Inbound Marketing: Insure against Insurance Aggregators
What are insurance aggregators
For consumers, insurance aggregators or comparison services like Confused.com or Compare The Market offer exceptional value. With just a few mouse clicks, they can obtain dozens of quotes from insurers, saving themselves hours that would otherwise be spent filling in individual forms, or ringing providers direct.
But this convenience comes at a cost – insurers have to pay a kickback on every policy sold through a comparison site. Insurers end up getting squeezed by both the bargain-hunting consumer, and the comparison site. They may sell more policies, but profits are squeezed with every sale.
Unsurprisingly, several insurers have decided to cut out the middle-man by refusing to advertise their policies on comparison sites. Direct Line, always seen as a trendsetter within the insurance industry, has even made their refusal to sell through comparison sites a key part of their marketing message.
And it is in the area of marketing that the battle to protect profits will be fought. Comparison sites are highly visible across channels on and offline, helping to establish all-important awareness with customers – and it is this that a successful inbound marketing campaign will seek to overcome.
So how does an insurer go about building an inbound marketing strategy that can take on the comparison sites?
- Work your data
The most effective marketing campaigns are finely tuned to the needs of the target audience. And this where your insurance business has an advantage over the comparison sites – you already have a wealth of customer data that can be analysed to better understand their pain points. Typically comparison sites have nothing to work with but the data provided by the client as they conduct a search for insurance.
Your inbound marketing strategy starts by defining these client needs and building them into personas – a generic version of your ideal customer. The more ‘niche’ you can make these personas, the greater your chance of being able to capture that market.
Moving forward, every aspect of your inbound campaign will be targeted at these personas.
- Build out content
Inbound marketing is about helping your target customers solve problems and carry out pre-purchase research. So your next task is to create content – articles, infographics, videos and even ebooks – that answer their questions about insurance.
The more helpful your content is, the more it helps establish your expertise within the insurance sector. This will also help build trust that can be used to convert sales in future.
- Promote effectively
With content complete, your final task is to get it in front of your target audience. To overcome the dominance of comparison sites, your content will need to be marketed quite aggressively across a number of channels.
Where content is promoted depends on your personas – where do these people spend their time online? With over 1.5 billion active members, there’s a good chance that they will use Facebook regularly – a carefully targeted promoted post could help the campaign gain traction. You should also seriously consider the use of Google AdWords and similar to catch the attention of potential customers who are beginning their search for insurance services.
But ultimately, your choice of promotion channels is heavily dependent on displaying ads where your targets are likely to see them.
Inbound complements comparison too
Even if your insurance firm decides to stick with comparison sites, inbound marketing techniques offer a way to capture users who aren’t seduced by talking meerkats or annoying opera singers. Because in a market that is under constant pressure to slash profit margins, every additional sale makes a difference.
Ready to learn more? Get in touch with Paul Sullivan Marketing today and let us show you how inbound marketing techniques can help boost policy sales and protect your margins.