As for those who managed to stray from that rocky path and successfully retained their customers, they all have one thing in common: digital display advertising. By all means, digital display ads are not the most crucial factor to success, but the ‘Insurance Top-of-Mind Awareness‘ study reveals that it certainly helps.
Indeed, the results show that display advertising was the strongest positive feature in driving top-of-mind awareness, particularly for auto and life insurance providers, and essentially against overcrowded TV channels.
For every $1m an auto insurer spent on digital or display advertising, the brand was likely to see the biggest lift in top-of-mind awareness compared to the same spend in TV, print, search or radio. This difference is in part due to the oversaturation of TV advertising at the broadcast, cable, and local levels by auto insurance providers.
This is partly due to the fact that mobile has almost become synonymous with shopping. And, with price being the most likely factor in a consumers decision to change providers, consumers are more likely to begin their journey online, where they will complete it online as well.
Consumers are bombarded with a deluge of options when it comes to choosing an insurance provider and this competitive climate shows that top-of-mind awareness is key for insurers to win over the customer,” said Robert Jones, research director at Rocket Fuel.
Due to the oversaturation of TV advertising, auto and life insurers can generate better ROI from their marketing programs by shifting budget from TV channels into digital, particularly digital display, which is currently under-utilised by most providers. To this extent we have found that such ads are nine times more effective.