A digital marketing strategy is a must-have in today’s day and age. Nearly 50% of all businesses don’t use a digital strategy, which provides the opportunity for the highest ROI marketing channel.
On the flip side, more insurance agencies are making larger investments in technology and their digital offering than ever before as InsureTech funding increases.
A clear understanding of your marketing plans and how you can reach more people is vital to selling more insurance policies and digital marketing channels provide the highest ROI.
When it comes to your marketing and business goals, you need the right plan. Here are 7 reasons why you need a digital marketing strategy and how you can start planning the best strategy for your insurance agency to go digital.
A Digital Strategy Gives Direction
Whether your insurance agency is big or small, you may find it without direction in its digital strategy. Although the industry has been behind when it comes to digital technology, this is changing quickly as more insurance agencies are making investments in their digital offering for policyholders.
You want to have a clear goal for your marketing plans. Everything starts with knowing what you want to happen with your business. This is where you ask yourself what matters for your business.
- Are you looking to sell more insurance policies to new customers?
- Do you want to sell more insurance policies to existing customers?
- Are you looking to get more referrals from your database?
Your goal changes depending on the type of growth that you want. A digital strategy will help you allocate the right resources to reach the goals that you want to reach. Each of the above goals and many more can be achieved through digital marketing strategies offering a high ROI.
The right strategy can define what marketing activities will lead towards the goal you set. With a strategy in place, you can also use marketing metrics to measure your efforts.
For example, our Leadsurance clients receive their own unique QR codes they can put on business cards, hats, and other marketing materials that encourage feedback and reviews from their customers leading to more referral and repeat business. All of the activity through the QR codes gets tracked a reported on to help insurance agency owners measure the results of their marketing spend.
You Want To Discover More About Your Market
In any business, the first step should always start with identifying the strategies that are right for your business. The discovery stage itself will help your marketing team understand what moves will result in growth and sales. It’s crucial that you reach a good understanding of how to improve your marketing process.
Market discovery also gives you time to reevaluate your process. If you already do some level of marketing, a strategy will optimize it even further. It will maximize what you have, giving you a general idea of the improvements that will result in more conversions.
Completing your business discovery stage will unravel what’s right and wrong with your tactics. It will show if you’re targeting the right audience, and give you a clearer view of what you should expect ahead.
You Need To Convince Stakeholders
Building your digital marketing strategy is no different than traditional strategies that you know. The biggest challenge for teams is convincing stakeholders, whether it’s themselves or others, that they need the strategy. Many don’t believe their business would ever need it, stuck in offline and traditional efforts like print ads and other media.
It’s hard to convince people who have very little understanding of how the digital landscape works. If you’re the owner, it’s hard to manage business expenses and allocate for digital efforts when you’re used to simpler marketing techniques. If you’re a marketer, it’s hard to convince your C-level suits that the digital environment is indispensable.
A digital marketing strategy will give you the right data showing the techniques that work. Whether you’re on the fence about digital marketing or need to convince someone higher up, data is convincing. Numbers will never lie to you.
Strategies Give You Unique Value Proposition
Digital marketing strategies help you separate yourself from the crowd. In an online world where you’re not the only one offering the same service, gaining a unique value proposition (UVP) is powerful. If you can make this UVP the center of your online marketing, it will set you apart from the noise and encourage conversions.
Whether you have new or existing customers, winning a click, a comment or some type of engagement is more difficult than ever. By building a campaign that differentiates your brand, you can improve your business website’s traffic and even build on your click-through rate.
If your primary goal is more into sales than leads, a unique value proposition can help customer retention. It will keep your customers interested and prevent them from jumping to your competition simply because of pricing.
You Need To Understand Your Target Audience
Much like any business, it’s important for the organization to understand its target audience. When you know who your audience is, you unlock several possibilities that can improve your business growth. Knowing who wants your product is the hardest aspect of marketing but it’s also among the most useful.
Knowing the sentiment of your audience gives you the biggest chance for success. With the right digital marketing strategy, you can perform several types of campaigns that learn the pulse of your audience. More than analytics, the right strategy uses feedback tools to work on the weaker areas of your online marketing.
In most situations, you can address these weaknesses through the use of sales funnels, heat maps, and other tools for your website. Digital marketing strategies will cover your weak points and allow you to know what people want from your business.
You Need To Do Audience Outreach
Knowing your audience is half the battle. The other half finding where they are and bringing your marketing efforts to them. As digital marketing strategies revolve around reaching out to your audience, you need to know which platform they are more active on. You would also want to reach out to them specifically through the device they use.
Most people connect through their desktops, smartphones, tablets, and even other smart devices. For those who spend a lot of their time online, it’s best to bring your marketing to where they are. A cohesive marketing strategy that targets your specific demographic and retargets them back to your website can be effective.
You Learn More About Your ROI
One of the strongest reasons why you need a digital marketing strategy is knowing the return on investment (ROI) for your efforts. Digital marketing is among the best sources of marketing data. It helps you learn where you spend your money and what’s the potential ROI of every move you do.
The ability to project your ROI gives you a good idea of the type of marketing you need to do. It helps you understand more of your analytics and gives you more cost-effective measures to reach your marketing goals. A good digital marketing strategy can help forecast your results, which in turn can affect your profits.
Over to You
Should you have a digital marketing strategy? In today’s marketing, having zero digital strategies is suicide. You’re going into a cutthroat market blind, with nothing to show for.
On the flip side, a powerful combination of digital marketing strategies allows you to gather more data for more ROI and engage your audience even deeper. Start your digital strategy today.