Adapt Your Insurance Marketing Strategy to Win Clients Amid Inflation and Rising Costs

Inflation has impacted pricing for the insurance industry, much like it has other industries, making it necessary for insurance marketing to adapt. Auto insurance in particular has seen price increases exceeding 20% according to the March 2024 Consumer Price Index.

This makes it challenging for insurance marketers not only to keep existing clients, but also to acquire new clients, and it makes consumers more likely to shop around to save money on insurance premiums.

Both nationwide and in the rural markets Mspark serves, up to one-third of consumers are looking to switch insurance providers in the next year:

Source: Prosper Insights & Analytics 2024

How can you engage these potential insurance switchers? Consumers respond to insurance ads across both print and digital media channels, making it essential to implement a coordinated multi-channel strategy that drives growth.

Media Influence on Financial Services/Insurance Purchases

Source: Prosper Insights & Analytics 2024

Proven Methods of Engagement

Our customer engagement tactics are not confined to one medium. In the era of blended physical and digital communications, we harness an integrated approach involving direct mail and digital channels.

Did you know?

  • 60% of consumers are driven to online activity after receiving direct mail.1
  • Integrating digital with direct mail can increase conversion rates by as much as 28%.2

Targeted digital advertising across multiple channels including CTV/OTT, and display ads allow us to reach consumers in high-value geographies and engage them where they live, work, and play.

Effective Targeting Reduces Cost Per Lead and Cost Per Acquisition

Mspark’s Strategic Analytics team uses a data-driven approach to create the most effective marketing plan. Insights gained from data analysis enable us to enhance and optimize your campaigns, connect the right message with the right customer, and make the most of your advertising budget. Learn more about Mspark’s targeting capabilities here.

Insurance Marketing that Targets Movers Can Acquire New Clients for the Long Term

New movers are a valuable demographic for insurance providers for two significant reasons. First, they are the most likely group to switch or try new insurance plans. Second, time is of the essence when dealing with movers. Approximately 50% of movers research their new home insurance before moving, with 30% spending up to 3 months researching before making a decision.3

To win new movers as lifetime customers, you need to be quicker than your competition. Our data-backed strategies can help you identify new movers earlier, reach them faster, and engage them where they make purchase decisions. This rapid approach can mean reaching as much as 15% more movers each year, leading to a significant increase in client acquisition.

Contact us today to learn more about how we can help you develop an integrated insurance marketing strategy to acquire new clients.

Sources: Millward Brown Print Campaign Analysis1; US Modern Postcard, Direct Mail Statistics 20232; Porch Mover Trends Report3