A recent report has shown that they are nine times more effective in terms of brand awareness.
As insurance marketing techniques are being considered, a recent discovery made by Rocket Fuel might help insurers to make the most effective choices for their needs when their goals are to boost their brand awareness.
The research determined that display advertising is nine times more successful than television.
Within the research, Rocket Fuel found that digital display advertising for insurance marketing is much better at forming immediate brand awareness for life and auto policy providers than traditional TV commercials. The report suggested that if an insurer were to spend $1 million on digital advertising, it would provide the same outcome in terms of recognition as if they had spent that same amount of money on television, radio, print, or search techniques.
The ROI is better for display ad insurance marketing because it is not as oversaturated as TV advertising.
According to the Rocket Fuel research director, Robert Jones, who was quoted in a press release, “Consumers are bombarded with a deluge of options when it comes to choosing an insurance provider – and this competitive climate shows that top-of-mind awareness is key for insurers to win over the customer.”
He also pointed out that because television advertising is so greatly over saturated, life and auto insurance companies will be better able to achieve an improved return on investment (ROI) from their marketing strategies if they draw some of their budget away from television and direct it into a digital channel; especially digital display, which is currently considered to be under utilized by the majority of insurers.
This research involved the participation of 1,026 people who were asked about their opinions with regards to a number of life, auto, and homeowners insurance companies. Among auto insurers, the most recognizable were Allstate, State Farm, and GEICO.
It was determined that among American consumers, ten percent are likely to change their insurers within the next six months, and they have the greatest likelihood of taking action within a span of eight hours after having viewed an insurance marketing ad, underscoring the importance of an effective brand recognition campaign.