Each industry requires its own marketing approach, especially for mobile. Here are some examples of how insurance providers are using key mobile marketing metrics to drive sales.
While finding the right marketing approach for your industry is paramount, marketers in the mobile world also have to contend with determining the right metrics to use for defining mobile success. Now with customers demanding a more personalized experience, particularly on mobile devices, brands will have to determine how to keep their marketing consistent and make it resonate with individuals.
This inherent paradox of mobile can make navigating the ever-growing segment confusing. To help untangle the complicated web, companies must seek out the key performance indicators that matter the most. As an example, let’s take a look at the insurance industry and how thought leaders are driving progress.
Delivering a Desirable and Profitable Product
The goal of an insurer is usually to provide customers with a quality experience while also keeping costs low. Nearly all of the major consumer-based insurance carriers seek to accomplish both of these goals with dedicated mobile apps. GEICO even won the Internet Advertising Competition Award for best mobile app in 2015 for their efforts.
Speaking on how the app meets the demands of their consumers, GEICO’s mobile director Pete Meoli told MarketWatch that delivering a quality mobile-based product is essential in this digital age. “Our customers are always on the move, so it’s important that they are able to have a unique digital experience from their mobile device,” Meoli explained. “Anything you can do from your desktop will be available from your tablet or smartphone […] The new app offers a more personalized user experience and is designed to make interactions with GEICO much more pleasant and easier.”
Not every insurer has to provide a branded app in order to meet their customer’s demands, but a mobile-friendly website that handles most necessary functions can give them instant gratification. Allowing customers to file claims online can also keep costs low because fewer agents are needed to handle routine actions.
When examining a mobile strategy such as this, an insurance marketer can track changes in customer satisfaction and costs per claim to find the perfect balance.
Succeed on a Local Scale with Timely Display
One strategy many insurance marketers can benefit from is increasing engagement across multiple channels. Since insurance is not something most people think about daily, they may need reminders of just how relevant it is to their lives. To capture these consumers, an insurer can try to use targeted social media display ads for people going through life changes.
A Scarborough survey from 2013 revealed that certain life changes can be key predictors in activities that can drive insurance sales. For instance, parents announcing a birth are 79% more likely to buy a new vehicle and 300% more likely to buy a house. These developments can be an opportunity to remind the parents-to-be that an insurance policy can protect their most valuable assets so they can focus entirely on their new family member.
Since more than 60% of social media traffic comes from mobile, according to Business Insider, using highly targeted ads through features like Facebook’s Graph Search should increase engagement and lead to conversion actions like website visits. Measuring the success of these two factors, engagement and conversion, can determine how successful your display is at having an effect on your desired audience.
Marketers can think about highly-specific scenarios like these to adapt their practices to fit the needs of their industry’s customers. Backing up decisions with key metrics and analytics in this way allows brands to make informed choices rather than “feeling around in the dark.” By doing so, less time and money is wasted on advertisements that reach the wrong demographic or, worse, no one at all. The ever-improving digital tools also eliminate the guesswork of what’s working and what isn’t to streamline the entire process. It is the insurance companies that embrace and utilize the constant changes in mobile marketing who are most likely to see the highest levels of success.