There is no doubt that the coronavirus pandemic of 2020 had profound impacts on the business world. As companies shifted from in-person sales and service, many forward-facing companies turned to the internet to weather economic downturns. If there is one lesson for insurance agencies faced by coronavirus-related business challenges, it is that insurance digital marketing represents an invaluable means of connecting with customers. The prospects for digital marketing agencies are only growing as we begin 2021.
In 2020, over 60% of marketing agencies reported a significant downturn in revenue, even as their services were leveraged by companies scrambling to adjust to the pandemic. Thankfully, many of the leading insurance digital marketing agencies demonstrated surprising resilience, and by the end of the year, those drops in revenue pointed toward a bright finish to 2020. In fact, of 167 marketing agencies polled by CallRail in its 2020 fall survey, most reported higher revenues than experienced in 2019.
An important part of revenue recovery is that many businesses focused on their digital offerings as the pandemic took hold. Unable to conduct business face to face due to coronavirus restrictions, web-based advertising and brand building took a front seat. Digital marketing groups were the beneficiaries of this shift, and they were able to leverage their experience into generating leads on the web. The end result was a substantial increase in online traffic for many agencies. This trend is expected to continue into 2021 as consumer preferences evolve; consumers now expect a robust online preference for the companies they wish to do business with – including insurance firms.
In some ways, digital marketing was viewed as somewhat of an afterthought pre-pandemic; many insurance agencies focused on print and media advertising while digital marketing initiatives were less of a priority. That thinking was reversed during the height of the pandemic, forcing many agencies to rethink their digital marketing efforts.
During the height of COVID-19’s effects, insurance digital marketing agencies were valued as strategic partners by delivering value to clients. Insurance firms that already worked with marketing agencies redoubled their reliance on digital services; over 67% of marketing firms reported that they have established themselves as critical components of advertising across industry spaces, including those in the commercial insurance market.
One of the strengths of insurance digital marketing agencies is their ability to provide concrete results by leveraging data. Careful data analysis is a hallmark of the most successful marketing agencies; this analysis includes competitive research, call tracking, and lead tracking. Digital marketers were able to show their clients real-time data that indicated market penetration and a growing interest in online profiles by consumers.
Data has become an essential part of insurance digital marketing. Along with being able to show clients that results are being delivered, data can also:
Insurance digital marketing agencies continue to see positive outcomes, even as economic declines across industries continue. This trend is backed by established client relationships and secure finances, yet challenges remain.
According to the CallRail 2021 Outlook Report, marketers are reporting several concerns. These include:
For now, the best way to overcome these challenges is for agencies to continue to demonstrate their value for their clients. By leveraging data, incorporating cutting edge marketing practices, and reinforcing strategic partnerships, insurance digital marketing agencies are laying the groundwork for success in 2021 and beyond.
Agency Tsunami is the digital marketing division of Neilson Marketing Services, who has provided the insurance distribution sector with innovative marketing and communication solutions for over twenty-five years. With our Agency Tsunami program, we have implemented an integrated marketing strategy that includes optimized, professional websites supported by high-quality SEO and Social Media for hundreds of insurance retailers and wholesalers. Our goal is to help your insurance business perform and generate new opportunities. Give us a call at (800) 736-9741 to learn more about how we can do that for you.