Call Tracking for the Insurance Industry
The insurance vertical has been well known as one of the most lucrative online niches in Google history. Life and health insurance has been grossing around 750-850 billion dollars a year since 2009 and does not show any signs of slowing down. The auto insurance industry is also growing by the year, with an average of around 550 billion dollars in annual revenue. These numbers point at the fact that the insurance industry is growing by the year. This is a great thing for insurance agencies, but it also comes with its downfalls. A bigger niche only means greater competition, and agencies that are unable to stand their ground will get toppled over by the bigger players in the industry.
If you run an insurance agency for any type of coverage: auto, health, home, pets, etc., then you’ve stumbled upon the right article. We’ll name the four biggest mistakes insurance companies often make in the marketing department so that you’ll know exactly what to avoid. In addition, we’ll also highlight the different ways in which you can boost your marketing efforts to out-perform your competitors.
Insurance Marketing Mistake #1: Not Attributing Success to the Right Campaigns
One of the top mistakes that some insurance firms tend to make is to not attribute their results to the right marketing campaigns. This mistake is actually more common than one would think, considering how there are so many different marketing channels available for firms to track. One firm can employ as many as ten different advertisements for a single campaign launch, making it difficult and costly for them to track the results of each and every one. The solution, therefore, should be to search for a tracking platform that works for all marketing channels: online and offline. Phonexa’s call tracking software solves this problem completely by keeping close tabs on all your ongoing campaigns and sending you real-time reports on your marketing results. You’ll know exactly which advertisements worked better and which ones need more optimizing. These detailed reports will allow you to accurately plan your budgeting for future campaigns.
Insurance Marketing Mistake #2: Following the Crowd
The second common mistake that insurance agencies (and other companies in crowded niches) make is to follow the crowd. The danger with this groupthink phenomenon is that it discourages any creativity and revolutionary strategies to take shape. If most other companies in the same niche are sticking with the strategies that have “always worked,” they risk not pioneering new strategies that might work better. Yet, this unwillingness to change is partly due to the risks associated with failing campaigns. Each time a commercial is rolled out, budgeting can become quite tight for smaller firms. The solution to this problem is actually not to hold back from trying new strategies, but to try new strategies in conjunction with an adequate tracking system. Most of the developed world is currently online. If your insurance agency only focuses on offline advertisements, you can miss out on the online demographic. With Phonexa, firms can incorporate click-to-call in their online campaigns to ensure that customers will have a higher chance of converting. Phonexa’s platform also opens up a wealth of innovative marketing options for small and large firms who want to broaden their horizon without emptying their wallets in the process.
Insurance Marketing Mistake #3: Not Listening to What Customers Want
It can be overwhelming for insurance firms to try to make their customers feel heard, especially when there are so many differing opinions from client to client and a shortage of agents to handle these kinds of feedback. Still, customer feedback is absolutely necessary to boost customer retention rates, so insurance firms should not skip out on trying to get feedback altogether. To ensure that all of your customers feel heard, equip your call system with Phonexa’s advanced voice recognition and IVR for automated, customizable surveys. Callers will get the chance to express their thoughts on their recent interactions with your firm, along with any other kind of feedback you’d like to receive from your customers.
Insurance Marketing Mistake #4: Not Going Omnichannel
The omnichannel approach is better for branding purposes and allows the agency to easily track their ongoing campaigns. Rather than multi-channel, omnichannel marketing ensures that your message and branding remains consistent throughout your various platforms, so that your customers will be able to contact you through any available method and still receive great customer service. Phonexa was built for the omnichannel marketing strategy. Our scalable, cloud-based call platform streamlines the marketing process for firms of all sizes, growing with their business from the ground up.