Marketing and Advertising Strategies
In a mature and highly competitive industry like insurance, effective marketing and advertising strategies can be key drivers of growth. From brand-building television campaigns to call-to-action radio ads to online co-marketing opportunities, numerous approaches are available to insurers when attempting to reach prospective customers. However, many providers lack the tools and processes needed to effectively evaluate the impact of these programs and to inform the rollout plans.
Test & Learn™ helps insurance carriers measure and target marketing and advertising programs to generate substantial profit improvement. Some common questions addressed by Test & Learn™ include:
- What is the incremental impact of the new advertising program? Do certain markets and customers respond better to this form of advertising (e.g. television) as compared to alternatives (e.g. radio, print, etc.)?
- What is the best mix of different media by market? How can marketing plans be targeted and tailored by market to maximize returns?
- What is the cross-channel impact of different advertising campaigns? For example, if I promote my direct channel, what is the impact on agent performance?
- How does response vary by customer segment? What does the risk profile of responders look like? Can the campaign be targeted to attract more preferred customers?
As insurance companies spend millions of dollars each year in media and advertising, it becomes increasingly important to understand which communication strategies are working, how they can be tailored, and how to maximize impact of advertising and marketing dollars. Leading insurers are using APT's Test & Learn for Producers™ and Test & Learn for Policyholders™ for developing high impact media and advertising strategies.
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