Never before have so many opportunities existed to communicate and engage with customers and prospects. However, in a multichannel environment that allows you to interact with your target audience through a variety of touch points, it can be challenging to determine which channels contributed to a quoted or bound policy. How do you measure where your marketing dollars are most effective?
P&C insurers have engaged in a marketing and advertising arms race for many years with companies like Geico, Allstate and State Farm spending $1.18B, $887M and $778M1 on ad spend alone in 2013. But in our increasingly digital world, traditional television and print channels aren’t the only ones garnering marketing budget.
According to WordStream, “Insurance” remained the most expensive keyword in Google AdWords in 2013, with State Farm and Progressive spending over $43M and Geico shelling out $23M2 for that channel.
To be effective in our multichannel world, you can no longer afford to exhaust marketing dollars without measuring their impact and you must improve your attribution strategies to understand which channels and campaigns ultimately drive customers to convert. Only then can you capture insight on how to most effectively allocate your marketing dollars and measure your marketing spend.