Big names in the insurance industry come with big budgets. In 2019, Geico and State Farm spent $1.62 billion and $1.02 billion, respectively, on advertisements alone.
How can local insurance companies compete?
The secret: social media campaigns.
By leveraging the power of social media, mid-sized insurance companies can increase brand awareness and generate quality leads. Here are three campaigns to consider implementing:
Testimonials. These are more than just kind words from a satisfied client. Testimonials are social proof of your company’s success and credibility. This is a great way to reach prospects without a sales pitch. Let the unbiased voice of your existing clients tell your audience they need life insurance and do the “selling” for you.
You might include your most recent Net Promoter Score or pulling existing testimonials from your social media, website, or Google My Business page.
When running a testimonial campaign, here are best practices to follow:
Testimonials do more than provide high-quality content for social media; they can also be used in marketing collateral such as brochures, blog posts, and white pages.
Promote company culture. What differentiates mid-sized agencies from the big guys is the personalized care your team provides. Highlighting your company’s culture demonstrates an authenticity the big guys with hundreds of employees don't have.
By company culture, we mean a composition of your mission, goals, and values combined with the overall tone of your office. What is it like working with you? Strictly professional? Warm and inviting? You get to decide and communicate that to your audience.
Here are a few content ideas to consider:
Use paid ads for your target market. Large insurance companies like Geico and State Farm pay for expensive TV spots and keyword ranking, but your advertising budget is better spent on targeted social media ads. This should be done in addition to organic (or non-paid) posting. Unfortunately, several third-party studies found the algorithms on platforms like Facebook and Instagram no longer prioritize organic content like they used to. This makes paid ads necessary to stay top-of-mind.
To create quality lead funnels, you want your advertisement to be seen not necessarily by a ton of people, but by the right people. Social media platforms allow you to set specific parameters for your ad, such demographics and interests. When creating your paid ad, here a few key details to remember:
Once you determine the best campaign for your company, it’s time to start leveraging social media to extend your marketing reach (without spending a billion dollars).
For more tips on balancing social media marketing with compliance concerns, check out this helpful post.