With evolving technology, social media platforms are increasingly becoming a key marketing tool for insurance companies. It is estimated that the digital insurance platform market will increase from $86.20 billion in 2018 to $164.13 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period, according to MarketsandMarkets Research. This significant growth is attributed to the increasing use of Internet of Things (IoT) products, shifting of insurer’s focus from product-based strategies to customer-centric strategies, and growing awareness among insurers to digitalize channels.
For insurance companies, this positive growth is a golden opportunity to reap the benefits from popular digital platforms, especially social media channels. Here are 8 smart social media marketing strategies that can help you capitalize on the gains from this growing trend:
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Assess How to Reach Your Target Market
You may create engaging content but it remains ineffective if you can’t reach your targeted audience. If you constantly monitor what is being said about your brand online, you can review, react, and respond to messages on every platform and in real-time. It will help you identify the social networks that are most frequented by your clients. You can then accordingly focus your targeted content on these platforms to generate the best ROI.
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Share Curated Content
Remember that you are an insurance company and not a content publisher. You may create native content to engage your customers. However, you should also share posts from industry thought leaders regularly. It will help you develop relationships with respected publishers. This will not only increase your visibility but will also allow you to reach a wider audience within your target markets.
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Develop a Comprehensive Website
As an insurance company with a social media presence, your website becomes a go-to place for your existing customers and attracts potential ones. Create a comprehensive website and include a chatbot feature as well. They can increase sales by as much as 67% as customers prefer to interact with, appreciate, and like chatbots, and their simple addition may boost sales substantially, according to an article by Forbes.
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Create Relevant and Useful Content
Your content marketing should always be relevant to your customers. Whether you publish a blog post or infographic, it should be based on the “hot button” issues of the industries you serve. Avoid creating merely promotional content. Your customers should access content that educates them and protects their valuable assets.
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Focus On Customer Retention
You can’t base your marketing strategy on acquiring new customers and ignoring the existing ones. While you can attract customers with social media marketing, you can convert them only from the exceptional testimonials provided by your current customers. So, remember to strike a balance between your existing customers and potential ones while developing a marketing strategy.
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Stay Authentic and On Brand
Your digital presence and voice should align with your company goals and mission statement. Avoid topics that aren’t related to your business to attract more readers. It may seem disingenuous and can do damage to your brand.
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Monitor Your Post Results and Modify
You can take the help of digital marketing tools like Facebook Insights or Google Analytics to see what topics are creating maximum follower interaction and what kind of content and media is breeding discussion. It will help you understand the needs of your customers and you can adjust your future posts to better engage them.
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Nurture Leads
You can use your social media presence to nurture leads as well. Communicate effectively with your customers with welcome emails, inform them about their subscribed plans, and wish them on special occasions. This personalized experience will help them develop a stronger bond with your brand.
Social media platforms are an important source for indicators of customer opinion and a vehicle for brand management and external communication, as well as a platform for customer service and sales, says an article by Deloitte. If you use these channels efficiently, you can leverage the best results for your insurance company digital marketing strategy.
