25 Feb 4 Sales Strategies Based On Consumer Auto Insurance Shopping Trends
The process for shopping for auto insurance continues to rapidly evolve. As a result of digital tools and other technologies, the way consumers engage with their insurance providers also continues to change. Nearly all aspects of innovation, customer acquisition and retention have been impacted by the global pandemic. New and old agents alike may wonder, “What do consumers really want?”
Although auto insurance is required, consumers have many options when it comes to selecting an insurance provider. To be successful in the auto insurance industry, it’s essential to understand what factors heavily influence consumer decisions. By reviewing the latest auto insurance shopping data trends, insurance agents can better attract and engage high-intent consumers and convert them into customers that can provide lifetime value.
Auto Insurance Shopping Trends Survey Reveals Key Consumer Motivators
Understanding auto insurance consumer trends and learning about the various values and behaviors that drive consumer shopping decisions can help insurance agents implement effective marketing and sales strategies. Recently, Digital Media Solutions® – a leading performance advertising company with vast experience in the insurance vertical – released the results of its 2021 Auto Insurance Shopping Trends consumer survey. Here are four impactful sales and marketing strategies based on the latest auto insurance shopping trends.
#1. Increase Frequency Of Digital Outreach To Gen Z And Millennial Customers
According to the DMS 2021 Auto Insurance Shopping Trends, consumers ages 18 to 34, part of the Gen Z and Millennial segments, are more likely to switch auto insurance providers in a shorter period of time. Nearly a quarter of the youngest auto insurance age group remains with their current providers for 1-3 years. Compared to just 10% of respondents ages 35-64 and 13% of respondents 65+. Overall, however, approximately 67% of respondents have been with their current auto insurance provider for a period greater than five years.
The first auto insurance company many young customers work with is heavily influenced by brand loyalty inherited from their parents or other family members. To optimize customer retention, create an automated email campaign. This should increase in frequency for your consumers ages 18 to 34 after their first year anniversary. Maintaining relationships with younger clients means remaining top of mind when they are most likely to feel the urge to research other insurance options and providers.
#2. Promote Savings Offers & Incentives In Your Marketing Messaging
Based on results of the DMS 2021 Auto Insurance Shopping Trends survey, a majority of consumers prioritize cost as the primary motivating factor when shopping for auto insurance. According to the survey, “53% of respondents selected price as the main reason they chose their current auto insurance providers.” Consumers increasingly seek budget-friendly insurance options and seek the opportunity to capitalize on savings incentives. From unique discounts to bundling offers, make sure you are promoting savings offers in your marketing messaging. Review your email marketing and make sure you are including reminders of your seasonal, annual and niche discounts. Also, consider promoting your savings offers within your social media platforms. By consistently promoting savings incentives in your messaging, you are reminding your current and prospective customers that you can provide them with the insurance solution that fits their financial needs.
#3 Use Customer Reviews To Highlight Your Top-Tier Service On Your Digital Platforms
Moreover, consumers are influenced by a variety of factors when considering auto insurance options, coverage and providers. However more than half of consumers highly prioritize customer service to drive their decisions. 57.8% of consumers surveyed in the DMS 2021 Auto Insurance Shopping Trends noted that excellent customer service is the main reason they opt to stay with their current auto insurance agent. As consumers seek auto insurance companies, they are also researching customer reviews.
It is important to broadly position and promote testimonials that highlight your outstanding service. One way to convey your reputation for excellent customer service is to leverage the power of customer testimonials. Consider adding testimonials that spotlight your level of service to your website. Also, be sure to ask your customers for reviews often. Customers can easily submit raving reviews on your service via sites like Google or Facebook. Check out this article for more tips on asking customers to leave you a review.
#4. Leverage Your CRM Data To Provide Customers With Excellent Service
Customers are highly motivated by quality service. You might be wondering how you can deliver and exceed your customers’ expectations. The secret to providing excellent service that fits the varying needs of all of your unique customers lies in your CRM. Review the data in your CRM to identify your customers’ preferences. For example, determine which segments of your customers prefer phone, email or text messaging for communication.
In your CRM you also may find notes on your customers’ habits, lifestyle and preferences, like whether they are parents, younger drivers, if they recently changed jobs or moved, and many other data points. By understanding your customers, you can offer them more personalized service, which is highly regarded and sought after. By defining the similarities your clients share, you might be better prepared for the needs of prospective clients. Click here to learn how to create customer personas to help you provide excellent service to different types of customers..
Use Consumer Insights To Implement Strategies That Maximize Retention
Keeping current with the latest consumer trends can help you stay ahead of the game and maximize your customer retention efforts. While customer retention is important to long term success, new customer acquisition is essential to fuel any insurance agent’s pipeline. As a leading provider of online leads, ZipQuote has a powerful reputation for providing it’s clients with high-quality leads, stellar customer service and an agent-oriented approach. ZipQuote’s industry expertise helps its clients maximize advertising efforts and connect with prospective customers. The ZipQuote team can help you identify ways to make the most of your lead buying and customer acquisition strategy. Click here to learn more about how ZipQuote can help you grow your business.