Insurance Technology Needs A Growth Marketing Platform
First things first, insurance marketers (as well as marketers across industries) are increasingly aligning to revenue. A July 2016 Forrester survey of 275 CMOs showed that over 80% of them are directly aligned to revenue targets. My own meetings with marketers across Asia Pacific confirm the same.
Growth Marketing as a concept, directly addresses this significant but surprisingly underestimated development in the marketing function. And what marketers need in this new world order are not vanilla marketing platforms but a growth marketing platform.
Here’s what a growth marketing platform looks like. In short, a growth marketing platform aligns in much more specific ways with digital revenue generation in terms of how data is collected, how its processed and how its ultimately actioned across a variety of channels.
How does this play out in Insurance?
INSURANCE FOCUSED DATA
Capture Quote Data
The richest source of data from prospects comes when they take quotes on the website. If a user visits your website, and says he is a 30 year old male and needs a term cover of $100,000, there really isn’t much else data out there that’s more authentic or valuable.
Make sure this is captured and used to personalize all interactions. And yes, for a general insurance website, this would mean capturing a wide variety of data depending on which insurance type the user is looking for.
Separate policy holders and agents from prospects
A high proportion of visitors to an insurance website are existing customers or insurance agents. Separating these from prospects who are in your conversion funnel is critical. It saves you precious money on paid channels, and also helps create a different experience for them on your website.
Ingest offline responses and conversions
Thousands of leads are submitted online on insurance websites. But in markets like India, these leads are usually taken over by call centers. Linking back which users converted, which users could not be reached, which did not want to pursue further conversations is critical offline data.
Feeding it back to your growth marketing platform is crucial for your predictive algorithms to learn effectively. And also to nurture non-converting leads in online channels.
INSURANCE FOCUSED ANALYTICS
Horses for Courses Predictive Algos
Its hard to effectively tame the millions of tiny interactions happening on your website in a meaningful way if you are using “rules”.
Rules are helpful when you want to intervene into specific customer journeys with specific actions. Barring that, you should let an algorithm decide which users are ready to buy, and which need to be nurtured into to the funnel.
And these algorithms need to use insurance specific variables. For example, the algo should factor that users who are on the quote page are more likely to buy compared to users on the product pages alone.
Innovative Conversion Focused Variables
One example – how many minutes since the user dropped off from your website? That’s a highly conversion focused variable. Helps you target users as soon or as late as you want. Someone dropped off from the lead page – maybe you can remind them in 15 mins. Someone read an article and dropped off? Ask them about it a couple of days later.
INSURANCE FOCUSED MARKETING CHANNEL MIX
Let’s face it. The average insurance customer is not really visiting your website regularly. Barring the research and purchase phase, and the occasional visit to pay premiums or check up their policy values, there isn’t much to go by.
Browser Push Notifications
Having a great website experience alone, therefore, is not enough. One innovative “owned” channel, for example, are browser notifications. Browser notifications engage customers to keep coming back to the website, get comfortable with your brand, and get more educated on your products.
Go Cross Device
Similarly, having a programmatic channel is not enough. Ensuring a good proportion of users can be targeted across devices is critical – to ensure they continue to actively engage with you.
So there you have it. If you are an insurance marketers, its likely you are measured on revenue. And if you are measured on revenue, you need to ensure you have the right marketing platform which helps you deliver on your goals.
Make sure have a growth marketing one!