While the idea of full-funnel marketing in Insurance Industry has been around for years, most insurance companies have been unable to overcome the organizational and technological barriers to actually implementing it effectively, according to Beinsure Media research about Insurance Full-Funnel Marketing.
The term “funnel” refers to the marketing funnel, which outlines the customer journey from awareness to purchase. The top of the funnel represents potential customers becoming aware of a product, while the bottom signifies those making a purchase.
Leading insurance companies now adopt “full-funnel” marketing. This approach combines brand building and performance marketing through integrated teams, measurement systems, and key performance indicators (KPIs).
“Upper-funnel marketing builds brand awareness,” explains Oleg Parashchak, CEO of Finance Media Holding. “For example, TV commercials often aim to raise awareness among audiences without an immediate need for the product. Fulfilling this requires new operational methods. Marketing must become faster, more collaborative, and customer-focused. It’s about transforming how the work is done, not just what is done.”
Based on successful cases we’ve seen, we estimate that making this change can unlock 5 to 15% of additional growth and trim 10 to 30 percent of marketing costs, according to Beinsure Media Insurance digital marketing guide. Most senior leaders recognize the need to modernize marketing but often lack clarity on what that entails. They frequently focus on a few initiatives or capabilities, leading to frustration when expected results don’t materialize.
Driving full-funnel marketing in insurance is particularly necessary given the dramatic changes in customer behavior seen during the COVID-19 pandemic.
A clear model for modern insurance marketing strategy is essential. Familiar components, when organized into a cohesive model, help leaders track elements and understand their interconnections.
Mid-funnel marketing aims to build consideration and differentiate products within a category. Blog content, for example, can set a product apart.
Lower-funnel marketing targets shoppers ready to buy. Remarketing ads with calls-to-action like “Buy now” can move them closer to purchase.
The best insurance digital marketing strategy focuses on leveraging online platforms to connect with and engage customers.
Key elements include:
- Search Engine Optimization (SEO): Ensuring your website and content are optimized for search engines to attract organic traffic.
- Content Marketing: Creating valuable, relevant content that addresses customer needs and questions.
- Social Media Engagement: Utilizing social media platforms to engage with customers and build brand awareness.
- Email Marketing: Sending personalized, targeted emails to nurture leads and keep customers informed.
- Data Analytics: Using customer data to tailor marketing efforts and improve targeting and personalization.
- Mobile Optimization: Ensuring all digital content is mobile-friendly, considering the prevalence of smartphone usage.
This strategy involves a mix of techniques to attract, engage, and retain customers in the digital space, ultimately driving conversions and loyalty in the insurance sector. A full-funnel strategy addresses awareness, consideration, and purchase simultaneously. The marketing funnel framework engages audiences effectively. However, customer journeys are not linear like funnels. They seldom progress directly from awareness to purchase.
Consumer behavior and journeys have evolved. Abandon outdated models in favor of those that reflect the modern digital buyer’s journey.
The digital marketing funnel remains a useful framework for understanding the stages consumers go through in the customer lifecycle.
