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April 16, 2018

What Comes Next for Mobile?

It doesn't have to be elusive — simply go where the data tells you.

Next for Mobile

A recent Digital Insurance headline read “Insurers go all-out on mobile, but what comes next is elusive.” But what if it doesn’t have to be?

The article shares some interesting statistics on Canadians’ use of mobile related to insurance purchases:

  • 74 percent begin their insurance research journey online.
  • 25 percent of those who begin their research online use a smartphone only.
  • 61 of this segment will immediately abandon a broker’s website if not considered mobile-friendly.

And it’s not just Canadians. A January 2018 Pew Research Center study of U.S. consumers found that as mobile devices have become more widespread:

  • 77 percent of Americans go online on a daily basis.
  • 43 percent go online several times a day.
  • 26 percent report they are online “almost constantly” (up from 21 percent in 2015).

As the article rightly points out, new findings on mobile behaviors like these require insurance and financial services companies to avoid assumptions and dig deeper into the various segments — considering demographics that include lifestyle, employment statistics, income, and related buying preferences — in their marketing efforts.

However, what’s next doesn’t have to be elusive. Highly effective targeting based on these characteristics can easily be achieved through social media advertising. As we shared in A Brief Guide to Mobile and Social Media Audience Targeting, social media platforms allow marketers to target ads based on consumers’ locations, demographics, interests, and behaviors.

But that’s not all marketers can do through mobile and social media advertising — and with the help of Denim. The Denim platform allows corporate marketers to achieve micro-targeted, hyper-localized ads at scale on behalf of any number of agents or advisors. Why? Because an ad presented from a local agent’s Facebook page consistently outperforms the same ad presented from a corporate brand’s Facebook page.

Best of all, Denim is helping our customers achieve better results at lower costs. This is apparent when you compare consumer engagement data on ads powered by Denim to Facebook advertising benchmarks for the insurance and financial services industry:

  • The average click-through rate (CTR) of finance and insurance ads placed on Facebook is 0.56 percent, while the average CTR of micro-targeted, hyper-local ads powered by Denim is 1.95 percent.
  • The average cost per click (CPC) on Facebook for finance and insurance is $3.77 — higher than any other industry. In comparison, the average CPC of ads powered by the Denim platform is $0.33.

Perhaps a better headline would go something like, “Insurers go all-out on mobile; what comes next is micro-targeted, hyper-local mobile and social media advertising at scale.”

To learn more, schedule a Denim platform demo today!

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