The Insurtech revolution is in full force. That means insurance agency marketing is evolving at a rapid clip, and those who can’t keep up will be left behind. Here’s a few key stats that provide insight on what’s happening in the world of insurance agency marketing so you can stay up to speed.
Marketing Investment Stats
- A survey of B2B and B2C companies, including insurance, showed most allocate approximately 8% of total budget to marketing (Leadinsurance.com)
- Agencies investing less than 5% in marketing are three times more likely to see flat revenue growth than those who invest 6% or more (Velocify)
- Insurance companies spending more than 15% of revenue on marketing see up to a 20% increase in revenue(Velocify)
Social Media Stats
- Companies have reported that, on average, they spend 50% of their marketing budget on social media marketing (Leadinsurance.com)
- According to Pew, 7 out of 10 Americans use social media (Pew Research)
- 57% of consumers say social media influences their buying decision (Marketing Dive)
- Approximately 40% of LinkedIn members visit the site daily (LinkedIn)
- On average, 45% of all social media traffic to a company’s webpage originated on LinkedIn (LinkedIn)
- A recent survey showed 7% of Instagram users say they’re using the platform more than they did a year ago, and 44% said they’ll use it more in the coming year (Social Media Today)
- 36% of Instagram users want content lasting 15 seconds or less (Social Media Today)
- Roughly 75% of Facebook users visit the site daily (Pew Research)
- 46% of users visit Twitter every day (Pew Research)
Mobile and Website Stats
- 71% of consumers use the internet to obtain insurance quotes(Velocify)
- According to Google, more than half of smartphone users discovered a new company while conducting a smartphone search (Avenge Digital)
- The average mobile site loads in 22 seconds (Marketing Dive)
- Up to 53% of users abandon a mobile website if it takes more than 3 seconds to load (Marketing Dive)
Other Marketing Stats
- Insurance companies using marketing automation sell 20% more policies per producer and 10% more per household (Velocify)
- According to Act-On, personalized video email results in 2x the engagement and 62% more time spent on a landing page (Covideo)
- 97% of companies reported customer communication was more efficient after launching texting initiatives (Power Reviews)
Looking for more insurance agency marketing stats and tips? Check out our blog to discover what you need to bring your marketing up to speed.
And, connect with us to see how Partner Platform can help you reach more customers, faster with our Partner Connect customer outreach, integrated texting, and built-in Marketing Automation Manager, among other revenue-boosting capabilities.
Get in touch today at 800.747.7005, Option 6, or firstname.lastname@example.org.