Why should online insurance companies invest in online video advertising? To intercept and retain consumers in light of their buying habits in the digital age.
The market for insurance is competitive, and one that is known for creative and memorable ad campaigns from brands like Geico and Progressive. It’s also an industry that is being disrupted by changing technologies and habits—the availability of more and more data, new pricing models, and new, more demanding customer expectations for service—that are driving the need to be ever-more competitive. Online video advertising is one way for companies to differentiate themselves in a competitive and crowded market.
In 2018, Italians watched online videos for an average of 192 minutes monthly, up 19 minutes than in 2017. This was the forecast made in the Zenith Online Video Forecasts, published last July. The report projected steady growth in viewership, mainly driven by mobile, of up to at least 226 minutes a month in 2020. All content accessible via the internet, including subscription services such as Netflix, sharing sites like Vimeo and YouTube, and videos uploaded to social media, are included in the study.
Here are some tips for designing your campaign to think about.
Choose the right stage of the buyer’s journey
The first issue to be addressed is identifying the phase, or phases, of the buyer’s journey in which to position the campaign. Generating new leads, talking with prospects or improving engagement with customers require different communication. And, therefore, specifically structured videos. A few months ago, for example, a large insurance company launched an online video campaign on its social media channels (Twitter, LinkedIn, and YouTube) to raise awareness on issues of protection, security, and risk management. In this case, the message was meant to be informative and was aimed at the beginning of the buyer’s journey.
If, however, you want to ensure customer retention when the policy is up for renewal, then you’ll want to show how you provide value, how you’re addressing their insurance needs today (and for tomorrow), or offer special discounts to keep them from looking for a new provider.
No scripts necessary
Faced with the challenge of creating a video, online insurance may be concerned by two converging aspects: the script and costs. Where one might assume that a script would require additional expense from say an external creative agency, instead, the canvas is already present. What you already know about customers from the data collected—via customer service, testimonials, social comments, and other feedback—can be fuel for storytelling. Rather than building a generic, scripted video, if you’re tracking customer data and intelligence from Customer Communication Management (CCM) systems, then you already have enough information to tell a compelling and story that is personalized for each customer. This information can be transformed into, for example, an explanatory video on the details of their policy or showing the customer how to take advantage of discounts or special offers, and there is no need for extras or directors: the same CCM system that groups and orders data can predict which video output with avatars that carry the names and surnames of customers.
Video advertising within a digital marketing strategy
The online video advertising strategy must be spread across a variety of platforms and social media, but with a warning. Online insurance must take into account the habits of users both in relation to their brand and to the latest market trends. Make sure you’re sending video to users who have opted into such content. Also, make sure that the video fits the channel where you’re posting it and the market that will be viewing it. Context matters when planning a winning video campaign.
Measure online video advertising strategy with ROI
To understand how the video campaign is performing there are different parameters of ROI (Return On Investment) to consider. The main ones are brand awareness, churn rate, and purchase influence.
Has awareness of the company increased? See how much traffic videos are driving and which channels—email, social, etc.—are driving more clicks and shares.
How many policy renewals were confirmed thanks to the video? Compare those figures to previous years. Understand if users are watching to the end and don’t forget to embed CTAs to drive engagement.
Finally, how much sales have grown since the launch of the campaign? If the aim of the online company was to increase the number of insured persons, did the video advertising strategy succeed in reaching it? And if so, what proportion?
Learn more about Doxee Pvideo® for Insurance AXA & MPS. Download the case study: