Using Segmented Data to Optimize Your Insurance Marketing Campaigns
A Millennial, a Gen Xer, and a Baby Boomer walk into an insurance agency. It may sound like the beginning of a timeworn joke, but each and every day, people from all walks of life are making choices about insurance. Some are looking for an affordable homeowners policy. Others need coverage for their home-based business. Still others are looking for a travel policy to cover a big trip. The most successful insurance agencies use these differences to segment marketing efforts for more precise, effective messaging and improved ROI.
What is market segmentation?
Market segmentation is the act of dividing your broad market into unique sub-groups with shared objectives, pain points, and needs. Segmenting your market allows you to create highly actionable messaging that hyper targets your marketing campaigns.
Back to our three prospective policyholders…
How did the agency in question appeal to each demographic? Rather than use a blanket campaign to target all potential policyholders with the same message, the agency’s marketing manager segmented her target audience into subsets of consumers with shared characteristics. By being selective and targeting specific market segments, she increases the efficacy of each campaign and reduces wasted marketing spend that reaches everyone but moves no istone.
Segmented insurance marketing campaigns save money and improve policyholder satisfaction
Your insurance agency’s marketing budget is deployed more strategically when you target the groups who are most likely to appreciate what you have to offer. Among the benefits created by a more strategic, segmented spend are::
- Greater chance of conversion
- Improved advertising budget ROI
- Increased likelihood of client satisfaction
- Increased free, word-of-mouth advertising
At AgenciesOnline, we help independent insurance agencies develop hyper-targeted, cost-effective marketing strategies that capture the attention of your target markets - whoever they are. Get in touch today to schedule a consultation.