Health insurance has developed somewhat of a negative undertone over the last few years. From new healthcare reforms to a general lack of understanding, it has become much less straightforward to reach prospects. Thus, it is necessary for agents to rethink their insurance marketing strategies.
Finding effective ways to target health insurance leads is one of the greatest challenges insurance agents face. For many, it is a constant gamble to stay on top of the latest trends and figure out what works. The following tips will help you avoid playing roulette with your marketing budget.
Email Marketing
Despite the influx of new communication technologies, email remains one of the most effective marketing tools. According to Campaign Monitor, email marketing yields 3800% ROI and $38 for every $1 spent. Furthermore, a McKinsey study found that the average order value from an email is three times higher than social media.
As part of a targeted campaign, email is a powerful tool to have at your disposal. It allows you to maintain a level of communication with your clients and prospects that is difficult to achieve by other means. Use email to build and nurture relationships with your health insurance prospects as well as to develop greater awareness of your products and services.
Use Social Media
There are a variety of ways to target leads via social media, many of which have been well publicized. They include sharing quality content, creating groups, and using paid advertising. The secret to social media success is ensuring that the audience you build is directed back to your website, product offer, or gated content.
That means setting clear goals, posting smarter, not harder, and making sure that your content is relevant to your main offering. On most social media channels, you can geotarget your content so that it is shown to specific prospects who are most likely to have an interest in health insurance. That is the potential for less wasted effort marketing to people who are not likely to make a purchase.
Specialist Publications
Taking advantage of niche-specific magazines, trade publications, and business directories is a great way to expand your brand’s reach and attract more leads. These publications exist both online and offline and offer low-cost advertising solutions. What’s more, because of the specialist nature of these publications, the market segmentation will already be done for you.
Depending on how carefully you select your target publication, you will be able to advertise specifically to an audience that already has an interest in your products and services. If for example, your target market is the over 60s, you might benefit from an advert or some other type of content being published in something like AARP Magazine.
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Segmentation
To fully leverage any marketing channel, it is important to spend some time segmenting the market and determining your exact target audience. Modern marketing tools, particularly social media, are practically ineffective if you do not target a specific audience. That means determining your target market by things like age, income, and geographic locations.
Once you have determined a segment of the market to focus on, you can effectively craft your marketing message and leverage the appropriate marketing channels. When targeting millennials on Facebook, for example, you might position yourself as the go-to agent for low-cost health insurance. Of course, that must be true, but millennials are particularly price sensitive and would respond well to a well-crafted marketing message that fit that needs.
Marketing Message
It is crucial to get your marketing message correct if you want to target your audience in the most effective way possible. Your marketing message is the foundation for everything you do. You want your message to be unique and one that sets you apart from the competition.
That is not an easy feat in today’s highly competitive landscape. But, if you understand your target market – their lifestyle, goals, wants and needs – you can create a marketing message that resonates with them. In time, with market feedback, you can develop that message into something that sets you apart from the competition.
Paid Advertising
Paid advertising covers a variety of mediums. It includes social media, print magazines, and radio. When it comes to getting leads quickly, paid advertising is unrivaled. Most other methods of marketing require some degree of time and patience. An advert, however, will begin generating leads the moment it goes live.
Paying to have your advertisement on platforms such as Facebook, Twitter, and LinkedIn are excellent ways to quickly get your marketing message in front of millions of prospects. You also have the option of advertising on the many popular business directories such as Google by Business, Bing, Yelp, and Angie’s List.
Other forms of advertising include:
- Pay-Per-Click (PPC) – Can be used to drive traffic to your website and build brand awareness.
- Radio – The effectiveness of radio advertising is said to be in decline, but like other methods mentioned here, it all comes down to segmentation and selection. As an agent, you might find much success in focusing on local radio stations. Find shows that deal health related topics to slot your advert.
- Publications – These days’ publications refer to both print and online magazines. In many cases, the owners provide both versions. You need to determine which format your target demographic are most likely to use so that you can target your advertising appropriately.
Using a combination of offline, local resources and digital marketing strategies as well as paid and free marketing tactics will help you to reach the widest audience and attract a greater number of leads. In the long run, agencies that can provide the greatest clarity and most authoritative information will succeed. You do that by utilizing as many marketing channels as your market segment dictates and that your resources allow.
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