Digital marketing has taken over the world, and almost every business has joined the bandwagon. Effective digital marketing strategy enables small businesses to study the online behaviors of their prospects and target the right audience.
Whether you run a small or large insurance business, digital marketing can drastically increase your insurance leads and conversion. In this discussion, we explore digital marketing for small businesses in the insurance industry. Keep reading.
What is Digital Marketing?
Digital marketing involves using the internet to promote a company’s products and services. It extends to the usage of digital-based technologies such as computers, digital media, mobile phones, etc., to reach potential customers.
It also encompasses using social media platforms such as Facebook, Twitter, LinkedIn, Pinterest, Tik Tok, and Instagram to engage with prospects and convince them to buy your products and services.
Small businesses such as insurance agencies can benefit by using digital marketing strategies to get new clients and maintain the current ones. Digital marketing also increases website traffic and helps promote your business. By itself, digital marketing can boost leads to prospective and high-lead clients.
Digital Marketing Strategies
Now that you know what digital marketing is, here are the digital marketing strategies you can adopt for your small insurance business.
1. Email Marketing
Email marketing is the most effective digital marketing strategy a small business can use. It’s a powerful tool that can produce results within a short period.
While email marketing is one of the best e-commerce tools, it’s vital to know that not all emails can generate leads and conversion. For your email to convert, there must be a mix of strategy, data analytics, and creativity.
To know whether your email marketing strategy is helping in conversion, use the following metrics.
● Click-through rate(CTR) where people click on an image, link, or hyperlink in an email.
● Conversion rates tell how many clients purchased your insurance products, sent referrals, or downloaded your online brochures.
● Bounce rates show how many emails were not delivered to prospects.
2. Social Media Marketing
Social media marketing is one of the most popular strategies used by businesses today. Research shows that over 90% of young adults under 30 use social media.
It should interest you if you’re selling insurance products because social media influences buying decisions of this age segment. Like email marketing, you can determine the type of content leading to conversions by using the following metrics;
● Impressions tell you the number of times your content is displayed on social media. It also shows the number of prospects who interact, engage, and share your posts.
● Click-through with bounce rate tells you the number of people who have clicked on your content.
● Social shares tell you that people are interested in your content and share it with others.
● Likes allow prospects to interact with your content.
● Conversion rates measure the number of prospects who’ve converted as a result of your marketing efforts.
● Referrals are the number of people who’ve converted after being referred by others.
3. Digital Advertising
Digital advertising is a profitable tool to promote insurance sales. Ads can increase your brand visibility and boost leads and conversions, just like social media and email marketing.
The best way to ensure your digital ads bear fruits is to create ads that resonate with your target market. For example, if you’re selling auto insurance, be specific and keep an eye on the audience.
You can use the following metrics to gauge whether your digital ads are working.
● Cost-per-click is the amount you pay for ads on your website. It gives you an idea of how much your advertising campaign will cost.
● Cost-Per-Thousand helps you estimate the cost of running an ad. If your ROI is higher than CPM, your ad campaign adds value.
● Lead to close ratio enables you to know if you’re spending too much on your ad campaign.
4. Website Branding
Small insurance businesses need a website since most conversions will occur here.
Designing and branding your website is essential to increasing customer visits and conversions. You need to target the right keywords when promoting insurance products on your website.
You can measure your website’s performance using several metrics such as;
● Bounce rate is the rate at which prospects leave your website.
● Time spent on specific pages
● Cart abandonment
5. Mobile Marketing
Every business serious about its digital marketing strategy must incorporate mobile marketing to reach a broader audience. Customers have access to every piece of information in their hands with simple clicks.
When you develop content, ensure it’s mobile-friendly and can be accessed anywhere on the go. Develop an app that customers can download on their gadgets and access services easily.
Many digital marketing strategies can be outsourced to save time. You can hire a digital marketing agency to develop a sound policy for your business. Finally, formulate a workable strategy, combine it with other marketing plans, and measure results.
Hopefully, you can apply the above tips to your insurance business and get sufficient leads for quality conversion.