can you allocate your budget effectively?
To help insurance marketers reach agencies, insurance brokers, and financial planners in the channels they use the most, Objective Platform offers the Holistic Marketing Model (HMM), which operates within a Unified Measurement Framework. Our model attributes value to each of the channels you use (on- and off-line). This means that you have an independent and clear overview of which channels affect users the most in their buying decisions. Is it TV, Facebook, or Paid Search? No matter the path, our estimations help you find the ideal channels to increase your ROI and prove the effectiveness of your marketing efforts. In addition, our user-friendly dashboards can help you get these insights with a click of a mouse.
Next, based on our optimisation tool, you get recommendations on where you should focus your next campaigns to gain more profit and learn from your past activities. A data-driven approach will help you out-perform but also justify your marketing efforts to the stakeholders involved.
Challenge 3: Lacking the right tech stack
As you get involved with insurance marketing, you will have to decide on the tools you have to use. And there are hundreds out there. Most of all, the tools available function on a biased framework favouring their own channel and performance metrics. In other words, the tools you choose affect the outcome of the performance measurement and might distort your perception of your overall performance. Therefore, it is absolutely necessary that you choose those tools which help you reach a better understanding of your marketing activities. So, where do you start? How can you make sure that you get the most out of the tools that you purchased to analyse your advertising efforts?
Objective Platform is designed to transcend channel bias and gives you a clear overview of which channel-associated tools work in your favour. Having a holistic view of your marketing activities helps you to evaluate your tech stack. If there is a big gap between the performance that an individual tool reports and the actual business value that a channel delivers, there is a good chance that this tool does not work for your business targets. Stop acting on information that distorts your decision-making and continues with the set-up that brings you fruitful business outcomes.
Based on the feedback we get from our clients, we can safely claim that an effective measurement tool leads to more efficient decision-making and, consequently, an increased ROI. Are you curious about how we can help you grow your business and boost your marketing activities? Book a demo with us and our specialists will guide you through the ways our Unified Marketing Framework can be applied to your company.
If you want to find out more about our solution, the way our model works, and the benefits it can bring to your organization, click on the link here.