5 Marketing Statistics You Should Know for 2020

February 17, 2020 Emily Nguyen


gar graph and business man
 

If you’re looking to grow your insurance agency this year, make sure your marketing plan sets you up for success. It’s more important than ever to make data-backed decisions.

Take a moment to reflect on your past successes, misses, and new opportunities. Consider these marketing statistics for your agency’s 2020 marketing strategy.

 

1. Digitizing Insurance Processes Can Reduce Costs up to 65%

According to the Harvard Business Review, digitization not only reduces the cost of processing policies, it can also increase conversion rates. Insurance agency technology can automate repeatable tasks, saving you time and money.

Adapting new technology at your agency impacts your bottom line. You can also still provide a personalized human-to-human customer experience.

 

2. Phone Leads Are More Valuable Than Ever

Most today’s insurance agencies get leads from inbound phone calls. And according to the data, those over-the-phone leads are valuable. According to BIA/Kelsey, phone calls convert to revenue 10 to 15 times more often than web leads. They deduce that inbound callers have a high purchasing intent. And, they’re further along in the customer journey than someone who fills out a web form.

But, don’t discount web forms yet. According to the Local Search Association, calling is the most popular next action after a Google search.

As you can see in the graphic above, 78 percent of consumers called an insurance agency after searching for it online. If you are on the phone with someone who found your agency on Google or Bing, it’s your time to shine. Listen to their needs and show them why you are the best agency for them.

 

3. Email is on the Rise Globally

Have doubts about implementing email marketing at your agency? There are about three billion reasons why you should do it. According to Radicati, by 2020 there will be over three billion email users.

And people want to hear from your agency via email. And according to MarketingSherpa, 72 percent of consumers prefer email communication from businesses. It is often easier to check email on a mobile phone than it is to take a call during day-to-day life.

 

4. Podcasting is Still Approaching Saturation

If your agency is well established or looking for a new way to market itself, look at the recent podcasting renaissance taking place.

According to Edison Research, nearly a quarter of Americans listen to podcasts weekly. That is a 17 percent increase from the previous year and represents 62 million Americans. It’s also the largest increase in weekly listenership ever recorded by Edison, whose annual podcast studies began in 2013.

 

5. Be the Answer with Local Search Engine Optimization

If you’re looking for a local business to cater lunch or repair shoes, where do you turn? If you’re like most people, you’ll find an answer on a search engine. It is not a far jump to assume consumers search for insurance online too. Did you know 88 percent of consumers who do a local search on their smartphone visit or call a store within a day? In fact, nearly 46 percent of all Google searches are seeking local information

Your insurance website can rank highly for local internet searches if you implement local SEO tactics. To learn how, visit these resources:

 

Whether your insurance agency is small, large, young or old, marketing is an important part of its continued business growth.

 

About the Author

Emily Nguyen

Emily Nguyen manages and implements ITC’s marketing efforts, spanning customer communications, social media, content, advertising and email marketing. She has a bachelor’s degree in public relations from Texas Tech University. Emily enjoys social media, exploring Dallas-Fort Worth, and spending time with her husband and their dog.

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