The challenge
Challenge. With automotive market sales declining, car insurance companies must focus on attracting new consumers efficiently. Also, new players entering the category are transforming the business, shifting traditional broker-based lead conversion towards call center and online channels.
Strategy. Although most of the investment goes to performance vehicles, it is key to demonstrate that brand awareness plays a critical role in positioning the brand top of mind to drive conversions through performance channels in the short term.
Approach. Identify which drivers efficiently boost incremental demand for car insurance leads, based on return on investment. Analyze consumer behavior on the website to find synergies between the call center and the website along the path to purchase.
Outcomes
6 out of 10 leads (the most qualified conversion before a purchase) were driven by marketing efforts, although the car market eroded 7.2% of brand conversions and seasonality almost 3%. This led to rethinking the marketing strategy to make the budget more efficient and leverage the synergies between branding and performance.
Marketing efforts must offset the negative impact of competitors, seasonality and the downturn in the car market on the brand’s demand, which poses the toughest challenge: driving sales in this new scenario.
- 2 out of 3 new leads are driven by marketing efforts.
Synergies were found between branding, which drives leads in the short term and maintains brand equity in the medium term, and performance, which increases incremental leads.
- TV plays a key role in improving branding indicators and driving new customers in the short term.
- Digital channels play a very important role both in the funnel prospecting strategy coming from external channels and in driving conversions in the short term.
Actions
Digital efforts drive incremental insurance demand most efficiently, so their budget should increase to attract new consumers.
View data
| Attribution | |
|---|---|
| TV | 0.9 |
| Digital | 1.4 |
| Direct marketing | 0.7 |
- Branding + performance: branding investment helped drive almost 30% of short-term conversions, which opened new opportunities to manage the performance strategy (synergies).
- Concentrated media mix: TV and digital consolidated media efforts to drive short-term conversions; digital channels were boosted to attract new consumers efficiently.
- Stop media that do not convert in the short term: radio brought no new short-term demand, so its budget was moved to digital channels.
- Redesign non-media strategies: although direct marketing brought new customers, its investment was reduced and optimized through a new local geomarketing strategy.