Product assortment varying from must-haves to nice-to-haves, slightly inactive consumer behaviour and potentially high CLV through cross-selling underline the crucial role of marketing in new customer acquisition & retention.
Sellforte’s marketing mix modeling measures individual marketing activities’ (both in online and offline) impact in terms of lead generation. This enables the marketers to have better understanding of the drivers behind campaign results without compromising the information security.
Brand & tactical marketing
As majority of the insurance purchases occur on-demand (e.g. after purchasing new car or moving), recognizing seasonal fluctuations in demand improves tactical campaigns’ success rate. At the same time finding the right channels and messages helps to build brand awareness & reputation.
Traditionally rather a dull industry, insurance companies need to clarify their productization with innovative marketing messages to improve the engagement, especially within younger audiences. Measuring the understandability on weekly basis helps the companies to stay on top of their game.
Lead modeling. Due to insurance sector’s strict information security regulations and standards, Sellforte’s marketing mix modeling is done only up to the leads (including cost calculators, applications, appointments etc.) by modifying the algorithms to measure conversions. Continuously updated results ensure that the marketers are able to constantly monitor the marketing investments’ effectiveness and allocate resources to channels that convert the most leads. The software also measures the marketing messages’ impact on lead generation, delivering concrete & comprehensive set of marketing ROI metrics:
- The amount of leads produced as the indicator for marketing effectiveness (for both offline and online activities)
- Intuitive tool for both marketing and sales teams that improves cross-functional communication
- Markets’ safest data security protocols, even as the software deals with non-personal data sets
Brand & tactical marketing. As purchasing an insurance is rarely the top priority in consumers’ minds, companies that are included in the top-of-mind at the beginning of the decision-making process have substantial advantage in being chosen in the end. Similarly, it’s crucial to tap into seasonal and temporary trends in demand by comparing y/y changes and including external data sources to further improve the predictions. Sellforte’s AI measures both the long-term lead generation growth and customer retention rate (brand marketing) as well as the short-term uplifts in lead conversion (tactical campaigns), providing all-in-one solution for insurance marketing teams:
- Understandable metrics of how brand marketing affects lead generation
- When, where and with what products tactical marketing will have the highest impact
- Optimal variation of brand marketing and tactical engagement that maximizes lead conversions in short- and long-run
Clear productization. Products’ core functionalities (compensation for the occurred damages) are not enough anymore when competing for bigger market share. Insurance companies need to find new ways to capture consumers’ interest with clear yet attractive productization that triggers the key drivers within each segment. This is often easier said than done, but with Sellforte’s intuitive software marketers get weekly/daily data from each marketing activity. Managers can easily compare which messages resonate the most with each customer segment while the campaigns are still running, turning the marketing management proactive instead of reactive:
- Lead conversion attribution on campaign-, media- and ad-levels
- Possibility to isolate media items/marketing messages’ impact from the overall campaign result (excluding media’s impact)
- Possibility to integrate integrate additional metrics (surveys, interviews etc.) for further product development
Concrete benefits for different roles in company
- Holistic ROI-view into each media’s performance in terms of leads
- Concrete results for brand marketing (in terms of leads)
- Deeper understanding of which products and marketing messages to show in each media
- How leads are generated through different marketing channels
- Predictable lead generation for future media and campaign plans
- Improved commercial performance through better productization based on historical analyses and predictive modeling