Technology is transforming the way people interact with businesses in nearly every industry. Insurance, for example, changed dramatically over the last year as employees, policy holders and prospects navigated the pandemic. Digital acceleration has also impacted competition and legacy marketing strategies—including fragmented TV viewership, accelerated mobile usage and the growth of insurtechs.
You may not be able to rethink your business model from the ground up, but you can redistribute marketing resources in a way that’s more in line with evolving consumer behaviors. So, ask yourself: What would my media strategy look like if our company was founded today?
To begin answering that question, let’s take some inspiration from digital disruptors.
Stay top-of-mind among mobile-first Millennials
As the largest demographic in the U.S., Millennials have significant purchasing power. They spend more time using their mobile devices than any adult generation, so it makes sense that staying top-of-mind starts in the palms of their hands.
For an industry that thrives on brand awareness, insurance is no exception. Even in 2018, Accenture found that 18- to 34-year-olds were already four times as likely as Gen X and Baby Boomers to use mobile when deciding and evaluating which auto insurance to buy. They were also twice as likely to discover home and renters’ insurance products on Facebook apps.
Accenture also found that 91% of consumers said they were more likely to shop with brands who recognize, remember, and provide them with relevant offers and recommendations. And mobile isn’t only convenient, it’s personal. Curated mobile apps like Facebook and Instagram allow brands to make relevant connections where Millennials engage with the people, content and brands they love.
Strive for seamless experiences
Digital connectivity has changed the game. While technology has made it easier to discover and purchase, it has also created expectations for the customer journey to be fast and seamless. Businesses or products that may be perceived as more complex don’t get a pass; the frictionless experience bar has been raised for all.
Fast-growing insurtechs have built disruptive brands around technological efficiencies. And direct carriers like Liberty Mutual have adopted digital-first mindsets to stay laser-focused on solving customer friction. Companies like these understand the value of seamless advertising strategies. Facebook Lead Ads, for example, remove friction from the traditionally tedious process of filling out mobile forms with in-ad lead forms that people can pre-populate with their Facebook contact information.
In an age of instant gratification, creating a painless customer experience is essential. And if you can make that same experience delightful, you’ll be taking a page from the fastest growing digital-first companies.
Embrace shifting viewing behaviors
eMarketer expects cord-cutter or cord-never households to surpass those with paid broadcast TV services in the U.S. by 2024. The pandemic has only accelerated this shift; in fact, global marketing intelligence firm WARC recently found that online video consumption quadrupled last year.
As video continues to capture people’s attention, its value and importance should increase for advertisers as well. Digital channels like Facebook are a great way to complement those campaigns by contributing incremental reach, especially among light TV viewers, and to lead qualified prospects down the funnel to help drive quotes or sales. With digital media consumption outpacing TV viewership, and increased fragmentation across the TV landscape, complementing traditional channels in addition to connected TV and OTT strategies is as important as ever.
The good news for marketers, especially insurance carriers, is that this cultural shift presents masterful storytellers with an opportunity to double down on creativity and engagement without compromising the ability to measure results.
Meet people where they’re connecting with brands
It doesn’t matter when your company was founded. Navigating this past year has introduced a new playing field, providing all marketers the opportunity to pause, reevaluate and implement a digital-first media strategy.
According to an Ipsos study from November 2020, video viewers cited Instagram and Facebook as the most popular video platforms for connecting with brands. A diverse range of brand-safe, seamless video solutions across Facebook apps and services—including in-stream placements—can help carriers build their brand, drive quotes and sell more policies where consumers are engaging with mobile video. To reach new policyholders with Facebook, visit Facebook for Business.
